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 Accenture plc (NYSE:ACN) in the second quarter 2023 investor letter. Headquartered in Dublin, Ireland, Accenture plc (NYSE:ACN) is a professional services company that provides management consulting, technology, and outsourcing services. On September 13, 2023, Accenture plc (NYSE:ACN) stock closed at $313.91 per share. One-month return of Accenture plc (NYSE:ACN) was 2.71%, and its shares gained 14.62% of their value over the last 52 weeks. Accenture plc (NYSE:ACN) has a market capitalization of $198.172 billion.
ClearBridge Multi Cap Growth Strategy made the following comment about Accenture plc (NYSE:ACN) in its Q2 2023 investor letter:
“While the ClearBridge Multi Cap Growth Strategy has limited mega cap exposure, which has been a recent headwind to relative performance, we own several companies that stand to benefit from the explosive growth in generative AI. These holdings play key roles in building out the necessary infrastructure and helping customers leverage capabilities enabled by this emerging technology
Accenture plc (NYSE:ACN), a business and IT services consultant, will be instrumental in helping enterprises reinvent and modernize their IT architecture for AI. The company recently announced a $3 billion investment, which includes doubling their data and AI workforce to 80,000 to address this growing opportunity.”
Accenture plc (NYSE:ACN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Accenture plc (NYSE:ACN) at the end of second quarter which was 60 in the previous quarter.
We discussed Accenture plc (NYSE:ACN) in another article and shared the list of best companies to work for in 2023. 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.
