ClearBridge Investments, an investment management firm, published its “Multi-Cap Growth Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Multi Cap Growth Strategy underperformed its Russell 3000 Growth Index benchmark in the third quarter. On an absolute basis, the Strategy generated losses across the six sectors in which it was invested (out of 11 sectors total). You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
ClearBridge Multi Cap Growth Strategy, in its Q3 2021 investor letter, mentioned Match Group, Inc. (NASDAQ: MTCH) and discussed its stance on the firm. Match Group, Inc. is a Dallas, Texas-based online dating service company with a $35.6 billion market capitalization. MTCH delivered a -4.68% return since the beginning of the year, while its 12-month returns are down by -16.95%. The stock closed at $126.06 per share on January 06, 2022.
Here is what ClearBridge Multi Cap Growth Strategy has to say about Match Group, Inc. in its Q3 2021 investor letter:
“Shares of Match, the leading online dating platform globally, were under pressure during 3Q as management issued conservative second-half guidance in light of waning reopening tailwinds. Additionally, management’s discussion of spending to integrate the recent acquisition of Hyperconnect, as well as technical factors related to disappointment that the company was not added to the S&P 500 Index in August, weighed on shares. The stock has since rebounded as it was ultimately added to the S&P and stands to benefit from the U.S. District Court’s ruling in September that Apple’s requirement for developers to use their in-app payment method is anticompetitive. If upheld, the ruling means app developers like Match would be able to offer lower fee payment options and circumvent the 30% commission it currently pays Apple, which could yield a meaningful tailwind to the company’s gross margins.”
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Based on our calculations, Match Group, Inc. (NASDAQ: MTCH) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. MTCH was in 56 hedge fund portfolios at the end of the third quarter of 2021, compared to 63 funds in the previous quarter. Match Group, Inc. (NASDAQ: MTCH) delivered a -19.98% return in the past 3 months.
In November 2021, we published an article that includes MTCH in Ben Jacobs’ Anomaly Capital is Buying These 10 Stocks. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.
Disclosure: None. This article is originally published at Insider Monkey.
