ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed the benchmark in the quarter. The small-cap growth universe revealed a stark dichotomy despite the positive performance of the benchmark Russell 2000 Growth Index, which returned 7.58% in the first quarter. The Strategy posted gains in 5 of the nine sectors in which it was invested on an absolute basis. Overall stock selection detracted from performance, partially offset by positive sector allocation effects on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Small Cap Growth Strategy featured stocks RadNet, Inc. (NASDAQ:RDNT) in the first quarter 2024 investor letter. Headquartered in Los Angeles, California, RadNet, Inc. (NASDAQ:RDNT) provides outpatient diagnostic imaging services. On April 9, 2024, RadNet, Inc. (NASDAQ:RDNT) stock closed at $49.00 per share. One-month return of RadNet, Inc. (NASDAQ:RDNT) was 6.42%, and its shares gained 78.87% of their value over the last 52 weeks. RadNet, Inc. (NASDAQ:RDNT) has a market capitalization of $3.532 billion.
ClearBridge Small Cap Growth Strategy stated the following regarding RadNet, Inc. (NASDAQ:RDNT) in its first quarter 2024 investor letter:
“Encouragingly, we are seeing underlying improvements from companies we do own in the portfolio, with several being recent portfolio additions or subjects of repositioning work executed in 2023.
The first quarter represented another period of fruitful new idea generation with nine new investments. Consistent with historical practice, these initial investments represent modest position sizes that we intend to build over time.
RadNet, Inc. (NASDAQ:RDNT) owns and operates outpatient freestanding diagnostic imaging centers. The market is seeing secular growth from a shift in the site of care from the more expensive inpatient setting to freestanding imaging centers like RadNet. With solid organic growth, coupled with an attractive de novo and acquisition opportunity, the company has a long runway to compound topline growth. RadNet has also invested heavily in newer AI applications that can provide an additional revenue stream, while also improving the early identification of cancers.”
A radiologist studying a monitor with a detailed image of a lung cancer tumor.
RadNet, Inc. (NASDAQ:RDNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, RadNet, Inc. (NASDAQ:RDNT) was held by 15 hedge fund portfolios, compared to 15 in the previous quarter, according to our database. 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.
