ClearBridge Investments, an investment management company, released its “ClearBridge Multi Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 3000 Growth Index in the third quarter. The strategy posted losses in the seven out of eleven sectors in which it was invested, on an absolute basis. However, overall stock selection detracted from performance on a relative basis while overall sector allocation contributed. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Multi Cap Growth Strategy highlighted stocks like ServiceNow, Inc. (NYSE:NOW) in the third quarter 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a global cloud computing solutions provider. On December 8, 2023, ServiceNow, Inc. (NYSE:NOW) stock closed at $699.08 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was 9.50%, and its shares gained 74.06% of their value over the last three months. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $143.35 billion.
ClearBridge Multi Cap Growth Strategy made the following comment about ServiceNow, Inc. (NYSE:NOW) in its third 2023 investor letter:
“ServiceNow, Inc. (NYSE:NOW) is a leading provider of workflow automation software. We see the company as a key enabler of modernization and digital transformation, which is well-positioned as enterprises look to converge on a single platform solution. Despite its sizable customer base, we believe ServiceNow still has substantial room to expand spending with existing customers, as most have not fully leveraged its full product suite. We also are encouraged by the company’s strong leadership team and history of innovation which should enable it to continue to expand wallet share. Additionally, despite ongoing investments in growth, ServiceNow continues to drive healthy operating leverage.”
An executive in suit presenting a large touch screen of the company’s cloud-based enterprise platform.
ServiceNow, Inc. (NYSE:NOW) is in 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of third quarter which was 93 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared Chase Coleman’s top stock picks. 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.
