Ariel Investments, an investment management company, released its “Ariel Focus Fund” fourth-quarter investor letter. A copy of the same can be downloaded here. In the quarter, the fund increased +11.95%, compared to a 12.42% return for the Russell 1000 Value Index and 7.56% for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Ariel Focus Fund highlighted stocks APA Corporation (NASDAQ:APA) in the Q4 2022 investor letter. Headquartered in Houston, Texas, APA Corporation (NASDAQ:APA) engages in oil and natural exploration, development, and production. On February 2, 2023, APA Corporation (NASDAQ:APA) stock closed at $42.36 per share. One-month return of APA Corporation (NASDAQ:APA) was -1.24%, and its shares gained 22.82% of their value over the last 52 weeks. APA Corporation (NASDAQ:APA) has a market capitalization of $13.619 billion.
Ariel Focus Fund made the following comment about APA Corporation (NASDAQ:APA) in its Q4 2022 investor letter:
“Oil and natural gas explorer, APA Corporation (NASDAQ:APA) was the top contributor to relative returns in the period. Shares traded higher on strong U.S. well performance and upbeat guidance suggesting production is back on track in the North Sea and Egypt. Management also reiterated APA’s commitment to return 60% of free cash flow to shareholders through dividends and repurchases. In our view, this suggests significant buyback activity in the upcoming quarter, highlighting an attractive return of capital.”
APA Corporation (NASDAQ:APA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held APA Corporation (NASDAQ:APA) at the end of the third quarter, which was 36 in the previous quarter.
We discussed APA Corporation (NASDAQ:APA) in another article and shared the list of most undervalued NASDAQ stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2022 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.