Here’s Why ClearBridge Large Cap Growth Strategy Picked Netflix (NFLX)

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 Netflix, Inc. (NASDAQ:NFLX) in the second quarter 2023 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On July 7, 2023, Netflix, Inc. (NASDAQ:NFLX) stock closed at $438.10 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 3.33%, and its shares gained 147.04% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $194.753 billion.

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

“Delivering performance through fundamental, bottom-up stock selection has been a constant over our tenure managing the Strategy. We underperformed in the first half of 2022 from being too early in entering several stocks going through negative earnings revisions and have seen relative results rebound over the last 12 months due to better stock picking, especially among earnings reset names such as Netflix, Inc. (NASDAQ:NFLX) and Meta Platforms.”

Pixabay/Public Domain

Netflix, Inc. (NASDAQ:NFLX) is in 12th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 108 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of first quarter which was 117 in the previous quarter.

We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared Kim Kardashian Stock Portfolio. 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.