Here’s Why ClearBridge Small Cap Growth Strategy Reduced its HubSpot (HUBS) Position

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Growth Index in the third quarter with particular weakness in several healthcare holdings. The strategy generated gains across three of the nine sectors in which it was invested during the quarter, on an absolute basis. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Growth Strategy highlighted stocks like HubSpot, Inc. (NYSE:HUBS) in the third quarter 2023 investor letter. Headquartered in Cambridge, Massachusetts, HubSpot, Inc. (NYSE:HUBS) provides a cloud-based customer relationship management platform. On October 6, 2023, HubSpot, Inc. (NYSE:HUBS) stock closed at $483.18 per share. One-month return of HubSpot, Inc. (NYSE:HUBS) was -10.05%, and its shares gained 71.06% of their value over the last 52 weeks. HubSpot, Inc. (NYSE:HUBS) has a market capitalization of $24.166 billion.

ClearBridge Small Cap Growth Strategy made the following comment about HubSpot, Inc. (NYSE:HUBS) in its Q3 2023 investor letter:

“In addition, we continued to reduce or eliminate positions which have increased in capitalization, including marketing automation software provider HubSpot, Inc. (NYSE:HUBS).”

HubSpot, Inc. (NYSE:HUBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held HubSpot, Inc. (NYSE:HUBS) at the end of second quarter which was 54 in the previous quarter.

We discussed HubSpot, Inc. (NYSE:HUBS) in another article and shared the list of ClearBridge Multi Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.