ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed its benchmark, the Russell 1000 Growth Index. The strategy gained in seven out of nine sectors it invested in the quarter on an absolute basis. Healthcare and industrials sectors were the primary contributors while the consumer discretionary sector detracted from the performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Large Cap Growth Strategy highlighted stocks like Intuitive Surgical, Inc. (NASDAQ:ISRG) in the Q4 2022 investor letter. Headquartered in Sunnyvale, California, Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and markets da Vinci Surgical System. On March 6, 2023, Intuitive Surgical, Inc. (NASDAQ:ISRG) stock closed at $234.85 per share. One-month return of Intuitive Surgical, Inc. (NASDAQ:ISRG) was -5.68%, and its shares lost 19.76% of their value over the last 52 weeks. Intuitive Surgical, Inc. (NASDAQ:ISRG) has a market capitalization of $82.289 billion.
ClearBridge Large Cap Growth Strategy made the following comment about Intuitive Surgical, Inc. (NASDAQ:ISRG) in its Q4 2022 investor letter:
“A second way to generate alpha is through ownership of high-quality secular growth companies with countercyclical characteristics. These include several of the health care positions we have added in the last 18 months that were impacted by FX and supply chain headwinds earlier in the year but are now benefiting from the return of elective medical procedures. Advanced medical device makers Intuitive Surgical, Inc. (NASDAQ:ISRG) and Stryker (SYK) have rebounded strongly as hospitals and other payors fund the profitable surgical procedures where they supply robotics-assisted surgical tools and orthopedic implants.”
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Intuitive Surgical, Inc. (NASDAQ:ISRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held Intuitive Surgical, Inc. (NASDAQ:ISRG) at the end of the fourth quarter which was 69 in the previous quarter.
We discussed Intuitive Surgical, Inc. (NASDAQ:ISRG) in another article and shared the list of most promising tech stocks according to analysts. In addition, please check out our hedge fund investor letters Q4 2022 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.
