ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. For both the quarter and the whole year, the Strategy exceeded the benchmark, the Russell 1000 Growth Index, supported by robust Magnificent Seven stock selection, opportunistic management of earnings reset names, and diverse non-tech contributions. The Strategy posted gains across 10 out of the eleven sectors in which it was invested, on an absolute basis. Overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
In its Q4 2023 investor letter, ClearBridge Large Cap Growth Strategy featured stocks such as Amazon.com, Inc. (NASDAQ:AMZN). Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On January 5, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $145.24 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -0.45%, and its shares gained 66.25% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.501 trillion.
In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN):
“Much of that differential can be attributed to the performance of the Magnificent Seven (Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla), a basket of mega cap growth stocks that accounted for 47.8% of the benchmark return for the quarter and 65.4% for 2023.
The ClearBridge Large Cap Growth Strategy maintains exposure to six of the seven stocks, with overweights in Amazon.com, Inc. (NASDAQ:AMZN), Meta and Nvidia. Amazon benefited from strong margin expansion across segments, most notably its core e-commerce business, while Meta saw accelerated revenue growth and share gains in online advertising.
Active management of our mega cap exposure contributed to the Strategy outperforming the benchmark both in the fourth quarter and through the narrow leadership market of 2023. We also attribute these improved results to solid stock picking, being opportunistic in adding to or initiating new positions in growth companies at or near the bottom of their earnings cycle, and maintaining a commitment to diversification across our three buckets of growth: select, stable and cyclical.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 286 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of third quarter which was 278 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared Lakehouse Capital’s views on the company. 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.
