Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, all the major U.S. indices posted gains. The Ariel Appreciation fund rose +9.90% in the quarter, trailing the +10.08% return for the Russell Midcap Value Index and outperforming the +9.21% returns of the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ariel Appreciation Fund highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was 2.01%, and its shares gained 75.89% of their value over the last 52 weeks. On October 15, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $122.77 per share with a market capitalization of $37.621 billion.
Ariel Appreciation Fund stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
“Additionally, real estate services company, CBRE Group, Inc. (NYSE:CBRE) advanced in the period on a top- and bottom-line earnings beat and subsequent raise in full year guidance. The more stable interest rate backdrop led to improved results across the transactional Advisory Services segment, while the Global Workplace Solutions business continued to thrive, particularly within property management, following the onboarding of Brookfield’s U.S. office portfolio. Meanwhile, CBRE is deploying free cash flow towards acquisitions to drive long-term growth.”
A downtown skyline, highlighting a successful real estate services company.
CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the second quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) 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 CBRE Group, Inc. (NYSE:CBRE) and shared Oakmark Select Fund’s views on the company. Artisan Mid Cap Fund initiated a position in CBRE Group, Inc. (NYSE:CBRE) during Q3 2024. 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.