ClearBridge Investments, an investment management company, released its “ClearBridge Mid Cap Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Beginning in July, a significant shift away from large caps fueled a rebound that propelled the Russell Midcap Index 9.21% higher outperforming the large cap Russell 1000 Index’s 6.08% gain. In the third quarter, the Strategy beat its benchmark driven by contributions from its investments in the IT and healthcare sectors. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Mid Cap Growth Strategy highlighted stocks like AMETEK, Inc. (NYSE:AME), in the third quarter 2024 investor letter. AMETEK, Inc. (NYSE:AME) leading global manufacturer of electronic instruments and electromechanical devices. The one-month return of AMETEK, Inc. (NYSE:AME) was -2.12%, and its shares gained 17.70% of their value over the last 52 weeks. On December 9, 2024, AMETEK, Inc. (NYSE:AME) stock closed at $189.89 per share with a market capitalization of $43.923 billion.
ClearBridge Mid Cap Growth Strategy stated the following regarding AMETEK, Inc. (NYSE:AME) in its Q3 2024 investor letter:
“AMETEK, Inc. (NYSE:AME), in the industrials sector, makes electronic instruments and electromechanical devices. The company’s position as a supplier of high-quality instruments to “cannot fail” industries, such as aerospace applications, health care equipment and marine instrumentation, has made it the dominant player in several of these high-value, but niche areas. Additionally, the company has a strong track record of successfully integrating and raising the margin profile of acquired businesses. Subjected to the same destocking malaise weighing on the broader industrials sector, we were able to capitalize on the company trading at cycle lows to establish a position in this best-in-class industrials business.”
A close up of a technician’s hands manipulating a temperature control system for a thermal system.
AMETEK, Inc. (NYSE:AME) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held AMETEK, Inc. (NYSE:AME) at the end of the third quarter which was 41 in the previous quarter. AMETEK, Inc.’s (NYSE:AME) third quarter sales were $1.71 billion, up 5% from Q3 2023. While we acknowledge the potential of AMETEK, Inc. (NYSE:AME) 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 AMETEK, Inc. (NYSE:AME) and shared Mar Vista Strategic Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.