ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. For both the quarter and the whole year, the Strategy exceeded the benchmark, the Russell 1000 Growth Index, supported by robust Magnificent Seven stock selection, opportunistic management of earnings reset names, and diverse non-tech contributions. The Strategy posted gains across 10 out of the eleven sectors in which it was invested, on an absolute basis. Overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
In its Q4 2023 investor letter, ClearBridge Large Cap Growth Strategy featured stocks such as Unity Software Inc. (NYSE:U). Headquartered in San Francisco, California, Unity Software Inc. (NYSE:U) is a platform that provides real-time 3D development tools and services. On January 4, 2024, Unity Software Inc. (NYSE:U) stock closed at $37.05 per share. One-month return of Unity Software Inc. (NYSE:U) was 13.30%, and its shares gained 35.96% of their value over the last 52 weeks. Unity Software Inc. (NYSE:U) has a market capitalization of $14.08 billion.
In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Unity Software Inc. (NYSE:U):
“We also sold Unity Software Inc. (NYSE:U), a select growth name purchased in early 2022 to participate in the growth of the global video game market, as our thesis no longer remains valid. Via M&A, Unity has diversified away from its game engine subscription business into the less differentiated advertising segment and most recently saw negative customer reaction to price increases, calling into question the offering’s pricing power.”
A close-up view of programmer hands typing on a keyboard for a 3D security platform.
Unity Software Inc. (NYSE:U) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Unity Software Inc. (NYSE:U) at the end of third quarter which was 30 in the previous quarter.
We discussed Unity Software Inc. (NYSE:U) in another article and shared the list of the biggest positions in the ARK Invest portfolio. In addition, please check out our hedge fund investor letters Q4 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.
