Should You Add Broadcom (AVGO) to Your Portfolio?

ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “ClearBridge Multi Cap Growth Strategy” investor letter.  A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The Strategy gained in six of the seven sectors on an absolute basis in which it was invested. Health care, industrials, and communication services sectors were the primary contributors, while IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Multi Cap Growth Strategy highlighted stocks Broadcom Inc. (NASDAQ:AVGO) in its Q4 2022 investor letter. Headquartered in San Jose, California, Broadcom Inc. (NASDAQ:AVGO) is a semiconductor devices supplier. On February 17, 2023, Broadcom Inc. (NASDAQ:AVGO) stock closed at $595.59 per share. One-month return of Broadcom Inc. (NASDAQ:AVGO) was 4.35%, and its shares gained 2.69% of their value over the last 52 weeks. Broadcom Inc. (NASDAQ:AVGO) has a market capitalization of $248.889 billion.

ClearBridge Multi Cap Growth Strategy made the following comment about Broadcom Inc. (NASDAQ:AVGO) in its Q4 2022 investor letter:

“Performance was also supported by communications chipmaker Broadcom Inc. (NASDAQ:AVGO), which has managed inventory better than peers and continues to generate healthy levels of free cash. Broadcom should benefit from a more balanced revenue mix between semiconductors and software upon the expected closing of its acquisition of VMware (VMW) in 2023.”

Semiconductor, Technology, Component

Photo by Yogesh Phuyal on Unsplash

Broadcom Inc. (NASDAQ:AVGO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Broadcom Inc. (NASDAQ:AVGO) at the end of the third quarter, which was 66 in the previous quarter.

We discussed Broadcom Inc. (NASDAQ:AVGO) in another article and shared the best performing S&P 500 stocks in the last 10 years. In addition, please check out our hedge fund investor letters Q4 2022 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.