Do You Believe in the Long Term Prospects of Baidu (BIDU)?

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 Baidu, Inc. (NASDAQ:BIDU) in its Q3 2022 investor letter. Headquartered in Beijing, China, Baidu, Inc. (NASDAQ:BIDU) is a Chinese internet service provider. On December 2, 2022, Baidu, Inc. (NASDAQ:BIDU) stock closed at $113.80 per share. One-month return of Baidu, Inc. (NASDAQ:BIDU) was 33.85%, and its shares lost 22.93% of their value over the last 52 weeks. Baidu, Inc. (NASDAQ:BIDU) has a market capitalization of $39.324 billion.

Ariel Investment made the following comment about Baidu, Inc. (NASDAQ:BIDU) in its Q3 2022 investor letter:

“China’s internet search and online community leader Baidu, Inc. (NASDAQ:BIDU) also weighed on relative results in the quarter. Continuing macro headwinds driven by China’s Zero-Covid policy are resulting in sluggish advertising trends. Looking ahead, the company remains committed to sustainable, profitable growth as management works to improve overall operational efficiency, executing on its strategic commitments around technological innovation and the transition to a green economy. We also continue to be enthusiastic about Baidu’s longer-term opportunity for revenue growth and margin expansion across internet search, cloud, autonomous driving, artificial intelligence and online video.”

Baidu Inc (ADR) (NASDAQ:BIDU), homepage, website, online, close up, magnifying glass

Gil C / Shutterstock.com

Baidu, Inc. (NASDAQ:BIDU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Baidu, Inc. (NASDAQ:BIDU) at the end of the third quarter, which was 45 in the previous quarter.

We discussed Baidu, Inc. (NASDAQ:BIDU) in another article and shared the best Asian stocks to buy heading into 2023. 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.