Published on 20 May 2024 on Insider Monkey · via Yahoo Finance
nVent Electric plc (NVT) Surged After Strong Quarterly Results
Ariel Investments, an investment management company, released its “Ariel Small Cap Value Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter of 2024, US indexes continued to exceed expectations. This rally was fueled by excitement surrounding artificial intelligence (AI), robust corporate earnings growth, declining inflation, and expectations for interest rate cuts. In this backdrop, Ariel Small Cap Value Tax-Exempt Composite rose +3.97% gross of fees (+3.71% net of fees) and outperformed the +2.90% return of the Russell 2000 Value Index but fell short of the +5.18% gain of the growthier Russell 2000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Ariel Small Cap Value Strategy highlighted stocks like NVent Electric plc (NYSE:NVT), in the first quarter 2024 investor letter. NVent Electric plc (NYSE:NVT) designs, produces, distributes installs, and services electrical connection and protection products. NVent Electric plc's (NYSE:NVT) one-month return was -3.30%, and its shares gained 66.51% of their value over the last 52 weeks. On June 5, 2024, NVent Electric plc (NYSE:NVT) stock closed at $79.36 per share with a market capitalization of $13.175 billion.