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 Jones Lang LaSalle Incorporated (NYSE:JLL) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company that provides real estate and investment management services. On March 8, 2024, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $188.48 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 5.13%, and its shares gained 25.77% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $8.942 billion.

Ariel Fund stated the following regarding Jones Lang LaSalle Incorporated (NYSE:JLL) in its fourth quarter 2023 investor letter:

"Additionally, shares of real estate expert, Jones Lang LaSalle Incorporated (NYSE:JLL), traded higher during the quarter on solid earnings results. Despite a slowdown in transaction and leasing activity due to higher long-term interest rates, the Property Management and Work Dynamics businesses delivered strong fee revenues and the business continues to prudently manage expenditures. Additionally, management highlighted a positive revenue outlook for 2024 and reiterated its 2025 financial targets. Despite the recent macro-uncertainty, company leadership is highly confident about the medium- and longer-term revenue outlook for both transactional and recurring revenue streams, alongside its efforts to streamline operations and increase efficiencies to 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 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Jones Lang LaSalle Incorporated (NYSE:JLL) was held by 25 hedge fund portfolios, up from 24 in the previous quarter, according to our database.