Also in the quarter, we initiated a new position in alternative asset manager, Carlyle Group (CG, Financial). CG’s competitive advantages include a notable 35-year track record of investment performance across various economic and financial market conditions, diversified product offerings and long-tenured client relationships across five continents. CG has underperformed its peers and the S&P 500, presenting us with a unique opportunity to acquire shares of what we believe to be a highly scalable business with attractive fundamentals and healthy fundraising momentum.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2022 commentary.
