ClearBridge Investments, an investment management company, released its “ClearBridge Multi Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, mega cap companies remained popular, with optimism about generative AI extending their gains in a historically narrow market. The ClearBridge Multi Cap Growth Strategy has limited mega-cap exposure, which has recently hampered relative performance and the strategy underperformed the Russell 3000 Growth Index benchmark during the quarter. The strategy recorded gains across four of the seven sectors in which it was invested on an absolute basis. IT sector was the primary contributor to the performance while the consumer discretionary sector detracted. Overall stock selection and sector allocation detracted from performance relative to the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Multi Cap Growth Strategy highlighted stocks like The TJX Companies, Inc. (NYSE:TJX) in the second quarter 2023 investor letter. Headquartered in Framingham, Massachusetts, The TJX Companies, Inc. (NYSE:TJX) is an off-price apparel and home fashion retailer. On September 13, 2023, The TJX Companies, Inc. (NYSE:TJX) stock closed at $92.92 per share. One-month return of The TJX Companies, Inc. (NYSE:TJX) was 5.24%, and its shares gained 43.22% of their value over the last 52 weeks. The TJX Companies, Inc. (NYSE:TJX) has a market capitalization of $106.308 billion.
ClearBridge Multi Cap Growth Strategy made the following comment about The TJX Companies, Inc. (NYSE:TJX) in its Q2 2023 investor letter:
“Top heavy leadership has overshadowed weakness across much of the equity market. We took advantage of the narrow breadth in the second quarter to increase our exposure to the consumer discretionary sector with two purchases that further enhance portfolio diversification and should help support consistent performance through a full cycle.
The TJX Companies, Inc. (NYSE:TJX) is the leading off-price apparel and home furnishings retailer known for its TJ Maxx, Marshalls and HomeGoods brands, with 4,800 global locations. We see TJX as a differentiated retailer offering shoppers a combination of value and convenience with continued share gain opportunity against large addressable U.S. markets for apparel and home decor. We also see room for TJX to modestly expand margins on the back of sales leverage and as freight, shrink and wage pressures ease. While TJX is not immune to macro risks, we see the company as relatively well-positioned even in the event of an economic deterioration as benefits from better inventory availability and consumer trade-down accrue.”
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The TJX Companies, Inc. (NYSE:TJX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held The TJX Companies, Inc. (NYSE:TJX) at the end of second quarter which was 73 in the previous quarter.
We discussed The TJX Companies, Inc. (NYSE:TJX) in another article and shared the list of best stocks to buy that are on the rise. 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.
