ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark, the Russell 3000 Value Index, in the third quarter. Favorable stock selection in the consumer discretionary, healthcare, and utilities sectors, as well as an overweight allocation to the energy sector, helped the strategy to mitigate the headwinds from financial holding. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge All Cap Value Strategy highlighted stocks like QuidelOrtho Corporation (NASDAQ:QDEL) in the third quarter 2023 investor letter. Headquartered in San Diego, California, QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing technologies manufacturer. On December 12, 2023, QuidelOrtho Corporation (NASDAQ:QDEL) stock closed at $65.57 per share. One-month return of QuidelOrtho Corporation (NASDAQ:QDEL) was 3.31%, and its shares lost 22.33% of their value over the last 52 weeks. QuidelOrtho Corporation (NASDAQ:QDEL) has a market capitalization of $4.381 billion.
ClearBridge All Cap Value Strategy made the following comment about QuidelOrtho Corporation (NASDAQ:QDEL) in its Q3 2023 investor letter:
“During the period we added QuidelOrtho Corporation (NASDAQ:QDEL), in the healthcare sector, a leading provider of in vitro diagnostic solutions for measuring and detecting a wide range of diseases and health conditions. The company, formed from the merger of Quidel and Ortho Clinical Diagnostics in 2022, is starting to show signs of synergies largely overlooked by the market. In addition to lower revenue volatility stemming from more product offerings and cross-selling opportunities, we believe the company is poised to capture additional market share as it expands its testing products across disease types and its testing facilities geographically. We believe greater consumer awareness and demand for disease and health condition testing in the wake of the COVID-19 pandemic will be a long-term revenue and margin driver.”
A medical professional in a laboratory analyzing the outcomes of a molecular diagnostic test.
QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of third quarter which was 29 in the previous quarter.
We discussed QuidelOrtho Corporation (NASDAQ:QDEL) in another article and shared ClearBridge Small Cap Value Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
