ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy lagged behind the benchmark Russell 3000 Growth Index in the quarter. On an absolute basis, the strategy posted gains across all nine sectors it invested in. IT and communication services sectors were the primary contributors. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge All Cap Growth Strategy highlighted stocks like MongoDB, Inc. (NASDAQ:MDB), in the first quarter 2024 investor letter. MongoDB, Inc. (NASDAQ:MDB) offers a general-purpose database platform. The one-month return of MongoDB, Inc. (NASDAQ:MDB) was -32.15%, and its shares lost 43.07% of their value over the last 52 weeks. On June 25, 2024, MongoDB, Inc. (NASDAQ:MDB) stock closed at $226.61 per share with a market capitalization of $16.622 billion.
ClearBridge All Cap Growth Strategy stated the following regarding MongoDB, Inc. (NASDAQ:MDB) in its first quarter 2024 investor letter:
“During the first quarter, we initiated a new position in MongoDB, Inc. (NASDAQ:MDB), in the IT sector. The company offers a leading modern database platform that handles all data types and is geared toward modern Internet applications, which constitute the bulk of new workloads. Database is one of the largest and fastest-growing software segments, and we believe it is early innings in the company’s ability to penetrate this market. MongoDB is actively expanding its potential market by adding ancillary capabilities like vector search for AI applications, streaming and real-time data analytics. The company reached non-GAAP profitability in 2022, and we see significant room for improved margins as revenue scales.”
A software engineer hosting a remote video training session on a multi-cloud database-as-a-service solution.
MongoDB, Inc. (NASDAQ:MDB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held MongoDB, Inc. (NASDAQ:MDB) at the end of the first quarter which was 62 in the previous quarter. In the first quarter, MongoDB, Inc. (NASDAQ:MDB) reported $451 million in revenue, up 22% year-over-year. While we acknowledge the potential of MongoDB, Inc. (NASDAQ:MDB) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed MongoDB, Inc. (NASDAQ:MDB) in another article and shared the list of best AI stocks leading the ‘big tech race’ to $4 trillion according to a famous Wall Street analyst. Alger Mid Cap Growth Fund mentioned MongoDB, Inc. (NASDAQ:MDB) in its first quarter 2024 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 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.
