Ariel Investments, an investment management company, released its “Ariel Focus Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund fell -5.87 % compared to a -3.16% and -3.27% decline for the Russell 1000 Value Index and the S&P 500 Index, respectively. Global markets fell in the third quarter. In this context, the government bond yield spiked, which put pressure on the equities and led the high values “magnificent seven” to lose their shine. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Focus Fund highlighted stocks like The Goldman Sachs Group, Inc. (NYSE:GS) in the third 2023 investor letter. Headquartered in New York, New York, The Goldman Sachs Group, Inc. (NYSE:GS) is a financial institution. On December 8, 2023, The Goldman Sachs Group, Inc. (NYSE:GS) stock closed at $350.83 per share. One-month return of The Goldman Sachs Group, Inc. (NYSE:GS) was 7.32%, and its shares lost 3.40% of their value over the last 52 weeks. The Goldman Sachs Group, Inc. (NYSE:GS) has a market capitalization of $114.41 billion.
Ariel Focus Fund made the following comment about The Goldman Sachs Group, Inc. (NYSE:GS) in its third 2023 investor letter:
“Additionally, global investment bank, The Goldman Sachs Group, Inc. (NYSE:GS), increased in the period. Although the company posted mixed earnings results and lowered full-year guidance, GS continues to successfully execute on its strategic initiatives to improve the overall return of the company. It is right sizing headcount and narrowing its ambitions in consumer strategy through divestitures and an enhanced focus on driving profitability in Platform Solutions. GS also noted signs of a recovery in a few investment banking areas, including equity capital markets and mergers & acquisitions. With the stock currently trading near book value, management also announced intentions to return more capital to shareholders via buybacks. Looking ahead, we view the near and long-term outlook for Goldman as attractive at current levels, given favorable business trends, continued positive momentum on strategic initiatives and active expense/capital management programs.”
An investment banker analyzing the latest financial data on a laptop.
The Goldman Sachs Group, Inc. (NYSE:GS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held The Goldman Sachs Group, Inc. (NYSE:GS) at the end of third quarter which was 70 in the previous quarter.
We discussed The Goldman Sachs Group, Inc. (NYSE:GS) in another article and shared the list of Dow stocks that billionaires really don’t like. In addition, please check out our hedge fund investor letters Q3 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.
