Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Towards the end of 2023, Investor sentiment shifted from fears of a recession towards optimism for a soft landing. Against this backdrop, the Ariel Appreciation fund increased +10.70% in the quarter, trailing the +12.11% and +12.82% returns of both the Russell Midcap Value and Russell Midcap indices. Over the trailing one-year period, the fund traded +10.62% higher, lagging the Russell Midcap Value Index’s +12.71% gain and the +17.23% return of the Russell Midcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Appreciation Fund featured stocks like KKR & Co. Inc. (NYSE:KKR) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, KKR & Co. Inc. (NYSE:KKR) is an equity and real estate investment firm. On March 11, 2024, KKR & Co. Inc. (NYSE:KKR) stock closed at $97.39 per share. One-month return of KKR & Co. Inc. (NYSE:KKR) was 1.57%, and its shares gained 91.45% of their value over the last 52 weeks. KKR & Co. Inc. (NYSE:KKR) has a market capitalization of $86.625 billion.
Ariel Appreciation Fund stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its fourth quarter 2023 investor letter:
“Alternative asset manager, KKR & Co. Inc. (NYSE:KKR), also traded higher following solid earnings results in a challenging market environment. This performance was supported by improving trends for fundraising, deployment and monetization in the asset management business. KKR also agreed to acquire the remaining stake in its insurance affiliate, Global Atlantic, which we believe will drive organic growth opportunities and synergies going forward. Notably, management laid out a goal to double the size of the company twice over the next 10 years, highlighting asset management, insurance and the core private equity business as key drivers.”
A modern looking financial adviser sitting in front of a trading monitor, gesturing to a group of investors.
KKR & Co. Inc. (NYSE:KKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, KKR & Co. Inc. (NYSE:KKR) was held by 68 hedge fund portfolios, down from 69 in the previous quarter, according to our database.
We discussed KKR & Co. Inc. (NYSE:KKR) in another article and shared Diamond Hill Large Cap Strategy’s views on the company in the previous quarter. 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.
