ClearBridge Investments, an investment management company, released its “ClearBridge Multi Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, mega cap companies remained popular, with optimism about generative AI extending their gains in a historically narrow market. The ClearBridge Multi Cap Growth Strategy has limited mega-cap exposure, which has recently hampered relative performance and the strategy underperformed the Russell 3000 Growth Index benchmark during the quarter. The strategy recorded gains across four of the seven sectors in which it was invested on an absolute basis. IT sector was the primary contributor to the performance while the consumer discretionary sector detracted. Overall stock selection and sector allocation detracted from performance relative to the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Multi Cap Growth Strategy highlighted stocks like Snowflake Inc. (NYSE:SNOW) in the second quarter 2023 investor letter. Headquartered in Bozeman, Montana, Snowflake Inc. (NYSE:SNOW) is a cloud-based data platform provider. On September 13, 2023, Snowflake Inc. (NYSE:SNOW) stock closed at $165.34 per share. One-month return of Snowflake Inc. (NYSE:SNOW) was 12.52%, and its shares lost 15.85% of their value over the last 52 weeks. Snowflake Inc. (NYSE:SNOW) has a market capitalization of $54.513 billion.
ClearBridge Multi Cap Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q2 2023 investor letter:
“While the ClearBridge Multi Cap Growth Strategy has limited mega cap exposure, which has been a recent headwind to relative performance, we own several companies that stand to benefit from the explosive growth in generative AI. These holdings play key roles in building out the necessary infrastructure and helping customers leverage capabilities enabled by this emerging technology.
Snowflake Inc. (NYSE:SNOW), a cloud-based data platform company, is positioned well to help enterprises better leverage their own data to get the most out of AI models. Though it is still early days in terms of adoption, Snowflake saw workloads for data science, machine learning, and AI use cases grow more than 90% year-over-year in its most recent quarter.”
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Snowflake Inc. (NYSE:SNOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Snowflake Inc. (NYSE:SNOW) at the end of second quarter which was 63 in the previous quarter.
We discussed Snowflake Inc. (NYSE:SNOW) in another article and shared the list of technology stocks with insider buying. In addition, please check out our hedge fund investor letters Q2 2023 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.
