Ariel Investments, an investment management company, released its “Ariel Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter saw losses in the U.S. stock market due to concerns about a government shutdown, autoworker strikes, rising oil prices, and the possibility that interest rates might stay higher for longer. In the third quarter, Ariel fund declined -7.15% underperforming both the Russell 2500 Value Index and the Russell 2500 Index, which returned -3.66% and -4.78%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund highlighted stocks like Adtalem Global Education Inc. (NYSE:ATGE) in the third quarter 2023 investor letter. Headquartered in Chicago, Illinois, Adtalem Global Education Inc. (NYSE:ATGE) offers workforce solutions. On November 28, 2023, Adtalem Global Education Inc. (NYSE:ATGE) stock closed at $57.56 per share. One-month return of Adtalem Global Education Inc. (NYSE:ATGE) was 7.29%, and its shares gained 38.37% of their value over the last 52 weeks. Adtalem Global Education Inc. (NYSE:ATGE) has a market capitalization of $2.293 billion.
Ariel Fund made the following comment about Adtalem Global Education Inc. (NYSE:ATGE) in its Q3 2023 investor letter:
“Shares of global leader in for-profit education, Adtalem Global Education Inc. (NYSE:ATGE), also advanced on a top- and bottom-line earnings beat and subsequent increase at the low-end of its FY2024 Adjusted EPS guidance. We remain encouraged by the continued recovery in nursing school programs, highlighted by Walden’s new student enrollment up double-digits versus last year. Although, enrollment trends across the medical schools faced headwinds in the quarter, they appear temporary, with management having already implemented the necessary changes to convert strong underlying demand into students. Although investors remain skeptical of the near-term backdrop, we believe ATGE will benefit from the healthcare worker shortage in the U.S., evidenced by its market leadership as the number one grantor of nursing degrees in the U.S. and the largest producer of African-American MDs, PhDs and nurses in the country.”
Adtalem Global Education Inc. (NYSE:ATGE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Adtalem Global Education Inc. (NYSE:ATGE) at the end of third quarter which was 19 in the previous quarter.
We discussed Adtalem Global Education Inc. (NYSE:ATGE) in another article and shared the list of stocks receiving a massive vote of approval from Wall Street analysts. 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.
