ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the Russell 2500 Growth Index in the second quarter. On an absolute basis, the strategy gained 10 sectors in which it was invested during the quarter. The industrials, health care, and energy sectors were the leading contributors while the consumer discretionary and consumer staples sectors detracted. Overall stock selection effects detracted from performance while sector allocation effects contributed on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge SMID Cap Growth Strategy highlighted stocks like Wix.com Ltd. (NASDAQ:WIX) in the Q2 2023 investor letter. Headquartered in Tel Aviv, Israel, Wix.com Ltd. (NASDAQ:WIX) is a cloud-based platform provider for website design. On September 21, 2023, Wix.com Ltd. (NASDAQ:WIX) stock closed at $89.93 per share. One-month return of Wix.com Ltd. (NASDAQ:WIX) was -2.76%, and its shares gained 23.75% of their value over the last 52 weeks. Wix.com Ltd. (NASDAQ:WIX) has a market capitalization of $5.106 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about Wix.com Ltd. (NASDAQ:WIX) in its Q2 2023 investor letter:
“Stock selection in the IT sector was the leading detractor from relative performance during the second quarter. Customer reticence to commit to incremental seats/contract duration or new products during the macro slowdown is understandable and predictably weighed on companies across the sector but was particularly detrimental to software providers such as Five9, which provides cloud-based software for call centers as well as Wix.com Ltd. (NASDAQ:WIX), which operates a cloud-based platform for website creation and applications. While we made the decision to exit Five9 during the quarter over concerns surrounding the possible headwind posed by AI development and integration, we continue to have high conviction in our IT companies.”
![Business website network](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2017/02/10182912/shutterstock_432494662.jpg?auto=fortmat&fit=clip&expires=1755993600&width=480&height=320)
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Wix.com Ltd. (NASDAQ:WIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Wix.com Ltd. (NASDAQ:WIX) at the end of second quarter which was 25 in the previous quarter.
We discussed Wix.com Ltd. (NASDAQ:WIX) in another article and shared Arch Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.