ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed the Russell 2500 Growth benchmark. On an absolute basis, the strategy gained in six of the 10 sectors it was invested in during the quarter. The IT, industrials, and healthcare sectors were the leading contributors while the financials and energy detracted from the performance. Allocation effects contributed in relative terms but were offset by stock selection. 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 HubSpot, Inc. (NYSE:HUBS) in the Q1 2023 investor letter. Headquartered in Cambridge, Massachusetts, HubSpot, Inc. (NYSE:HUBS) provides a cloud-based customer relationship management platform. On May 11, 2023, HubSpot, Inc. (NYSE:HUBS) stock closed at $461.47 per share. One-month return of HubSpot, Inc. (NYSE:HUBS) was 10.88%, and its shares gained 29.67% of their value over the last 52 weeks. HubSpot, Inc. (NYSE:HUBS) has a market capitalization of $22.907 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about HubSpot, Inc. (NYSE:HUBS) in its Q1 2023 investor letter:
“Another top performer was cloud-based marketing, sales, and customer service software platform HubSpot, Inc. (NYSE:HUBS), which delivered earnings that exceeded market expectations for the fourth quarter and raised its 2023 earnings guidance. Despite delays in the company’s sale cycle as customers brace for economic uncertainty, HubSpot has been able to capitalize on small and medium businesses’ desire for greater digital infrastructure, rapid integration and greater focus on customization and reporting. We believe that HubSpot’s transformation from a marketing automation company to a broader customer relationship management platform is well underway and that it is currently building a foundation to be a single source customer data and commerce platform over the long run. We are confident in the company’s execution, market strategy and long-term growth opportunities.”
HubSpot, Inc. (NYSE:HUBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held HubSpot, Inc. (NYSE:HUBS) at the end of the fourth quarter, which was 55 in the previous quarter.
We discussed HubSpot, Inc. (NYSE:HUBS) in another article and shared the list of most desirable companies to work for in USA. In addition, please check out our hedge fund investor letters Q1 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.
