ClearBridge Investments, an investment management firm, released its second-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. Mid-cap stocks posted positive gains in the quarter, as signs of economic robustness, moderate inflation, and stronger-than-expected corporate earnings helped boost equity markets. The strategy outperformed its Russell Midcap Growth Index during the second quarter. On an absolute basis, the strategy gained eight of the 10 sectors in which it was invested during the quarter. IT and industrials sectors were the leading contributors while the consumer discretionary sector detracted. Overall stock selection positively 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 highlighted stocks like Marvell Technology, Inc. (NASDAQ:MRVL) in the second quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Marvell Technology, Inc. (NASDAQ:MRVL) offers data infrastructure semiconductor solutions. On September 15, 2023, Marvell Technology, Inc. (NASDAQ:MRVL) stock closed at $54.49 per share. One-month return of Marvell Technology, Inc. (NASDAQ:MRVL) was -9.23%, and its shares gained 18.07% of their value over the last 52 weeks. Marvell Technology, Inc. (NASDAQ:MRVL) has a market capitalization of $47.014 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Marvell Technology, Inc. (NASDAQ:MRVL) in its Q2 2023 investor letter:
“Stock selection in the IT sector was the greatest contributor to relative outperformance during the period, as investor enthusiasm for AI and AI-related companies helped to bolster some of the strong, idiosyncratic drivers within our IT companies. For example, our top individual performer during the quarter was Marvell Technology, Inc. (NASDAQ:MRVL), a networking and storage semiconductor company in the 5G, data center and automotive ethernet end markets. In addition to being seen as one of the main beneficiaries of future AI-related data center buildouts, we believe the company’s crucial supplier position at the nexus of high-growth technology sectors leaves it exceptionally well-positioned.”
Marvell Technology, Inc. (NASDAQ:MRVL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Marvell Technology, Inc. (NASDAQ:MRVL) at the end of second quarter which was 62 in the previous quarter.
We discussed Marvell Technology, Inc. (NASDAQ:MRVL) in another article and shared Carillon Eagle Mid Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
