Crocs (CROX) Shares Rose More Than 50% in Q4

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 3000 Index, in the fourth quarter. On an absolute basis, the strategy gained across nine of the 10 sectors in which it was invested. Industrials, consumer staples, and healthcare sectors were the leading contributors while the IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Select Strategy highlighted stocks like Crocs, Inc. (NASDAQ:CROX) in the Q4 2022 investor letter. Headquartered in Broomfield, Colorado, Crocs, Inc. (NASDAQ:CROX) engages in the footwear and accessories business. On February 22, 2023, Crocs, Inc. (NASDAQ:CROX) stock closed at $125.18 per share. One-month return of Crocs, Inc. (NASDAQ:CROX) was 1.49%, and its shares gained 56.91% of their value over the last 52 weeks. Crocs, Inc. (NASDAQ:CROX) has a market capitalization of $7.73 billion.

ClearBridge Select Strategy made the following comment about Crocs, Inc. (NASDAQ:CROX) in its Q4 2022 investor letter:

“In the fourth quarter, results were driven by consumer and health care holdings that have overcome negative sentiment with improved execution. Popular footwear retailer Crocs, Inc. (NASDAQ:CROX) was pressured in late 2021 and early 2022 around its acquisition of similar niche footwear designer rival Hey Dude. The deal forced Crocs to take on debt just as rates were starting to rise. Solid performance in its core clog business, early proof points that the merits of the Hey Dude acquisition are sound, and abundant cash flow paving the way for rapid deleveraging of the balance sheet drove the stock more than 50% higher for the quarter.”

Crocs, Inc. (NASDAQ:CROX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Crocs, Inc. (NASDAQ:CROX) at the end of the fourth quarter which was 31 in the previous quarter.

We discussed Crocs, Inc. (NASDAQ:CROX) in another article and shared the list of most undervalued retail stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2022 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.