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 NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2024 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On April 9, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $853.54 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was -6.09%, and its shares gained 222.15% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $2.134 trillion.
ClearBridge Small Cap Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:
“While large cap benchmarks get a lot of attention for a handful of mega cap stocks driving the lion’s share of performance, we would highlight even more extreme and unprecedented concentration in small cap benchmarks. Year to date, one stock, Super Micro Computer has driven 37% of the return of the benchmark, closely followed by MicroStrategy, a unique stock that is largely considered a bitcoin proxy. Together, they accounted for over half of the benchmark’s first quarter return. This compares to NVIDIA Corporation (NASDAQ:NVDA), which accounted for 24% of the return of the S&P 500 Index. The 32 top-performing stocks in the Russell 2000 Growth Index accounted for 100% of its return, versus 81 names driving the S&P 500’s performance this quarter.”
Photo by Javier Esteban on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in fifth position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVIDIA Corporation (NASDAQ:NVDA) was held by 173 hedge fund portfolios, down from 180 in the previous quarter, according to our database.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of unstoppable tech stocks to buy. 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.
