Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. Global markets in 2024 exceeded forecasts, primarily due to the overwhelming success of the “magnificent seven,” or mega-cap technology stocks. Despite the concentration of gains, the optimism was fueled by the U.S. election results, solid earnings growth, and a healthy labor market. Against this backdrop, the fund returned -0.53% in the fourth quarter compared to Russell Midcap Value Index’s -1.75% returns,...
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