ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed the benchmark in the quarter. The small-cap growth universe revealed a stark dichotomy despite the positive performance of the benchmark Russell 2000 Growth Index, which returned 7.58% in the first quarter. The Strategy posted gains in 5 of the nine sectors in which it was invested on an absolute basis. Overall stock selection detracted from performance, partially offset by positive sector allocation effects on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Small Cap Growth Strategy featured stocks E.l.f. Beauty, Inc. (NYSE:ELF) in the Q1 2024 investor letter. Headquartered in Oakland, California, E.l.f. Beauty, Inc. (NYSE:ELF) is a cosmetic and skin care products provider. On April 9, 2024, E.l.f. Beauty, Inc. (NYSE:ELF) stock closed at $170.15 per share. One-month return of E.l.f. Beauty, Inc. (NYSE:ELF) was -16.66%, and its shares gained 100.95% of their value over the last 52 weeks. E.l.f. Beauty, Inc. (NYSE:ELF) has a market capitalization of $9.452 billion.
ClearBridge Small Cap Growth Strategy stated the following regarding E.l.f. Beauty, Inc. (NYSE:ELF) in its first quarter 2024 investor letter:
“Encouragingly, we are seeing underlying improvements from companies we do own in the portfolio, with several being recent portfolio additions or subjects of repositioning work executed in 2023.
The first quarter represented another period of fruitful new idea generation with nine new investments. Consistent with historical practice, these initial investments represent modest position sizes that we intend to build over time.
E.l.f. Beauty, Inc. (NYSE:ELF), in the consumer staples sector, is a mass cosmetics and skincare provider in the U.S., selling professional-quality makeup and skincare products at an attractive price point relative to legacy brands. With a significant online, direct-to-consumer presence and clean product ingredients, the company has been a strong market share gainer with multiple levers to sustain elevated growth.”
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E.l.f. Beauty, Inc. (NYSE:ELF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, E.l.f. Beauty, Inc. (NYSE:ELF) was held by 34 hedge fund portfolios, same as 34 in the previous quarter, according to our database.
We discussed E.l.f. Beauty, Inc. (NYSE:ELF) in another article and shared the list of best beauty stocks to invest in. In addition, please check out our hedge fund investor letters Q1 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.
