Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Ariel Appreciation fund gained +1.72% ahead of the Russell Midcap Value Index’s +1.32% return while trailing the Russell Midcap Index’s +4.06% return. The fund’s annual average returns for 1-, 5-, and 10-year periods for the period ended March 31, 2023, were -6.66%, +5.32%, and +7.94%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Appreciation Fund highlighted stocks like Jones Lang LaSalle Incorporated (NYSE:JLL) in the first quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a real estate and investment management services provider. On June 1, 2023, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $141.97 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 6.34%, and its shares lost 27.25% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $6.781 billion.
Ariel Appreciation Fund made the following comment about Jones Lang LaSalle Incorporated (NYSE:JLL) in its Q1 2023 investor letter:
“Also in the quarter, we initiated a position in long-time Ariel holding Jones Lang LaSalle Incorporated (NYSE:JLL), also known as JLL, which is a leading professional services firm that specializes in real estate and investment management. A slowdown in leasing, advisory and investment sales due to rapidly rising interest rates and inflationary pressures presented us an attractive entry point in the name. The company generates strong fee revenues on its annuity businesses, prudently manages expenditures, returns excess capital to shareholders through share repurchases and has provided a three-year strategic outlook with strong 2025 financial targets. Although the first half of 2023 will likely be choppy given macro-uncertainty, company leadership is highly confident about the medium- and longer-term revenue outlook for both transactional and recurring revenue streams, alongside its efforts to streamline operations and increase efficiencies to generate higher profit over time.”
Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of first quarter 2023 which was 26 in the previous quarter.
We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared Baron Funds’ views on the company. 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.