What Made Equity Commonwealth (EQC) Trade Lower in Q1?

Ariel Investments, an investment management company, released its “Ariel Global Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Ariel Global fund traded +4.19% higher, trailing the +7.31% return of the MSCI ACWI Index and outperforming the MSCI ACWI Value Index’s +1.24% gain. Utilities holdings and lack of exposure to Energy were the sources of positive performance in the quarter, while Information Technology and positioning within Health Care and cash detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Ariel Global Fund highlighted stocks like Equity Commonwealth (NYSE:EQC) in the first quarter 2023 investor letter. Equity Commonwealth (NYSE:EQC) is an internally managed and self-advised real estate investment trust. On May 31, 2023, Equity Commonwealth (NYSE:EQC) stock closed at $20.45 per share. One-month return of Equity Commonwealth (NYSE:EQC) was -1.21%, and its shares lost 24.93% of their value over the last 52 weeks. Equity Commonwealth (NYSE:EQC) has a market capitalization of $2.243 billion.

Ariel Global Fund made the following comment about Equity Commonwealth (NYSE:EQC) in its Q1 2023 investor letter:

“Lastly, real estate investment trust, Equity Commonwealth (NYSE:EQC) traded lower in the period, as investors continue to wait for EQC to opportunistically deploy capital on new properties. We believe this share price action runs counter to the company’s strong financial position. Notably, EQC delivered a quarterly earnings beat, returned capital to shareholders via buybacks and is patiently sitting with $2.6 billion on its balance sheet. In our view, this deeply experienced team with rigorous risk management and a conservative balance sheet is well positioned to benefit from attractive acquisitions amid distress among commercial properties in the years ahead.”

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Equity Commonwealth (NYSE:EQC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Equity Commonwealth (NYSE:EQC) at the end of first quarter 2023 which was 17 in the previous quarter.

We discussed Equity Commonwealth (NYSE:EQC) in another article and shared the list of stocks under $30 to invest in according to Caxton Associates. In addition, please check out our hedge fund investor letters Q1 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.