ClearBridge Investments, an investment management company, released its “ClearBridge Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Signs of inflation cooling, and an ambitious Federal Reserve rate-cutting cycle led to broad equity market gains in Q3, primarily driven by smaller capitalization companies. In the quarter value shares outperformed with the Russell Midcap Value increasing 10.08% compared to the Russell Midcap Growth Index’s 6.54% gain. Against this backdrop, the strategy underperformed the Russell Midcap Growth Index benchmark. Idiosyncratic headwinds across a few of the Strategy’s holdings hindered performance. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Growth Strategy highlighted stocks like CrowdStrike Holdings, Inc. (NASDAQ:CRWD), in the third quarter 2024 investor letter. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a global cyber security solutions provider. The one-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 15.57%, and its shares gained 55.67% of their value over the last 52 weeks. On October 8, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $293.01 per share with a market capitalization of $71.824 billion.
ClearBridge Growth Strategy stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2024 investor letter:
“Shares of CrowdStrike Holdings, Inc. (NASDAQ:CRWD), a global cybersecurity leader, came under pressure following a software content update in July that caused widespread disruptions across its client base. Importantly, the outage was not caused by a security breach and we are encouraged that the company was swift and transparent in its response and support for customers. While some level of recompense will be required, after ongoing dialogue with company management, we are optimistic that thoughtful remediation efforts, such as offering flexibility around new module uptakes, will position the company well for future growth. Shares have since rebounded on the back of better than feared channel feedback, which suggests CrowdStrike remains a best-in-class provider in the eyes of customers.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of the second quarter which was 76 in the previous quarter. In the second quarter, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) achieved Q2 revenue of $964 million which exceeded the expectations. While we acknowledge the potential of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) 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 CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and shared the list of top stocks that are popular with mutual fund managers according to Goldman Sachs. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) detracted from the performance of Artisan Developing World Fund during Q3 2024. 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.