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 American Equity Investment Life Holding Company (NYSE:AEL) in the third quarter 2023 investor letter. Based in West Des Moines, Iowa, American Equity Investment Life Holding Company (NYSE:AEL) provides life insurance products. On October 6, 2023, American Equity Investment Life Holding Company (NYSE:AEL) stock closed at $53.52 per share. One-month return of American Equity Investment Life Holding Company (NYSE:AEL) was -0.34%, and its shares gained 37.27% of their value over the last 52 weeks. American Equity Investment Life Holding Company (NYSE:AEL) has a market capitalization of $4.191 billion.
ClearBridge Small Cap Growth Strategy made the following comment about American Equity Investment Life Holding Company (NYSE:AEL) 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 Investment Life Holding Company (NYSE:AEL) after it agreed to be acquired by Brookfield Reinsurance and exited application platform software provider New Relic after it agreed to be acquired by a consortium of private equity sponsors.”
American Equity Investment Life Holding Company (NYSE:AEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held American Equity Investment Life Holding Company (NYSE:AEL) at the end of second quarter which was 17 in the previous quarter.
We discussed American Equity Investment Life Holding Company (NYSE:AEL) in another article and shared FPA Queens Road Small Cap Value Fund’s views on the company. 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.
