Ariel Investments, an investment management company, released its “Ariel Global Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the Ariel Global fund returned +8.40% gross of fees (+8.18% net of fees), compared to the MSCI ACWI Index’s +11.03%, and the MSCI ACWI Value Index’s +9.17% gains. The fund appreciated +13.96% gross of fees (+13.06% net of fees) over the trailing year, underperforming the MSCI ACWI Index’s +22.20% return and ahead of the MSCI ACWI Value Index’s +11.81% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Global Fund featured stocks like Truist Financial Corporation (NYSE:TFC) in the fourth quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Truist Financial Corporation (NYSE:TFC) is a financial services company that provides banking and trust services. On March 22, 2024, Truist Financial Corporation (NYSE:TFC) stock closed at $37.69 per share. One-month return of Truist Financial Corporation (NYSE:TFC) was 9.38%, and its shares gained 14.18% of their value over the last 52 weeks. Truist Financial Corporation (NYSE:TFC) has a market capitalization of $50.374 billion.
Ariel Global Fund stated the following regarding Truist Financial Corporation (NYSE:TFC) in its fourth quarter 2023 investor letter:
“We initiated a position in financial services company, Truist Financial Corporation (NYSE:TFC). After the merger of BB&T and SunTrust formed Truist in 2019, management has prioritized simplifying the organization and reducing expenses to optimize profitability. After successfully selling a portion of the insurance business, TFC is now considering selling the remaining stake. While we take no definitive view on the likelihood of a sale, we believe this would be a positive catalyst for the company. TFC could leverage the deal to strengthen its adjusted capital profile, improve margins as well as accelerate its investment in technology. Meanwhile, the company is trading at a significant discount relative to our estimate of its intrinsic value.”
A closeup view of a hand inserting a credit card into an ATM machine.
Truist Financial Corporation (NYSE:TFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Truist Financial Corporation (NYSE:TFC) was held by 59 hedge fund portfolios, compared to 47 in the previous quarter, according to our database.
We discussed Truist Financial Corporation (NYSE:TFC) in another article and shared the list of best 5% dividend stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 16 Most Undervalued Large Cap Stocks To Buy According To Analysts
- 11 Best Fertilizer Stocks To Buy According To Analysts
- Cathie Wood’s Stock Portfolio: 2024 Stock Picks
Disclosure: None. This article is originally published at Insider Monkey.
