Here’s Why ClearBridge Large Cap Growth Strategy Increased its Position in Adobe (ADBE)

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market’s increased concentration on generative AI pushed the mega-cap growth stocks to outperform in the quarter. The strategy outperformed its benchmark the Russell 1000 Growth Index through a high-beta-driven period of mega-cap dominance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Growth Strategy highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On July 7, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $485.27 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 2.24%, and its shares gained 26.32% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $221.186 billion.

ClearBridge Large Cap Growth Strategy made the following comment about Adobe Inc. (NASDAQ:ADBE) in its second quarter 2023 investor letter:

“We increased our position in marketing and design software maker Adobe Inc. (NASDAQ:ADBE). The company is protecting its leadership position by moving quickly into generative AI and license protection. It developed Firefly into a product that can be monetized, moving AI from a previously perceived risk into an opportunity.”

Adobe, software

Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of first quarter which was 99 in the previous quarter.

We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of best major stocks to buy. 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.