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 Baidu, Inc. (NASDAQ:BIDU) in the fourth quarter 2023 investor letter. Headquartered in Beijing, China, Baidu, Inc. (NASDAQ:BIDU) engages in the provision of internet search and online marketing solutions. On March 22, 2024, Baidu, Inc. (NASDAQ:BIDU) stock closed at $102.18 per share. One-month return of Baidu, Inc. (NASDAQ:BIDU) was -7.60%, and its shares lost 33.10% of their value over the last 52 weeks. Baidu, Inc. (NASDAQ:BIDU) has a market capitalization of $35.83 billion.
Ariel Global Fund stated the following regarding Baidu, Inc. (NASDAQ:BIDU) in its fourth quarter 2023 investor letter:
“By comparison, China’s internet search and online community leader, Baidu, Inc. (NASDAQ:BIDU) traded lower alongside Chinese equities as intensifying problems in China weighed on investor sentiment during the period. The company continues to invest heavily in Artificial Intelligence (AI) and recently launched its generative AI, Ernie Bot, aimed at rivaling Open AI’s ChatGPT. While monetization of the new technology is largely dependent on regulatory review, we think Baidu should continue to experience margin improvement with the ongoing implementation of efficiency and profitability initiatives. While some investors remain on the sidelines due to uncertainty surrounding China’s economic growth, government regulations, and the political rhetoric towards Taiwan, we remain enthusiastic about Baidu’s longer-term opportunity for revenue growth and margin expansion across internet search, cloud, autonomous driving, artificial intelligence and online video.”
A modern internet space with a person using Baidu services on a laptop.
Baidu, Inc. (NASDAQ:BIDU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Baidu, Inc. (NASDAQ:BIDU) was held by 48 hedge fund portfolios, compared to 44 in the previous quarter, according to our database.
We discussed Baidu, Inc. (NASDAQ:BIDU) in another article and shared the list of best Chinese stocks to buy. 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.
