ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter. The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Hologic, Inc. (NASDAQ:HOLX) in the third quarter 2023 investor letter. Headquartered in Marlborough, Massachusetts, Hologic, Inc. (NASDAQ:HOLX) develops, manufactures, and distributes diagnostics products, medical imaging systems, and surgical products dedicated to serve the healthcare needs of women. On December 27, 2023, Hologic, Inc. (NASDAQ:HOLX) stock closed at $70.94 per share. One-month return of Hologic, Inc. (NASDAQ:HOLX) was -0.50%, and its shares lost 6.78% of their value over the last 52 weeks. Hologic, Inc. (NASDAQ:HOLX) has a market capitalization of $17.026 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Hologic, Inc. (NASDAQ:HOLX) in its Q3 2023 investor letter:
“We continue to be active in positioning our holdings in the health care sector, in the quarter initiating a new position in Hologic, Inc. (NASDAQ:HOLX), a medical technology company focused on women’s health with leading positions in medical diagnostics, medical imaging systems and surgical devices. The company has used profits generated during the pandemic to diversify the business and increase recurring revenues, as well as return capital to shareholders. We believe Hologic is well-positioned to drive stable growth and improve profitability going forward and has a very strong balance sheet to fund future growth initiatives. Hologic’s products help detect cancer as well as a variety of infectious diseases, including COVID-19, thus improving health care outcomes for patients.”
A technician assembling a Senhance Surgical System, illustrating the precision of medical robotics.
Hologic, Inc. (NASDAQ:HOLX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Hologic, Inc. (NASDAQ:HOLX) at the end of third quarter which was 42 in the previous quarter.
We discussed Hologic, Inc. (NASDAQ:HOLX) in another article and shared the list of stocks billionaire Steve Cohen just bought and sold. In addition, please check out our hedge fund investor letters Q3 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.
