Ariel Investments, an investment management company, released the Investor Letter for the first quarter of 2024 for the “Ariel Appreciation Fund”. A copy of the letter can be downloaded here. The Ariel Appreciation Fund rose +4.06% for the quarter, underperforming the Russell Midcap Value Index and the Russell Midcap Index’s returns of +8.23% and +8.60%. All sectors of the S&P 500 except real estate saw gains, but momentum was the main factor influencing performance across sizes and styles. Additionally, you can check out the fund’s top five holdings to learn about our best picks for 2024.
The Ariel Appreciation Fund is a wholly owned subsidiary of Bio-Rad Laboratories (NYSE:Bio) is mentioned in the 1Q24 investor letter. Bio-Rad Laboratories, Inc. (NYSE: BIO) manufactures and sells life science research and clinical diagnostic products. Bio-Rad Laboratories, Inc. (NYSE: BIO) has a one-month return of -4.71%, and over the past 52 weeks, the stock price has fallen 25.66%. On June 13, 2024, Bio-Rad Laboratories, Inc. (NYSE: BIO) stock price closed at $281.80 per share, with a market capitalization of $8.047 billion.
In its Q1 2024 investor letter, Ariel Appreciation Fund said the following about Bio-Rad Laboratories, Inc. (NYSE:BIO):
“Also during the quarter, we started new positions in the manufacturing and development of laboratory equipment and biological testing. Bio-Rad Laboratories, Inc. (NYSE:BIO). The company operates globally with 42% of revenues from the United States, 31% from Europe, 21% from Asia, and 6% from the rest of the world. Its customer base is diverse with hospital laboratories representing 34% of revenues, reference laboratories 11%, transfusion laboratories 10%, academic institutions 21%, biopharmaceuticals 15%, and applied markets 9%. BIO boasts a strong financial position, growing operating margins, and strong recurring revenue streams. Bio-Rad believes it is a quintessential Ariel company, providing cutting-edge, innovative products in growing global markets. The company estimates that 80% of its sales come from products in which Bio-Rad has a dominant market share.
A close-up of the laboratory setup used to study complement inhibitors.
Bio-Rad Laboratories, Inc. (NYSE:BIO) is not included in our list of the 31 most popular stocks among hedge funds. According to our database, 42 hedge funds held Bio-Rad Laboratories, Inc. (NYSE:BIO) in their portfolios at the end of the first quarter, up from 50 in the previous quarter. While we recognize Bio-Rad Laboratories, Inc. (NYSE:BIO)’s potential as an investment, we believe AI stocks offer a better chance of delivering higher returns in a shorter time frame. If you’re looking for AI stocks with as much promise as NVIDIA but trading at less than 5x, check out our report. Cheapest AI Stocks.
Additionally, to learn more about investor letters from hedge funds and other leading investors, please visit our Q1 2024 Hedge Fund Investor Letters page.
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Disclosures: None. This article was originally published on Insider Monkey.
