Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Ariel Appreciation fund gained +5.04% ahead of the Russell Midcap Value Index’s +3.86% return while trailing the Russell Midcap Index’s +4.76% return. The average annual returns of Ariel Appreciation Fund (investor class) for the 1-, 5-, and 10-year periods ended June 30, 2023, were +15.95%, +6.14%, and +8.01%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Appreciation Fund highlighted stocks like Northern Trust Corporation (NASDAQ:NTRS) in the second quarter 2023 investor letter. Headquartered in Chicago, Illinois, Northern Trust Corporation (NASDAQ:NTRS) is a financial holding company. On September 8, 2023, Northern Trust Corporation (NASDAQ:NTRS) stock closed at $76.39 per share. One-month return of Northern Trust Corporation (NASDAQ:NTRS) was -2.96%, and its shares lost 22.44% of their value over the last 52 weeks. Northern Trust Corporation (NASDAQ:NTRS) has a market capitalization of $15.813 billion.
Ariel Appreciation Fund made the following comment about Northern Trust Corporation (NASDAQ:NTRS) in its Q2 2023 investor letter:
“Alternatively, several positions weighed on performance. Leading global financial franchise Northern Trust Corporation (NASDAQ:NTRS), sharply declined in the quarter. Consistent with broader trends in the banking sector, NTRS clients exhibited meaningful cash sorting behavior as they withdrew funds in search of higher deposit yields. This resulted in lower than anticipated wealth management fees, partially offset by increased costs for short-term funding as well as deposits. While net interest margin and net interest income will likely remain under pressure near-term, we believe NTRS remains well positioned. The company is a trusted name in a favorable industry with a diversified product offering and high barriers to entry. We believe Northern’s 130-year track record highlights its strength and stability of navigating macroeconomic volatility with a conservative, operating approach.”
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Northern Trust Corporation (NASDAQ:NTRS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Northern Trust Corporation (NASDAQ:NTRS) at the end of second quarter which was 25 in the previous quarter.
We discussed Northern Trust Corporation (NASDAQ:NTRS) in another article and shared the list of bank stocks in the Goldman Sachs portfolio. In addition, please check out our hedge fund investor letters Q2 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.
