ClearBridge Small Cap Growth Strategy Exited New Relic (NEWR) on Takeover Announcement

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Growth Index in the third quarter with particular weakness in several healthcare holdings. The strategy generated gains across three of the nine sectors in which it was invested during the quarter, on an absolute basis. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Growth Strategy highlighted stocks like New Relic, Inc. (NYSE:NEWR) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, New Relic, Inc. (NYSE:NEWR) is a software-as-a-service company. On October 6, 2023, New Relic, Inc. (NYSE:NEWR) stock closed at $85.90 per share. One-month return of New Relic, Inc. (NYSE:NEWR)) was 0.55%, and its shares gained 54.50% of their value over the last 52 weeks. New Relic, Inc. (NYSE:NEWR) has a market capitalization of $6.101 billion.

ClearBridge Small Cap Growth Strategy made the following comment about New Relic, Inc. (NYSE:NEWR) in its Q3 2023 investor letter:

“The Strategy had two investments which were the subject of takeovers this quarter. We trimmed our position in fixed annuity provider American Equity Life after it agreed to be acquired by Brookfield Reinsurance and exited application platform software provider New Relic, Inc. (NYSE:NEWR) after it agreed to be acquired by a consortium of private equity sponsors.”

A software engineer working on a monitor in a modern office. Editorial photo for a financial news article. 8k. –ar 16:9

New Relic, Inc. (NYSE:NEWR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held New Relic, Inc. (NYSE:NEWR) at the end of the second quarter, down from 46 in the previous quarter.

We discussed New Relic, Inc. (NYSE:NEWR) in another article and shared long-term returns of Rosenstein’s Jana Partners’ activist targets. 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.