ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “ClearBridge Aggressive Growth Strategy” investor letter, which can be downloaded here. The strategy outperformed its Russell 3000 Growth Index benchmark for the quarter. It had delivered gains across seven of the eight sectors in which it was invested on an absolute basis. Overall stock selection contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Aggressive Growth Strategy featured stocks like Doximity, Inc. (NYSE:DOCS) in its Q4 2023 investor letter. Headquartered in San Francisco, California, Doximity, Inc. (NYSE:DOCS) provides a cloud platform for medical professionals. On March 18, 2024, Doximity, Inc. (NYSE:DOCS) stock closed at $27.88 per share. One-month return of Doximity, Inc. (NYSE:DOCS) was -5.17%, and its shares lost 15.21% of their value over the last 52 weeks. Doximity, Inc. (NYSE:DOCS) has a market capitalization of $5.201 billion.
ClearBridge Aggressive Growth Strategy stated the following regarding Doximity, Inc. (NYSE:DOCS) in its fourth quarter 2023 investor letter:
“Health care disruptors Insulet and Doximity, Inc. (NYSE:DOCS), which derated earlier in the year due to negative implications of positive GLP-1 trials on medical device utilization and lower advertisement spending by biopharmaceutical companies, respectively, saw solid rebounds. Insulet, a maker of insulin pumps for diabetes patients, was caught up in the debate over the long-reaching consequences of GLP-1 therapeutics significantly curbing appetites and driving a more fit populace, with speculation around growth rates for a variety of businesses ranging from medical devices to restaurants to food distributors & manufacturers. The November release of further data from the SELECT study painted a more balanced picture on the impact to the rest of the health care sector, removing some pressure on the most impacted areas. Additionally, the stock was propelled by strong near-term fundamentals, with better than expected results in its most recent quarter due to continued momentum from its Omnipod 5 product cycle.”
A pathologist and a laboratory assistant in a laboratory researching medical news and data.
Doximity, Inc. (NYSE:DOCS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Doximity, Inc. (NYSE:DOCS) was held by 26 hedge fund portfolios, compared to 26 in the previous quarter, according to our database.
We discussed Doximity, Inc. (NYSE:DOCS) in another article and shared the list of most valuable digital health companies in the US. In addition, please check out our hedge fund investor letters Q4 2023 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.
