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 Axalta Coating Systems Ltd. (NYSE:AXTA) in the first quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Axalta Coating Systems Ltd. (NYSE:AXTA) manufactures, markets, and distributes coatings systems. On June 1, 2023, Axalta Coating Systems Ltd. (NYSE:AXTA) stock closed at $30.02 per share. One-month return of Axalta Coating Systems Ltd. (NYSE:AXTA) was -1.09%, and its shares gained 10.37% of their value over the last 52 weeks. Axalta Coating Systems Ltd. (NYSE:AXTA) has a market capitalization of $6.65 billion.
Ariel Appreciation Fund made the following comment about Axalta Coating Systems Ltd. (NYSE:AXTA) in its Q1 2023 investor letter:
“Additionally, leading manufacturer and distributor of coatings technologies Axalta Coating Systems Ltd. (NYSE:AXTA) advanced on a bottom-line earnings beat, as strong pricing across end markets more than offset currency headwinds. In our view, risks to auto production driven by ongoing supply chain challenges and input cost inflation should begin to subside in 2023. We also believe continued pricing momentum will help margins recover to pre-pandemic levels, and expect vehicle production and corresponding demand for mobility coatings to gradually improve as supply chain constraints ease. Longer-term, we expect the company to continue to gain market share from ongoing consolidation in its refinishing business and further improve its margin profile through cost savings programs.”
Axalta Coating Systems Ltd. (NYSE:AXTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Axalta Coating Systems Ltd. (NYSE:AXTA) at the end of first quarter 2023 which was 45 in the previous quarter.
We discussed Axalta Coating Systems Ltd. (NYSE:AXTA) in another article and shared the list of stocks Warren Buffett sold. 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.