ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed the Russell 2500 Growth benchmark. On an absolute basis, the strategy gained in six of the 10 sectors it was invested in during the quarter. The IT, industrials, and healthcare sectors were the leading contributors while the financials and energy detracted from the performance. Allocation effects contributed in relative terms but were offset by stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge SMID Cap Growth Strategy highlighted stocks like Zurn Elkay Water Solutions Corporation (NYSE:ZWS) in the Q1 2023 investor letter. Headquartered in Milwaukee, Wisconsin, Zurn Elkay Water Solutions Corporation (NYSE:ZWS) offers water safety and control products. On May 11, 2023, Zurn Elkay Water Solutions Corporation (NYSE:ZWS) stock closed at $20.91 per share. One-month return of Zurn Elkay Water Solutions Corporation (NYSE:ZWS) was 1.55%, and its shares lost 26.14% of their value over the last 52 weeks. Zurn Elkay Water Solutions Corporation (NYSE:ZWS) has a market capitalization of $3.649 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about Zurn Elkay Water Solutions Corporation (NYSE:ZWS) in its Q1 2023 investor letter:
“We exited our position in Zurn Elkay Water Solutions Corporation (NYSE:ZWS) in the industrials sector. The company designs and manufactures water system solutions that provide and enhance water quality, safety, control and conservation in non-residential buildings. We felt that the decline in non-residential construction, as well as the company’s lack of exposure to infrastructure, will prove a headwind to its near-term prospects. Additionally, we believe Zurn has lagged in capturing synergies from its acquisition of Elkay in mid-2022, and that meeting its current guidance will require them to incorporate synergies faster than they have demonstrated.”
Photo by RephiLe water on Unsplash
Zurn Elkay Water Solutions Corporation (NYSE:ZWS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Zurn Elkay Water Solutions Corporation (NYSE:ZWS) at the end of the fourth quarter, which was 26 in the previous quarter.
We discussed Zurn Elkay Water Solutions Corporation (NYSE:ZWS) in another article and shared the list of biggest plumbing companies in the world. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 30 Most Polluted Cities in the U.S.
- 12 Best Fast Growth Stocks to Buy Now
- 12 Best Advertising Agency Stocks to Buy
Disclosure: None. This article is originally published at Insider Monkey.
