ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Value Index in the fourth quarter. The strategy generated gains across eight of the 11 sectors in which it was invested during the quarter, on an absolute basis. Overall sector allocation and stock selection effects detracted from 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 featured stocks like Vista Outdoor Inc. (NYSE:VSTO) in the fourth quarter 2023 investor letter. Headquartered in Anoka, Minnesota, Vista Outdoor Inc. (NYSE:VSTO) engages in the design, manufacturing, and marketing of outdoor recreation and shooting sports products. On March 13, 2024, Vista Outdoor Inc. (NYSE:VSTO) stock closed at $32.36 per share. One-month return of Vista Outdoor Inc. (NYSE:VSTO) was 6.73%, and its shares gained 21.29% of their value over the last 52 weeks. Vista Outdoor Inc. (NYSE:VSTO) has a market capitalization of $1.882 billion.
ClearBridge Small Cap Value Strategy stated the following regarding Vista Outdoor Inc. (NYSE:VSTO) in its fourth quarter 2023 investor letter:
“Stock selection in the consumer discretionary sector also weighed on performance during the quarter. Outdoor sports and recreation product manufacturer Vista Outdoor Inc. (NYSE:VSTO) sold off after the company announced its deal to sell its sporting products business for lower than what the market anticipated. We believe the final price is heavily discounted to the intrinsic value of the business and ultimately elected to exit the position in order to consolidate our exposure in higher-conviction holdings.”
A group of hikers on a isolated mountain range with a clear sunset in the background.
Vista Outdoor Inc. (NYSE:VSTO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Vista Outdoor Inc. (NYSE:VSTO) was held by 20 hedge fund portfolios, compared to 18 in the previous quarter, according to our database.
We discussed Vista Outdoor Inc. (NYSE:VSTO) in another article and shared ClearBridge Small Cap Value Strategy’s views on the company in the previous quarter. 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.
