Here’s How Hasbro (HAS) Weighed on ClearBridge Mid Cap Strategy’s Performance

ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. As a late-year rally was fueled by confidence about an economic soft landing, a dovish flip by the Fed, and broader market performance, mid-cap stocks saw strong gains. Due to an inconstant industrial and consumer discretionary asset performance, the Strategy underperformed its benchmark; however, the consumer staples stock pick was successful. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Mid Cap Strategy featured stocks like Hasbro, Inc. (NASDAQ:HAS) in the fourth quarter 2023 investor letter. Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NASDAQ:HAS) is a play and entertainment company. On March 18, 2024, Hasbro, Inc. (NASDAQ:HAS) stock closed at $53.29 per share. One-month return of Hasbro, Inc. (NASDAQ:HAS) was 6.18%, and its shares gained 7.16% of their value over the last 52 weeks. Hasbro, Inc. (NASDAQ:HAS) has a market capitalization of $7.396 billion.

ClearBridge Mid Cap Strategy stated the following regarding Hasbro, Inc. (NASDAQ:HAS) in its fourth quarter 2023 investor letter:

“Stock selection in the consumer discretionary sector also weighed on performance. This included two of the portfolio’s top individual detractors in Hasbro, Inc. (NASDAQ:HAS) and Aptiv. Hasbro, which owns global entertainment brands such as Monopoly, My Little Pony, and Nerf, has struggled over the past few quarters due to lackluster demand for toys and games in favor of other forms of digital entertainment. Persistent underperformance has undermined our optimism over the company’s legacy businesses, and ultimately led us to exit the stock.”

A child playing with their toy in their home, showing their joy for Hasbro products.

Hasbro, Inc. (NASDAQ:HAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Hasbro, Inc. (NASDAQ:HAS) was held by 25 hedge fund portfolios, compared to 28 in the previous quarter, according to our database.

We discussed Hasbro, Inc. (NASDAQ:HAS) in another article and shared The London Company Mid Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.