ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the third quarter. On an absolute basis, the Strategy had losses across eight of the 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the health care and IT sectors, while the industrials and consumer discretionary sectors were positive contributors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Growth Strategy mentioned Etsy, Inc. (NASDAQ:ETSY) and explained its insights for the company. Founded in 2005, Etsy, Inc. (NASDAQ:ETSY) is a Brooklyn, New York-based e-commerce company with a $15.0 billion market capitalization. Etsy, Inc. (NASDAQ:ETSY) delivered a -47.97% return since the beginning of the year, while its 12-month returns are down by -59.20%. The stock closed at $119.72 per share on November 18, 2022.
Here is what ClearBridge Investments Mid Cap Growth Strategy has to say about Etsy, Inc. (NASDAQ:ETSY) in its Q3 2022 investor letter:
“Stock selection in the consumer discretionary sector proved a tailwind to performance. Etsy (NASDAQ:ETSY), which operates a number of online marketplaces for craft and artisan goods, delivered second quarter results that demonstrated the company’s pricing power, cash flow generation, and margin upside remain intact. While Etsy is experiencing declines in gross merchandise sales, it is seeing better than expected take rates and improved margins. We believe the company is well-positioned to grow advertising spending on its marketplace, bring in new buyers and strengthen its e-commerce advantages.”
Our calculations show that Etsy, Inc. (NASDAQ:ETSY) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Etsy, Inc. (NASDAQ:ETSY) was in 45 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. Etsy, Inc. (NASDAQ:ETSY) delivered a 9.81% return in the past 3 months.
In September 2022, we also shared another hedge fund’s views on Etsy, Inc. (NASDAQ:ETSY) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
