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 WillScot Holdings Corporation (NASDAQ:WSC), in the second quarter 2024 investor letter. WillScot Mobile Mini Holdings Corp. changed its name to WillScot Holdings Corporation (NASDAQ:WSC) in July 2024. WillScot Holdings Corporation (NASDAQ:WSC) is a company that offers workspace and portable storage solutions. The one-month return of WillScot Holdings Corporation (NASDAQ:WSC) was 1.45%, and its shares lost 5.99% of their value over the last 52 weeks. On September 26, 2024, WillScot Holdings Corporation (NASDAQ:WSC) stock closed at $39.10 per share with a market capitalization of $7.37 billion.
ClearBridge SMID Cap Growth Strategy stated the following regarding WillScot Holdings Corporation (NASDAQ:WSC) in its Q2 2024 investor letter:
“Stock selection in industrials was the leading detractor from relative performance, as the prospect of a higher-for-longer interest rates environment weighed on investors’ outlooks for industrial and nonresidential construction. Also impacted was WillScot Holdings Corporation (NASDAQ:WSC), the North American leader in turnkey modular space and portable storage solutions. The company’s stock price pulled back amid a decline in nonresidential construction starts and a less optimistic outlook for short-cycle industrials. However, WillScot continues to have high cash flow yields and a strong order backlog, which should help the company to weather near-term headwinds.”
Aerial shot of a modular space surrounded by poratable storage units.
WillScot Holdings Corporation (NASDAQ:WSC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held WillScot Holdings Corporation (NASDAQ:WSC) at the end of the second quarter which was 66 in the previous quarter. While we acknowledge the potential of WillScot Holdings Corporation (NASDAQ:WSC) 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 WillScot Holdings Corporation (NASDAQ:WSC) and shared TimesSquare Capital Management U.S. Small Cap Growth Strategy’s views on the company. 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.