Ariel Investments, an investment management company, released its “Ariel Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Global markets in 2023 outperformed expectations, led by large-cap tech stocks known as the “magnificent seven.” Improving inflation data and dovish comments from the Fed drove a strong finish to the year. Ariel Fund rose +13.41% in the fourth quarter, in line with the +13.35% of the Russell 2500 Index, but short of the +13.76% of the Russell 2500 Value Index. Over the past year, Ariel Fund increased by +15.81%, slightly below the +15.98% of the Russell 2500 Value Index and behind the +17.42% gain of the Russell 2500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund featured stocks like Adtalem Global Education Inc. (NYSE:ATGE) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Adtalem Global Education Inc. (NYSE:ATGE) offers workforce solutions. On March 8, 2024, Adtalem Global Education Inc. (NYSE:ATGE) stock closed at $50.09 per share. One-month return of Adtalem Global Education Inc. (NYSE:ATGE) was -1.73%, and its shares gained 36.26% of their value over the last 52 weeks. Adtalem Global Education Inc. (NYSE:ATGE) has a market capitalization of $1.963 billion.
Ariel Fund stated the following regarding Adtalem Global Education Inc. (NYSE:ATGE) in its fourth quarter 2023 investor letter:
“Shares of global leader in for-profit education, Adtalem Global Education Inc. (NYSE:ATGE), also increased following a top and bottom-line earnings beat and subsequent raise in full year guidance. After several quarters of annual enrollment declines, total enrollment trends turned positive led by strong growth at Chamberlain and Walden. Revenue per student also came in better than expected, as ATGE optimized program pricing and offered lower discounts. Although enrollment trends across the medical and veterinary schools continue to face headwinds, they appear temporary, with management having already implemented the necessary changes to convert strong underlying demand into new student enrollment. While investors remain skeptical of the near-term backdrop, we believe ATGE will benefit from the healthcare worker shortage in the U.S., evidenced by its market leadership as the number one grantor of nursing degrees in the U.S. and the largest producer of African American MDs, PhDs and nurses in the country.”
A group of students in a lecture hall, with a professor lecturing to them in the forefront.
Adtalem Global Education Inc. (NYSE:ATGE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Adtalem Global Education Inc. (NYSE:ATGE) was held by 22 hedge fund portfolios, up from 19 in the previous quarter, according to our database.
We discussed Adtalem Global Education Inc. (NYSE:ATGE) in another article and shared the list of best education stocks to buy in 2024. 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.