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 CNH Industrial N.V. (NYSE:CNHI) in the fourth quarter 2023 investor letter. Headquartered in Basildon, the United Kingdom, CNH Industrial N.V. (NYSE:CNHI) is an equipment and services company that operates through the Agriculture, Construction, and Financial Services segments. On March 22, 2024, CNH Industrial N.V. (NYSE:CNHI) stock closed at $12.73 per share. One-month return of CNH Industrial N.V. (NYSE:CNHI) was 6.00%, and its shares lost 14.45% of their value over the last 52 weeks. CNH Industrial N.V. (NYSE:CNHI) has a market capitalization of $15.853 billion.
Ariel Global Fund stated the following regarding CNH Industrial N.V. (NYSE:CNHI) in its fourth quarter 2023 investor letter:
“We found an attractive entry point for London based, agriculture machinery manufacturer, CNH Industrial N.V. (NYSE:CNHI), as shares are currently pricing in multi-year declines similar to the slope of the last agricultural downcycle (2014- 2016). Although farm incomes have begun to moderate and will likely translate to lower machinery purchasing in 2024, our analysis of U.S. farm fundamentals suggests the severity and longevity of the next downcycle will likely be shallower and shorter in duration. Additionally, CNHI remains on track to deliver on previously articulated operational efficiency and cost savings targets, which should drive margin improvement and profitability growth over the near to medium term. Looking ahead, we believe the industry will benefit from precision agriculture.”
A tractor plowing a field in the warm golden light of a setting sun.
CNH Industrial N.V. (NYSE:CNHI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CNH Industrial N.V. (NYSE:CNHI) was held by 29 hedge fund portfolios, compared to 29 in the previous quarter, according to our database.
We discussed CNH Industrial N.V. (NYSE:CNHI) in another article and shared the list of best fertilizer stocks to buy according to analysts. 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.
