ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 3000 Index benchmark in the quarter. The strategy gained nine of the ten sectors in which it was invested on an absolute basis. Overall stock selection contributed to the performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Select Strategy featured stocks like Model N, Inc. (NYSE:MODN) in the fourth quarter 2023 investor letter. Headquartered in San Mateo, California, Model N, Inc. (NYSE:MODN) provides revenue management cloud solutions for the life science and technology industries. On March 15, 2024, Model N, Inc. (NYSE:MODN) stock closed at $25.42 per share. One-month return of Model N, Inc. (NYSE:MODN) was -1.36%, and its shares lost 21.30% of their value over the last 52 weeks. Model N, Inc. (NYSE:MODN) has a market capitalization of $992.201 million.
ClearBridge Select Strategy stated the following regarding Model N, Inc. (NYSE:MODN) in its fourth quarter 2023 investor letter:
“We have chosen to source a significant number of ideas among companies earlier in their business lifecycle by focusing on four secular growth themes: data and analytics, onshoring/reshoring, information security and e-commerce. In addition to Microsoft, three of the four other new positions we initiated during the quarter fit within these focus areas: Trade Desk, Monolithic Power Systems and Model N, Inc. (NYSE:MODN).
Model N, meanwhile, is a software company providing revenue management solutions primarily to pharmaceutical and medtech customers; it also has a growing customer base in high tech. We took advantage of a pullback in the stock during an uneven migration of customers to its new cloud-based platform.”
A businesswoman signing an online document using a cloud-faxing solution.
Model N, Inc. (NYSE:MODN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Model N, Inc. (NYSE:MODN) was held by 17 hedge fund portfolios, compared to 21 in the previous quarter, according to our database.
We discussed Model N, Inc. (NYSE:MODN) in another article and shared Conestoga Capital Advisors’ views on the company. 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.
