ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark Russell 2000 Value Index in the third quarter. The strategy generated gains across three of the 11 sectors in which it was invested during the quarter, on an absolute basis. Sector allocation effects positively contributed to the performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Value Strategy highlighted stocks like Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) in the third quarter 2023 investor letter. Headquartered in Conway, Arkansas, Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) is a bank holding company for the bank holding company for Centennial Bank. On December 18, 2023, Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) stock closed at $25.01 per share. One-month return of Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) was 14.88%, and its shares gained 10.76% of their value over the last 52 weeks. Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) has a market capitalization of $5.046 billion.
ClearBridge Small Cap Value Strategy made the following comment about Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) in its Q3 2023 investor letter:
“We made a number of moves within financials to favor banks with rising net interest margins, higher capitalization ratios and lower-risk securities portfolios. As a result, we exited positions in WesBanco (WSBC), Simmons First National (SFNC) and Webster Financial (WBS) in favor of several new additions, including Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB). A full-service financial firm offering commercial and retail banking as well as financial services to businesses, real estate developers and investors under Centennial Bank, Home BancShares operates bank branches in Arkansas, Florida, Alabama, Texas and New York. We believe Home BancShares increases our exposure to banks with relatively high net interest margins and lower interest-rate risk in their securities portfolios and we believe the company’s long history of excellent credit underwriting should serve it well if the economy tips toward a recession.”
A banker closely examining a document while seated at his desk.
Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Home Bancshares, Inc. (Conway, AR) (NYSE:HOMB) at the end of third quarter which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
