ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed the benchmark in the quarter. The small-cap growth universe revealed a stark dichotomy despite the positive performance of the benchmark Russell 2000 Growth Index, which returned 7.58% in the first quarter. The Strategy posted gains in 5 of the nine sectors in which it was invested on an absolute basis. Overall stock selection detracted from performance, partially offset by positive sector allocation effects on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Small Cap Growth Strategy featured stocks Duolingo, Inc. (NASDAQ:DUOL) in the first quarter 2024 investor letter. Headquartered in Pittsburgh, Pennsylvania, Duolingo, Inc. (NASDAQ:DUOL) is a mobile learning platform. On April 9, 2024, Duolingo, Inc. (NASDAQ:DUOL) stock closed at $222.08 per share. One-month return of Duolingo, Inc. (NASDAQ:DUOL) was -2.81%, and its shares gained 62.39% of their value over the last 52 weeks. Duolingo, Inc. (NASDAQ:DUOL) has a market capitalization of $9.4 billion.
ClearBridge Small Cap Growth Strategy stated the following regarding Duolingo, Inc. (NASDAQ:DUOL) in its first quarter 2024 investor letter:
“Encouragingly, we are seeing underlying improvements from companies we do own in the portfolio, with several being recent portfolio additions or subjects of repositioning work executed in 2023.
The first quarter represented another period of fruitful new idea generation with nine new investments. Consistent with historical practice, these initial investments represent modest position sizes that we intend to build over time.
Duolingo, Inc. (NASDAQ:DUOL), in the consumer discretionary sector, is a category leader in online language learning. With a freemium digital education model offering 40+ languages, Duolingo’s application has exhibited rapid growth in users and conversion to paid subscribers. The company has opportunity to expand its English-learning focus as well as broaden into new categories like math and music. Duolingo offers a long history of product innovation, marketing efficiency and attractive profitability/unit economics.”
A close up macro image of someone using a mobile device to learn a new language.
Duolingo, Inc. (NASDAQ:DUOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Duolingo, Inc. (NASDAQ:DUOL) was held by 41 hedge fund portfolios, compared to 26 in the previous quarter, according to our database.
We discussed Duolingo, Inc. (NASDAQ:DUOL) in another article and shared the list of best companies for teaching English online. In addition, please check out our hedge fund investor letters Q1 2024 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.
