ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” second quarter 2024 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the first quarter. Holdings in the IT sector led the performance in the quarter. On an absolute basis, the strategy has gained across four of the 11 sectors in which it was invested during the quarter. Overall stock selection and sector allocation contributed to returns relatively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Value Equity Strategy highlighted stocks like Oracle Corporation (NYSE:ORCL), in the second quarter 2024 investor letter. Oracle Corporation (NYSE:ORCL) offers products and services that address enterprise information technology environments. The one-month return of Oracle Corporation (NYSE:ORCL) was 17.07%, and its shares gained 26.24% of their value over the last 52 weeks. On July 8, 2024, Oracle Corporation (NYSE:ORCL) stock closed at $145.03 per share with a market capitalization of $399.682 billion.
ClearBridge Value Equity Strategy stated the following regarding Oracle Corporation (NYSE:ORCL) in its Q2 2024 investor letter:
“Likewise, cloud computing software company Oracle Corporation (NYSE:ORCL) reported strong backlog growth and signed a new client in OpenAI, which intends to use Oracle’s cloud infrastructure to train its AI models. The company also received tailwinds from its announced partnership with Google’s Cloud Platform (GCP) to build Oracle’s cloud infrastructure directly into GCP, which we believe will help accelerate the growth of Oracle’s cloud database services.”
A team of IT professionals meticulously crafting a large-scale enterprise performance management system.
Oracle Corporation (NYSE:ORCL) is in 27th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of the first quarter which was 100 in the previous quarter. Oracle Corporation (NYSE:ORCL) full fiscal year revenue reached $53 billion, representing a 6% growth. While we acknowledge the potential of Oracle Corporation (NYSE:ORCL) 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.
We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of best cloud computing stocks to buy. Oracle Corporation (NYSE:ORCL) contributed to the performance of ClearBridge Value Equity Strategy in the first quarter of 2024. 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.
