Here’s Why NIKE (NKE) Declined in Q2

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained seven out of 10 sectors in which it invested during the quarter, on an absolute basis. IT and industrials sectors were the leading contributors while consumer discretionary, health care and utilities sectors detracted. Overall stock selection detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy highlighted stocks like NIKE, Inc. (NYSE:NKE) in the second quarter 2023 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) designs and develops athletic footwear, apparel, equipment, and accessories. On October 3, 2023, NIKE, Inc. (NYSE:NKE) stock closed at $95.09 per share. One-month return of NIKE, Inc. (NYSE:NKE) was -5.08%, and its shares gained 4.38% of their value over the last 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $145.485 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about NIKE, Inc. (NYSE:NKE) in its Q2 2023 investor letter:

“Athletic footwear and apparel company NIKE, Inc. (NYSE:NKE), also a beneficiary of pandemic pull-forward demand, lagged primarily around fears about consumer resilience and potential pressure on Nike’s business in a macroeconomic slowdown.”

A close-up of a hand holding a casual sneaker with the Nike logo on it. Editorial photo for a financial news article. 8k. –ar 16:9

NIKE, Inc. (NYSE:NKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held NIKE, Inc. (NYSE:NKE) at the end of second quarter which was 81 in the previous quarter.

We discussed NIKE, Inc. (NYSE:NKE) in another article and shared list of George Soros Stocks that are on sale. 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.