Here’s Why National Vision Holdings (EYE) Declined in Q1

ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed the Russell 2500 Growth benchmark. On an absolute basis, the strategy gained in six of the 10 sectors it was invested in during the quarter. The IT, industrials, and healthcare sectors were the leading contributors while the financials and energy detracted from the performance. Allocation effects contributed in relative terms but were offset by stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge SMID Cap Growth Strategy highlighted stocks like National Vision Holdings, Inc. (NASDAQ:EYE) in the first quarter 2023 investor letter. Headquartered in Duluth, Georgia, National Vision Holdings, Inc. (NASDAQ:EYE) is an optical retailer. On May 11, 2023, National Vision Holdings, Inc. (NASDAQ:EYE) stock closed at $23.76 per share. One-month return of National Vision Holdings, Inc. (NASDAQ:EYE) was 16.36%, and its shares lost 8.90% of their value over the last 52 weeks. National Vision Holdings, Inc. (NASDAQ:EYE) has a market capitalization of $1.866 billion.

ClearBridge SMID Cap Growth Strategy made the following comment about National Vision Holdings, Inc. (NASDAQ:EYE) in its Q1 2023 investor letter:

“Several portfolio holdings faced idiosyncratic headwinds which weighed on performance during the quarter. For example, National Vision Holdings, Inc. (NASDAQ:EYE) is an optical retailer offering eyeglasses and contact lenses as well as optometric services. The company had a major earnings reset for 2023 due to higher costs for remote optometric enablement in order to combat a chronic shortage of optometrists.”

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National Vision Holdings, Inc. (NASDAQ:EYE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held National Vision Holdings, Inc. (NASDAQ:EYE) at the end of the fourth quarter which was 12 in the previous quarter.

We discussed National Vision Holdings, Inc. (NASDAQ:EYE) in another article and shared Headwaters Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.