ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. For both the quarter and the whole year, the Strategy exceeded the benchmark, the Russell 1000 Growth Index, supported by robust Magnificent Seven stock selection, opportunistic management of earnings reset names, and diverse non-tech contributions. The Strategy posted gains across 10 out of the eleven sectors in which it was invested, on an absolute basis. Overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
In its Q4 2023 investor letter, ClearBridge Large Cap Growth Strategy featured stocks such as DexCom, Inc. (NASDAQ:DXCM). Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On January 4, 2024, DexCom, Inc. (NASDAQ:DXCM) stock closed at $121.83 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 4.15%, and its shares gained 5.19% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $46.499 billion.
In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding DexCom, Inc. (NASDAQ:DXCM):
“Evolving our fundamental research and portfolio monitoring process to promote better ongoing collaboration with ClearBridge’s Sector Analyst Team has enabled us to identify opportunities and risks more efficiently and take decisive actions in a timely manner. We exited our position in DexCom, Inc. (NASDAQ:DXCM), for example, during the quarter by looking past the broadly negative noise about GLP-1 impacts on medical devices and understanding that our assumptions about DexCom’s long-term growth rate, particularly in the Type-2 diabetes market, now seem more aggressive than we had previously thought.”
A doctor demonstrating how to use the medical device to a patient with diabetes.
DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of third quarter which was 58 in the previous quarter.
We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared the list of high growth healthcare stocks to buy. 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.
