Ariel Investments, an investment management company, released its “Ariel Global Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -10.05%, underperforming the MSCI ACWI Index and the MSCI ACWI Value Index, which returned -6.82% and -7.66%, respectively. Multiple headwinds from all over the world affected the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Ariel Investment highlighted stocks like Credicorp Ltd. (NYSE:BAP) in the Q3 2022 investor letter. Headquartered in Lima, Peru, Credicorp Ltd. (NYSE:BAP) is a financial service company. On December 2, 2022, Credicorp Ltd. (NYSE:BAP) stock closed at $150.04 per share. One-month return of Credicorp Ltd. (NYSE:BAP) was -2.29%, and its shares gained 30.34% of their value over the last 52 weeks. Credicorp Ltd. (NYSE:BAP) has a market capitalization of $11.933 billion.
Ariel Investment made the following comment about Credicorp Ltd. (NYSE:BAP) in its Q3 2022 investor letter:
“Peruvian banking franchise Credicorp Ltd. (NYSE:BAP) was another contributor to relative returns in the quarter as improving financial results and successful execution across its digital initiatives drove shares higher. We remain focused on Credicorp’s attractive long-term earnings potential. The company continues to garner higher customer satisfaction and strengthen its competitive moat by educating the unbanked and prospecting through a centralized data analytics platform to expand its client base. The company also views venture capital and the underdeveloped fintech market in Peru as an opportunity to boost growth and enhance shareholder value. At current levels, we believe the valuation is attractive and think Credicorp’s risk/reward dynamics are skewed to the upside, particularly in a rising interest rate environment.”
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Credicorp Ltd. (NYSE:BAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Credicorp Ltd. (NYSE:BAP) at the end of the third quarter, which was 17 in the previous quarter.
We discussed Credicorp Ltd. (NYSE:BAP) in another article and shared the list of stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q3 2022 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.
