ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark Russell 2000 Value Index in the third quarter. The strategy generated gains across three of the 11 sectors in which it was invested during the quarter, on an absolute basis. Sector allocation effects positively contributed to the 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 Value Strategy highlighted stocks like Stoneridge, Inc. (NYSE:SRI) in the third quarter 2023 investor letter. Headquartered in Novi, Michigan, Stoneridge, Inc. (NYSE:SRI) manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets. On December 18, 2023, Stoneridge, Inc. (NYSE:SRI) stock closed at $18.08 per share. One-month return of Stoneridge, Inc. (NYSE:SRI) was 10.11%, and its shares lost 16.64% of their value over the last 52 weeks. Stoneridge, Inc. (NYSE:SRI) has a market capitalization of $498.068 million.
ClearBridge Small Cap Value Strategy made the following comment about Stoneridge, Inc. (NYSE:SRI) in its Q3 2023 investor letter:
“We exited our position in auto parts manufacturer Stoneridge, Inc. (NYSE:SRI), which makes engineered and electronic components, modules and systems for motorcycle and agricultural vehicles. Our investment case was based largely on the incremental value to be created by the company’s new products. However, we determined that the risk-reward for the stock became less attractive due to the increasing likelihood of a strike by the United Auto Workers as the third quarter progressed. The potential impact of the strike on the company’s maturing debt in 2024 only added to our concerns, so we elected to exit the position in favor of better opportunities.”
A technician at a workstation, soldering electronic components for vehicle tracking devices.
Stoneridge, Inc. (NYSE:SRI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Stoneridge, Inc. (NYSE:SRI) at the end of third quarter which was 11 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.
