ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth benchmark. On an absolute basis, the strategy gained in nine of the 10 sectors it was invested in the quarter. Industrials, health care, and consumer discretionary sectors were the leading contributors while communication services detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge SMID Cap Growth Strategy highlighted stocks like SVB Financial Group (NASDAQ:SIVB) in the Q4 2022 investor letter. Headquartered in Santa Clara, California, SVB Financial Group (NASDAQ:SIVB) is a financial services company. On March 2, 2023, SVB Financial Group (NASDAQ:SIVB) stock closed at $277.17 per share. One-month return of SVB Financial Group (NASDAQ:SIVB) was -14.24%, and its shares lost 48.97% of their value over the last 52 weeks. SVB Financial Group (NASDAQ:SIVB) has a market capitalization of $16.409 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about SVB Financial Group (NASDAQ:SIVB) in its Q4 2022 investor letter:
“Restrictive financial conditions have virtually closed the new issue market. We sold SVB Financial Group (NASDAQ:SIVB), the holding company for Silicon Valley Bank, due to ongoing headwinds in the startup and venture capital industries due to tightening liquidity and rising interest rates that have virtually closed the window for financing. The company has also seen a deposit run off which was raising its financing costs.”
Creative Collage Of Business Team Working On Project And Stock Markets Data On Trasparent Screen, Financial Statistics Layered Over Man Using Laptop For Trading On Forex, Panorama
SVB Financial Group (NASDAQ:SIVB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held SVB Financial Group (NASDAQ:SIVB) at the end of the fourth quarter which was 28 in the previous quarter.
We discussed SVB Financial Group (NASDAQ:SIVB) in another article and shared Diamond Hill Large Cap Strategy’s views on the company. 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.
