Ariel Investments, an investment management company, released its “Ariel Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Due to the economy’s resilience and forecasters’ expectations of a soft landing, all major U.S. indices saw gains in the third quarter. The Federal Reserve turned its attention to the state of the labor market as interest rate reduction was implemented. Against this backdrop, Ariel Fund appreciated +12.08% in Q3 outperforming both the Russell 2500 Value and Russell 2500 indices, which returned +9.63% and +8.75%. For more information on the fund’s top picks in 2024, please check its top five holdings.
Ariel Fund highlighted stocks like Jones Lang LaSalle Incorporated (NYSE:JLL), in the third quarter 2024 investor letter. Jones Lang LaSalle Incorporated (NYSE:JLL) provides real estate and investment management services. The one-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 6.32%, and its shares gained 100.70% of their value over the last 52 weeks. On October 14, 2024, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $100.70 per share with a market capitalization of $12.682 billion.
Ariel Fund stated the following regarding Jones Lang LaSalle Incorporated (NYSE:JLL) in its Q3 2024 investor letter:
“Real estate expert, Jones Lang LaSalle Incorporated (NYSE:JLL) traded higher following a quarterly earnings beat and subsequent raise in full-year guidance. These results were driven by a rebound in transaction, leasing and capital markets activity as well as solid fee revenues from ramping client wins and contract expansions in the Work Dynamics and property management businesses. Company leadership is optimistic for a near-term recovery following the Fed’s interest rate cut and remains confident in the medium- and longer-term revenue outlook for both transactional and recurring revenue streams. We also expect JLL’s efforts to streamline operations and increase efficiencies will generate higher profit over time.”
A real estate broker discussing options with a customer using digital maps and virtual reality.
Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of the second quarter which was 28 in the previous quarter. In the second quarter, Jones Lang LaSalle Incorporated’s (NYSE:JLL) revenue increased 12% year-over-year to $5.6 billion. While we acknowledge the potential of Jones Lang LaSalle Incorporated (NYSE:JLL) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article we discussed Jones Lang LaSalle Incorporated (NYSE:JLL) and shared Artisan Mid Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 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.