ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. The strategy outperformed its benchmark, the Russell Midcap Index, in the quarter. The strategy gained across two of the 11 sectors in which it was invested on an absolute basis. Financials and energy sectors were the leading contributors, while the healthcare sector detracted. Overall stock selection effects contributed favorably 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 Strategy highlighted stocks like Pinterest, Inc. (NYSE:PINS) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) operates a visual discovery engine. On December 11, 2023, Pinterest, Inc. (NYSE:PINS) stock closed at $35.36 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was 9.92%, and its shares gained 33.84% of their value over the last three months. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $23.845 billion.
ClearBridge Mid Cap Strategy made the following comment about Pinterest, Inc. (NYSE:PINS) in its third 2023 investor letter:
“We also added Pinterest, Inc. (NYSE:PINS), in the communication services sector, which operates a social media platform where users can express their interests and discover ideas through images they “pin” to their pages. The platform and its loyal, growing user base are strong assets which the company has struggled to monetize. However, we believe the new CEO’s initiatives to improve advertisers’ return on investment and greater customer conversion are showing signs of early success. By making the platform more shoppable, we believe Pinterest can accelerate its growth and improve its cash flow generation.”
Photo by Souvik Banerjee on Unsplash
Pinterest, Inc. (NYSE:PINS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Pinterest, Inc. (NYSE:PINS) at the end of third quarter which was 62 in the previous quarter.
We discussed Pinterest, Inc. (NYSE:PINS) in another article and shared the list of best Q3 earnings reports that crushed estimates. 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.
