ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the fourth quarter. The strategy gained in eight of the eleven sectors it was invested in the quarter on an absolute basis. Industrials, IT, and financial sectors were the leading contributors while healthcare detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Small Cap Strategy highlighted stocks like Extreme Networks, Inc. (NASDAQ:EXTR) in the Q4 2022 investor letter. Headquartered in Morrisville, North Carolina, Extreme Networks, Inc. (NASDAQ:EXTR) is a software-driven networking solutions provider. On February 27, 2023, Extreme Networks, Inc. (NASDAQ:EXTR) stock closed at $18.68 per share. One-month return of Extreme Networks, Inc. (NASDAQ:EXTR) was 3.61%, and its shares gained 70.75% of their value over the last 52 weeks. Extreme Networks, Inc. (NASDAQ:EXTR) has a market capitalization of $2.413 billion.
ClearBridge Small Cap Strategy made the following comment about Extreme Networks, Inc. (NASDAQ:EXTR) in its Q4 2022 investor letter:
“Stock selection in the information technology (IT) sector was the leading contributor to relative outperformance in the fourth quarter, benefiting from strong idiosyncratic drivers that helped our holdings overcome increased economic uncertainty. Extreme Networks, Inc. (NASDAQ:EXTR), one of the Strategy’s top-performing holdings, provides networking solutions worldwide through wired and wireless network infrastructure equipment and software development for network management, policy, analytics, security, and access controls. The company continues to exceed expectations thanks to its progress in consolidating its multiple offerings within a single platform and higher recurring software sales. As a result, the company has been able to accelerate its revenue growth and improve its profitability to the benefit of shareholders.”
Extreme Networks, Inc. (NASDAQ:EXTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Extreme Networks, Inc. (NASDAQ:EXTR) at the end of the fourth quarter which was 24 in the previous quarter.
We discussed Extreme Networks, Inc. (NASDAQ:EXTR) in another article and shared Voss Capital’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.
