ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy outperformed its benchmark Russell Midcap Growth Index in the quarter. The strategy gained nine of the 11 sectors it was invested in during the quarter on an absolute basis. Overall stock selection and sector allocation effects contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy featured stocks like Stevanato Group S.p.A. (NYSE:STVN) in the fourth quarter 2023 investor letter. Headquartered in Piombino Dese, Italy, Stevanato Group S.p.A. (NYSE:STVN) produces and distributes products and processes for biopharma and healthcare. On March 28, 2024, Stevanato Group S.p.A. (NYSE:STVN) stock closed at $32.10 per share. One-month return of Stevanato Group S.p.A. (NYSE:STVN) was -3.17%, and its shares gained 25.64% of their value over the last 52 weeks. Stevanato Group S.p.A. (NYSE:STVN) has a market capitalization of $8.725 billion.
ClearBridge Mid Cap Growth Strategy stated the following regarding Stevanato Group S.p.A. (NYSE:STVN) in its fourth quarter 2023 investor letter:
“Stock selection in the health care sector was the primary detractor from relative performance, exacerbated by a rally that lifted many lower-quality, speculative biotechnology stocks we did not hold in the portfolio. For example, Stevanato Group S.p.A. (NYSE:STVN), which designs and engineers containment solutions and drug delivery systems, saw its share price pull back as some of the exuberance regarding positively exposed GLP-1 stocks subsided. “
A scientist in a laboratory observing a drug delivery system through a microscope.
Stevanato Group S.p.A. (NYSE:STVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Stevanato Group S.p.A. (NYSE:STVN) was held by 13 hedge fund portfolios, compared to 11 in the previous quarter, according to our database.
We discussed Stevanato Group S.p.A. (NYSE:STVN) in another article and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
