ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed the Russell 2500 Growth benchmark. On an absolute basis, the strategy gained in six of the 10 sectors it was invested in during the quarter. The IT, industrials, and healthcare sectors were the leading contributors while the financials and energy detracted from the performance. Allocation effects contributed in relative terms but were offset by stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge SMID Cap Growth Strategy highlighted stocks like Penumbra, Inc. (NYSE:PEN) in the Q1 2023 investor letter. Headquartered in Alameda, California, Penumbra, Inc. (NYSE:PEN) designs and manufactures medical devices. On May 11, 2023, Penumbra, Inc. (NYSE:PEN) stock closed at $317.39 per share. One-month return of Penumbra, Inc. (NYSE:PEN) was 14.33%, and its shares gained 121.56% of their value over the last 52 weeks. Penumbra, Inc. (NYSE:PEN) has a market capitalization of $12.304 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about Penumbra, Inc. (NYSE:PEN) in its Q1 2023 investor letter:
“Health care continued to be a bright spot for performance in the first quarter, led by Penumbra, Inc. (NYSE:PEN). The company, which makes medical devices to remove clots from the brain, heart, lungs and peripheral circulation, has seen stronger than expected demand from hospitals for its peripheral clot removal products due to their ability to more quickly treat and discharge patients. Additionally, anticipation of new product introductions for stroke and vascular disease applications have met with good physician acceptance, based on limited introduction during recent months, powering the stock higher. We believe Penumbra’s enhanced technology will speed treatment times, help the company take share from competitors and potentially expand the number of interventionists that can offer clot removal.”
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Penumbra, Inc. (NYSE:PEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Penumbra, Inc. (NYSE:PEN) at the end of the fourth quarter, which was 27 in the previous quarter.
We discussed Penumbra, Inc. (NYSE:PEN) in another article and shared the list of stocks to sell according to Motley Fool. In addition, please check out our hedge fund investor letters Q1 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.
