ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. For both the quarter and the whole year, the Strategy exceeded the benchmark, the Russell 1000 Growth Index, supported by robust Magnificent Seven stock selection, opportunistic management of earnings reset names, and diverse non-tech contributions. The Strategy posted gains across 10 out of the eleven sectors in which it was invested, on an absolute basis. Overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
In its Q4 2023 investor letter, ClearBridge Large Cap Growth Strategy featured stocks such as Target Corporation (NYSE:TGT). Headquartered in Minneapolis, Minnesota, Target Corporation (NYSE:TGT) is a general merchandise retailer. On January 4, 2024, Target Corporation (NYSE:TGT) stock closed at $140.25 per share. One-month return of Target Corporation (NYSE:TGT) was 3.74%, and its shares lost 12.43% of their value over the last 52 weeks. Target Corporation (NYSE:TGT) has a market capitalization of $64.748 billion.
In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Target Corporation (NYSE:TGT):
“Other meaningful moves during the quarter included additions to cyclical growers we consider early cycle consumer plays: Target Corporation (NYSE:TGT), a position initiated in the third quarter, and Estee Lauder. As earnings start to recover, these stocks and semiconductors tend to be among the first to move. We may be a little early and could see some choppiness in stock prices as job growth and consumer spending cool due to the lagged effects of Fed tightening, but we believe we’re closer to the bottom in terms of economic activity and that both companies, as well as Union Pacific, are well-positioned to benefit as consumer sentiment improves and the economy begins to recover.”
A woman purchasing groceries at a Target store, with a cart full of products.
Target Corporation (NYSE:TGT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Target Corporation (NYSE:TGT) at the end of third quarter which was 45 in the previous quarter.
We discussed Target Corporation (NYSE:TGT) in another article and shared Diamond Hill Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
