Ariel Investments, an investment management company, released its “Ariel Focus Fund” first-quarter investor letter. A copy of the same can be downloaded here. The economy started showing signs of cooling and credit conditions have started to tighten, which would help to reduce the inflation. In the first quarter, the fund was +0.35% up, compared to a +1.01% return for the Russell 1000 Value Index and a +7.50% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Focus Fund highlighted stocks like BorgWarner Inc. (NYSE:BWA) in the first quarter 2023 investor letter. Headquartered in Auburn Hills, Michigan, BorgWarner Inc. (NYSE:BWA) provides technology solutions for combustion, hybrid, and electric vehicles. On May 31, 2023, BorgWarner Inc. (NYSE:BWA) stock closed at $44.33 per share. One-month return of BorgWarner Inc. (NYSE:BWA) was 3.57%, and its shares gained 10.19% of their value over the last 52 weeks. BorgWarner Inc. (NYSE:BWA) has a market capitalization of $10.39 billion.
Ariel Focus Fund made the following comment about BorgWarner Inc. (NYSE:BWA) in its Q1 2023 investor letter:
“Several stocks in the portfolio had strong returns in the quarter. Leading supplier of solutions for combustion, hybrid and electric vehicles BorgWarner Inc. (NYSE:BWA) increased following a top- and bottom-line earnings beat, as well as a solid financial guidance for 2023, despite foreign currency headwinds. Meanwhile, BWA continues to successfully execute on its Charging Forward initiative and remains on track to deliver $4 billion in electric vehicle sales by 2025. In our view, BWA’s electric motor and driveline technology offerings position the company to grow intrinsic value throughout the evolution in the hybrid and electric vehicles market.”
BorgWarner Inc. (NYSE:BWA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held BorgWarner Inc. (NYSE:BWA) at the end of first quarter 2023 which was 31 in the previous quarter.
We discussed BorgWarner Inc. (NYSE:BWA) in another article and shared the list of best auto parts stocks to buy. 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.