ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “ClearBridge Aggressive Growth Strategy” investor letter, which can be downloaded here. The strategy outperformed its Russell 3000 Growth Index benchmark for the quarter. It had delivered gains across seven of the eight sectors in which it was invested on an absolute basis. Overall stock selection contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Aggressive Growth Strategy featured stocks like MongoDB, Inc. (NASDAQ:MDB) in the Q4 2023 investor letter. Headquartered in New York, New York, MongoDB, Inc. (NASDAQ:MDB) is a global database platform provider. On March 18, 2024, MongoDB, Inc. (NASDAQ:MDB) stock closed at $356.37 per share. One-month return of MongoDB, Inc. (NASDAQ:MDB) was -19.88%, and its shares gained 63.05% of their value over the last 52 weeks. MongoDB, Inc. (NASDAQ:MDB) has a market capitalization of $25.955 billion.
ClearBridge Aggressive Growth Strategy stated the following regarding MongoDB, Inc. (NASDAQ:MDB) in its fourth quarter 2023 investor letter:
“New addition MongoDB, Inc. (NASDAQ:MDB), in the IT sector, offers a leading modern database platform that handles all data types and is geared toward modern Internet applications, which constitute the bulk of new workloads. Database is one of the largest and fastest growing software segments, and we believe it is early innings in the company’s ability to penetrate this market. MongoDB is actively expanding its potential market by adding ancillary capabilities like vector search for AI applications, streaming and real-time data analytics. The company reached non-GAAP profitability in 2022, and we see significant room for improved margins as revenue scales.”
A software engineer hosting a remote video training session on a multi-cloud database-as-a-service solution.
MongoDB, Inc. (NASDAQ:MDB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, MongoDB, Inc. (NASDAQ:MDB) was held by 62 hedge fund portfolios, compared to 62 in the previous quarter, according to our database.
We discussed MongoDB, Inc. (NASDAQ:MDB) in another article and shared the list of best dividend aristocrats according to analysts. 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.
