ClearBridge Investments, an investment management firm, released its second-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. Mid-cap stocks posted positive gains in the quarter, as signs of economic robustness, moderate inflation, and stronger-than-expected corporate earnings helped boost equity markets. The strategy outperformed its Russell Midcap Growth Index during the second quarter. On an absolute basis, the strategy gained eight of the 10 sectors in which it was invested during the quarter. IT and industrials sectors were the leading contributors while the consumer discretionary sector detracted. Overall stock selection positively contributed to performance on a relative 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 The Trade Desk, Inc. (NASDAQ:TTD) in the second quarter 2023 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) provides a technology platform for advertising buyers. On September 15, 2023, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $83.38 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 13.69%, and its shares gained 32.29% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $40.873 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about The Trade Desk, Inc. (NASDAQ:TTD) in its Q2 2023 investor letter:
“We initiated a new position in The Trade Desk, Inc. (NASDAQ:TTD), the leading trading platform for advertisers to buy programmatic ad space, such as the banner ads on a website or the commercials played while streaming TV. Programmatic ads are secularly taking share from traditional forms of advertising, and much like financial trading platforms, The Trade Desk enjoys meaningful network effects that makes it the clear leader in the space. The stock sold off entering 2023 as investors worried over macro pressures on ad budgets, and we capitalized on this opportunity to buy a well-entrenched compounder in a large, growing market.”
Rawpixel.com/Shutterstock.com
The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of second quarter which was 34 in the previous quarter.
We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared the list of tech stocks with biggest upside. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 17 Best Low Risk Investments in 2023
- 10 NASDAQ Stocks with Biggest Upside
- 15 Most Innovative Startups in Sports
Disclosure: None. This article is originally published at Insider Monkey.
