ClearBridge Investments, an investment management company, released its “ClearBridge Mid Cap Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Beginning in July, a significant shift away from large caps fueled a rebound that propelled the Russell Midcap Index 9.21% higher outperforming the large cap Russell 1000 Index’s 6.08% gain. In the third quarter, the Strategy beat its benchmark driven by contributions from its investments in the IT and healthcare sectors. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Lineage, Inc. (NASDAQ:LINE), in the third quarter 2024 investor letter. Lineage, Inc. (NASDAQ:LINE) is a global temperature-controlled warehouse REIT. The one-month return of Lineage, Inc. (NASDAQ:LINE) was -4.76%, and its shares lost 23.23% of their value over the last 52 weeks. On December 9, 2024, Lineage, Inc. (NASDAQ:LINE) stock closed at $63.57 per share with a market capitalization of $16.026 billion.
ClearBridge Mid Cap Growth Strategy stated the following regarding Lineage, Inc. (NASDAQ:LINE) in its Q3 2024 investor letter:
“Our largest new addition to the portfolio was Lineage, Inc. (NASDAQ:LINE), in the real estate sector, which is the world’s largest temperature-controlled warehouse REIT. The company’s expanding geographic footprint along major transportation centers, rather than at the beginning or endpoint of delivery routes, has made it a preferred partner for companies producing and shipping frozen foods. Additionally, the company has shown a proven track record of successfully deploying capital to expand its geographic footprint and secure a stronger position within its core market.”
An interior of a modern temperature-controlled warehouse with industrial shelving units and workers in motion.
Lineage, Inc. (NASDAQ:LINE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Lineage, Inc. (NASDAQ:LINE) at the end of the third quarter which was 0 in the previous quarter. While we acknowledge the potential of Lineage, Inc. (NASDAQ:LINE) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Lineage, Inc. (NASDAQ:LINE) and shared the list of best all-time low stocks to buy. In addition, please check out our hedge fund investor letters Q3 2024 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.