ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed the benchmark in the quarter. The small-cap growth universe revealed a stark dichotomy despite the positive performance of the benchmark Russell 2000 Growth Index, which returned 7.58% in the first quarter. The Strategy posted gains in 5 of the nine sectors in which it was invested on an absolute basis. Overall stock selection detracted from performance, partially offset by positive sector allocation effects on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Small Cap Growth Strategy featured stocks CONMED Corporation (NYSE:CNMD) in the first quarter 2024 investor letter. Headquartered in Largo, Florida, CONMED Corporation (NYSE:CNMD) is a medical technology company. On April 9, 2024, CONMED Corporation (NYSE:CNMD) stock closed at $80.36 per share. One-month return of CONMED Corporation (NYSE:CNMD) was -8.28%, and its shares lost 27.25% of their value over the last 52 weeks. CONMED Corporation (NYSE:CNMD) has a market capitalization of $2.421 billion.
ClearBridge Small Cap Growth Strategy stated the following regarding CONMED Corporation (NYSE:CNMD) in its first quarter 2024 investor letter:
“Encouragingly, we are seeing underlying improvements from companies we do own in the portfolio, with several being recent portfolio additions or subjects of repositioning work executed in 2023.
The first quarter represented another period of fruitful new idea generation with nine new investments. Consistent with historical practice, these initial investments represent modest position sizes that we intend to build over time.
CONMED Corporation (NYSE:CNMD) is a medical device provider focusing on the orthopedic and general surgery categories. The business is balanced globally with over 80% of revenues coming from single-use products. CONMED has a handful of high-growth products, with competitive differentiation, early in their penetration.”
Closeup portrait of a surgeon wearing a surgical mask and gown while holding a surgical device.
CONMED Corporation (NYSE:CNMD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CONMED Corporation (NYSE:CNMD) was held by 23 hedge fund portfolios, compared to 19 in the previous quarter, according to our database.
We discussed CONMED Corporation (NYSE:CNMD) in another article and shared the list of best beaten down dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 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.
