ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the first quarter. On an absolute basis, the strategy has gained 9 out of eleven sectors it invested in during the quarter. Financial and utilities sectors were the leading contributors while the real estate and healthcare sectors detracted. Overall stock selection and sector allocation contributed to returns relatively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Value Equity Strategy highlighted stocks like Oracle Corporation (NYSE:ORCL), in the first quarter 2024 investor letter. Oracle Corporation (NYSE:ORCL) offers products and services that address enterprise information technology environments. The one-month return of Oracle Corporation (NYSE:ORCL) was 19.33%, and its shares gained 22.30% of their value over the last 52 weeks. On July 2, 2024, Oracle Corporation (NYSE:ORCL) stock closed at $143.28 per share with a market capitalization of $394.86 billion.
ClearBridge Value Equity Strategy stated the following regarding Oracle Corporation (NYSE:ORCL) in its first quarter 2024 investor letter:
“Likewise, cloud computing software company Oracle Corporation (NYSE:ORCL) moved higher as it showed signs of tremendous growth in its signed backlog of bookings, helped in part by increasing agreements with its major generative AI vendor customers.”
A team of IT professionals meticulously crafting a large-scale enterprise performance management system.
Oracle Corporation (NYSE:ORCL) is in 27th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of the first quarter which was 100 in the previous quarter. Oracle Corporation (NYSE:ORCL) full fiscal year revenue reached $53 billion, representing a 6% growth. While we acknowledge the potential of Oracle Corporation (NYSE:ORCL) 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.
We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of best stocks to diversify your portfolio. 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.
