Ariel Investments, an investment management company, released its “Ariel Global Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the Ariel Global fund returned +8.40% gross of fees (+8.18% net of fees), compared to the MSCI ACWI Index’s +11.03%, and the MSCI ACWI Value Index’s +9.17% gains. The fund appreciated +13.96% gross of fees (+13.06% net of fees) over the trailing year, underperforming the MSCI ACWI Index’s +22.20% return and ahead of the MSCI ACWI Value Index’s +11.81% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Global Fund featured stocks like Verizon Communications Inc. (NYSE:VZ) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Verizon Communications Inc. (NYSE:VZ) offers communications, technology, information, and entertainment products and services. On March 22, 2024, Verizon Communications Inc. (NYSE:VZ) stock closed at $40.37 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was 1.71%, and its shares gained 6.10% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $169.726 billion.
Ariel Global Fund stated the following regarding Verizon Communications Inc. (NYSE:VZ) in its fourth quarter 2023 investor letter:
“Global communications and technology leader, Verizon Communications Inc. (NYSE:VZ) also traded higher in the period following solid earnings results, highlighted by postpaid consumer net additions and an upward revision to free cash flow guidance. From a competitive and financial standpoint, we view Verizon to be among one of the best positioned telecoms in the world. The company’s solid long-term fundamentals are underscored by its predictable, recurring revenue streams and ~7% dividend yield. At current levels, Verizon is trading near an all-time low valuation presenting a compelling total return story for patient investors.”
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Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Verizon Communications Inc. (NYSE:VZ) was held by 63 hedge fund portfolios, compared to 61 in the previous quarter, according to our database.
We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared the list of most undervalued large-cap stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
