ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy underperformed its benchmark Russell Midcap Growth Index in the quarter. Overall, the effects of stock selection impacted the performance on a relative basis. The strategy gained three of the 11 sectors it was invested during the quarter on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Keysight Technologies, Inc. (NYSE:KEYS) in the third quarter 2023 investor letter. Headquartered in Santa Rosa, California, Keysight Technologies, Inc. (NYSE:KEYS) is an electronic design and test solutions provider. On December 12, 2023, Keysight Technologies, Inc. (NYSE:KEYS) stock closed at $149.37 per share. One-month return of Keysight Technologies, Inc. (NYSE:KEYS) was 12.15%, and its shares lost 18.37% of their value over the last 52 weeks. Keysight Technologies, Inc. (NYSE:KEYS) has a market capitalization of $26.08 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Keysight Technologies, Inc. (NYSE:KEYS) in its Q3 2023 investor letter:
“Keysight Technologies, Inc. (NYSE:KEYS), which provides electronics test and measurement equipment and software to the communications and electronics industries, also saw a period of digestion by customers following several years of record bookings in addition to a sluggish Chinese economy weighing on demand for telecom orders and testing equipment. The company’s track record of expansion and improvement continues to point towards strong, long-term performance and we remain confident in its position as a preferred partner for developers as enterprises continue to increase their R&D budgets.”
An electrical engineer inspecting a wiring accessories product.
Keysight Technologies, Inc. (NYSE:KEYS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Keysight Technologies, Inc. (NYSE:KEYS) at the end of third quarter which was 41 in the previous quarter.
We discussed Keysight Technologies, Inc. (NYSE:KEYS) in another article and shared Artisan Mid Cap Fund’s views on the company in the previous quarter. 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.
