ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “ClearBridge Aggressive Growth Strategy” investor letter, which can be downloaded here. The strategy outperformed its Russell 3000 Growth Index benchmark for the quarter. It had delivered gains across seven of the eight sectors in which it was invested on an absolute basis. Overall stock selection contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Aggressive Growth Strategy featured stocks like Insulet Corporation (NASDAQ:PODD) in the fourth quarter 2023 investor letter. Headquartered in Acton, Massachusetts, Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. On March 18, 2024, Insulet Corporation (NASDAQ:PODD) stock closed at $171.68 per share. One-month return of Insulet Corporation (NASDAQ:PODD) was -10.68%, and its shares lost 47.34% of their value over the last 52 weeks. Insulet Corporation (NASDAQ:PODD) has a market capitalization of $12.005 billion.
ClearBridge Aggressive Growth Strategy stated the following regarding Insulet Corporation (NASDAQ:PODD) in its fourth quarter 2023 investor letter:
“Health care disruptors Insulet Corporation (NASDAQ:PODD) and Doximity, which derated earlier in the year due to negative implications of positive GLP-1 trials on medical device utilization and lower advertisement spending by biopharmaceutical companies, respectively, saw solid rebounds. Insulet, a maker of insulin pumps for diabetes patients, was caught up in the debate over the long-reaching consequences of GLP-1 therapeutics significantly curbing appetites and driving a more fit populace, with speculation around growth rates for a variety of businesses ranging from medical devices to restaurants to food distributors & manufacturers. The November release of further data from the SELECT study painted a more balanced picture on the impact to the rest of the health care sector, removing some pressure on the most impacted areas. Additionally, the stock was propelled by strong near-term fundamentals, with better than expected results in its most recent quarter due to continued momentum from its Omnipod 5 product cycle.”
A pharmacy worker placing wireless handheld personal diabetes managers against the light.
Insulet Corporation (NASDAQ:PODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Insulet Corporation (NASDAQ:PODD) was held by 50 hedge fund portfolios, compared to 44 in the previous quarter, according to our database.
We discussed Insulet Corporation (NASDAQ:PODD) in another article and shared the list of most valuable medical device companies in the US. In addition, please check out our hedge fund investor letters Q4 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.
