Ariel Investments, an investment management company, released its “Ariel Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Global markets in 2023 outperformed expectations, led by large-cap tech stocks known as the “magnificent seven.” Improving inflation data and dovish comments from the Fed drove a strong finish to the year. Ariel Fund rose +13.41% in the fourth quarter, in line with the +13.35% of the Russell 2500 Index, but short of the +13.76% of the Russell 2500 Value Index. Over the past year, Ariel Fund increased by +15.81%, slightly below the +15.98% of the Russell 2500 Value Index and behind the +17.42% gain of the Russell 2500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund featured stocks like Jones Lang LaSalle Incorporated (NYSE:JLL) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company that provides real estate and investment management services. On March 8, 2024, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $188.48 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 5.13%, and its shares gained 25.77% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $8.942 billion.
Ariel Fund stated the following regarding Jones Lang LaSalle Incorporated (NYSE:JLL) in its fourth quarter 2023 investor letter:
“Additionally, shares of real estate expert, Jones Lang LaSalle Incorporated (NYSE:JLL), traded higher during the quarter on solid earnings results. Despite a slowdown in transaction and leasing activity due to higher long-term interest rates, the Property Management and Work Dynamics businesses delivered strong fee revenues and the business continues to prudently manage expenditures. Additionally, management highlighted a positive revenue outlook for 2024 and reiterated its 2025 financial targets. Despite the recent macro-uncertainty, company leadership is highly confident about the medium- and longer-term revenue outlook for both transactional and recurring revenue streams, alongside its efforts to streamline operations and increase efficiencies to generate higher profit over time.”
A real estate broker discussing options with a customer using digital maps and virtual reality.
Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Jones Lang LaSalle Incorporated (NYSE:JLL) was held by 25 hedge fund portfolios, up from 24 in the previous quarter, according to our database.
We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared the list of best real estate 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.
