ClearBridge Investments, an investment management firm, released its second-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. Mid-cap stocks posted positive gains in the quarter, as signs of economic robustness, moderate inflation, and stronger-than-expected corporate earnings helped boost equity markets. The strategy outperformed its Russell Midcap Growth Index during the second quarter. On an absolute basis, the strategy gained eight of the 10 sectors in which it was invested during the quarter. IT and industrials sectors were the leading contributors while the consumer discretionary sector detracted. Overall stock selection positively contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Spotify Technology S.A. (NYSE:SPOT) in the second quarter 2023 investor letter. Headquartered in Luxembourg, Luxembourg, Spotify Technology S.A. (NYSE:SPOT) offers audio streaming services. On September 15, 2023, Spotify Technology S.A. (NYSE:SPOT) stock closed at $158.58 per share. One-month return of Spotify Technology S.A. (NYSE:SPOT) was 19.69%, and its shares gained 59.06% of their value over the last 52 weeks. Spotify Technology S.A. (NYSE:SPOT) has a market capitalization of $30.872 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Spotify Technology S.A. (NYSE:SPOT) in its Q2 2023 investor letter:
“We also started a new position in Spotify Technology S.A. (NYSE:SPOT), the leading audio streaming music and podcasting platform globally. The market for audio streaming has a long runway for growth over the next decade through rising penetration of smartphones and price increases, and Spotify is well-positioned as a share gainer. Recently, the company has shifted its focus towards improving profitability through winding down money losing podcast content investments and right sizing its cost structure. We believe these changes will lead to an upward inflection in margins in the coming years.”
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Spotify Technology S.A. (NYSE:SPOT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Spotify Technology S.A. (NYSE:SPOT) at the end of second quarter which was 59 in the previous quarter.
We discussed Spotify Technology S.A. (NYSE:SPOT) in another article and shared the list of stocks whose price targets were recently trimmed by analysts. In addition, please check out our hedge fund investor letters Q2 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.
