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 Pinterest, Inc. (NYSE:PINS) in the second quarter 2023 investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) operates a visual discovery engine. On September 13, 2023, Pinterest, Inc. (NYSE:PINS) stock closed at $26.30 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was -1.50%, and its shares gained 2.61% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $17.621 billion.
ClearBridge Multi Cap Growth Strategy made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q2 2023 investor letter:
“The addition of Pinterest, Inc. (NYSE:PINS), a social media platform for visual discovery which allows users to find ideas and inspiration, also acts to diversify our traditional media exposure. We believe the company is poised to take share in the large and growing market for online advertising. Under the direction of new CEO Bill Ready, we see levers for improved user engagement and monetization. While relatively new to the company, we are encouraged by Ready’s track record in prior company roles as well as early signs of progress from his efforts. Pinterest is profitable on a non-GAAP basis today, but we also see opportunities for meaningful margin expansion as revenue scales.”
Pixabay/Public Domain
Pinterest, Inc. (NYSE:PINS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Pinterest, Inc. (NYSE:PINS) at the end of second quarter which was 66 in the previous quarter.
We discussed Pinterest, Inc. (NYSE:PINS) in another article and shared the list of best affordable stocks under $30. 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.
