Ariel Investments, an investment management company, released its “Ariel Global Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Ariel Global fund traded +3.32% higher, trailing the +6.18% return of the MSCI ACWI Index and outperforming the MSCI ACWI Value Index’s +2.98% gain. The fund’s lack of exposure to Materials and Energy was the greatest source of positive attribution in the quarter, while Communication Services holdings and choices within Information Technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Global Fund highlighted stocks like New Oriental Education & Technology Group Inc. (NYSE:EDU) in the second quarter 2023 investor letter. Headquartered in Beijing, the People’s Republic of China, New Oriental Education & Technology Group Inc. (NYSE:EDU) offers private educational services under the New Oriental brand. On September 12, 2023, New Oriental Education & Technology Group Inc. (NYSE:EDU) stock closed at $58.15 per share. One-month return of New Oriental Education & Technology Group Inc. (NYSE:EDU) was 14.31%, and its shares gained 134.57% of their value over the last 52 weeks. New Oriental Education & Technology Group Inc. (NYSE:EDU) has a market capitalization of $9.882 billion.
Ariel Global Fund made the following comment about New Oriental Education & Technology Group Inc. (NYSE:EDU) in its Q2 2023 investor letter:
“We added a new investment position inNew Oriental Education & Technology Group Inc. (NYSE:EDU), a leading after school tutoring program in China. Although the Chinese government banned K-12 academic after school tutoring, the company was able to leverage its expertise in course content quality control and standardized tutoring processes to quickly reposition itself as a leader of non-academic after school tutoring. Furthermore, we anticipate the company’s strong brand and the entrepreneurial acumen of its founder, Michael Yu, will create additional opportunities for expansion as a comprehensive educational service provider.”
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New Oriental Education & Technology Group Inc. (NYSE:EDU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held New Oriental Education & Technology Group Inc. (NYSE:EDU) at the end of second quarter which was 31 in the previous quarter.
We discussed New Oriental Education & Technology Group Inc. (NYSE:EDU) in another article and shared Hayden Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
