ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter. The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Novo Nordisk A/S (NYSE:NVO) in the third quarter 2023 investor letter. Headquartered in Bagsvaerd, Denmark, Novo Nordisk A/S (NYSE:NVO) is a healthcare company. On December 27, 2023, Novo Nordisk A/S (NYSE:NVO) stock closed at $103.68 per share. One-month return of Novo Nordisk A/S (NYSE:NVO) was 1.81%, and its shares gained 53.37% of their value over the last 52 weeks. Novo Nordisk A/S (NYSE:NVO) has a market capitalization of $462.236 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Novo Nordisk A/S (NYSE:NVO) in its Q3 2023 investor letter:
“Our health care holdings also fared well. The sector has been largely overlooked in 2023 amid AI exuberance, but its defensiveness is looking more salutary as tighter monetary policy begins to sap market sentiment. Novo Nordisk A/S (NYSE:NVO) shares rose on continued unprecedented demand for GLP-1s, which treat diabetes and obesity, and of which Novo Nordisk is one of two major providers. GLP-1s represent the largest commercial opportunity and investable theme in health care.”
An elderly couple receiving insulin from a pharmacist, representing healthcare company’s successful pharmaceutical products.
Novo Nordisk A/S (NYSE:NVO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Novo Nordisk A/S (NYSE:NVO) at the end of third quarter which was 43 in the previous quarter.
We discussed Novo Nordisk A/S (NYSE:NVO) in another article and shared the list of high growth international stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
