ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed its Russell 2500 Growth Index benchmark in the quarter. Although there were strong contributions from a few companies across different sectors, the underperformance relative to the benchmark was minimal during the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge SMID Cap Growth Strategy highlighted stocks like Monolithic Power Systems, Inc. (NASDAQ:MPWR), in the second quarter 2024 investor letter. Monolithic Power Systems, Inc. (NASDAQ:MPWR) is a semiconductor-based power electronics solutions provider. The one-month return of Monolithic Power Systems, Inc. (NASDAQ:MPWR) was 0.25%, and its shares appreciated 102.82% of their value over the last 52 weeks. On September 26, 2024, Monolithic Power Systems, Inc. (NASDAQ:MPWR) stock closed at $944.39 per share with a market capitalization of $45.681 billion.
ClearBridge SMID Cap Growth Strategy stated the following regarding Monolithic Power Systems, Inc. (NASDAQ:MPWR) in its Q2 2024 investor letter:
“Another top individual contributor was Monolithic Power Systems, Inc. (NASDAQ:MPWR), in the IT sector, which makes semiconductor-based power electronics for the computing and storage, automotive, industrial, communications and consumer markets. Continued demand for AI-related companies and beneficiaries and anticipation of greater demand for data center components such as power management hardware for CPUs helped drive strong performance in the quarter. We believe Monolithic is one of the most attractive semiconductor plays within the SMID universe and that the company will continue to gain share in analog semiconductors as it wins design contracts.”
An engineer examining a DC to DC integrated circuit board, looking for any flaws.
Monolithic Power Systems, Inc. (NASDAQ:MPWR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Monolithic Power Systems, Inc. (NASDAQ:MPWR) at the end of the second quarter which was 41 in the previous quarter. With Q2 2024 revenue of $507.4 million, Monolithic Power Systems, Inc. (NASDAQ:MPWR) posted another record quarter, surpassing expectations. While we acknowledge the potential of Monolithic Power Systems, Inc. (NASDAQ:MPWR) 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
In another article, we discussed Monolithic Power Systems, Inc. (NASDAQ:MPWR) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company. Monolithic Power Systems, Inc. (NASDAQ:MPWR) was a top contributor to the performance of Carillon Eagle Mid Cap Growth Fund in the Q2 2024. In addition, please check out our hedge fund investor letters Q2 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.