ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Strategy lagged behind the benchmark in the quarter due to the decline in consumer staples and health care, which was somewhat offset by strength in financials and industrials. The Strategy posted gains in six of the nine sectors in which it was invested on an absolute basis. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Growth Strategy featured stocks such as Installed Building Products, Inc. (NYSE:IBP) in the fourth quarter 2023 investor letter. Based in Columbus, Ohio, Installed Building Products, Inc. (NYSE:IBP) engages in installing insulation for the residential new construction market. On January 12, 2024, Installed Building Products, Inc. (NYSE:IBP) stock closed at $186.66 per share. One-month return of Installed Building Products, Inc. (NYSE:IBP) was 3.22%, and its shares gained 80.17% of their value over the last 52 weeks. Installed Building Products, Inc. (NYSE:IBP) has a market capitalization of $5.303 billion.
ClearBridge Small Cap Growth Strategy stated the following regarding Installed Building Products, Inc. (NYSE:IBP) in its fourth quarter 2023 investor letter:
“In the fourth quarter we initiated four new investments: Inari Medical, Blackbaud, Mirum Pharmaceuticals and Installed Building Products, Inc. (NYSE:IBP). Installed Building Products is the second-largest installer of residential and commercial insulation as well as adjacent specialty products. The company continues to take share from a long tail of small competitors, leveraging a concentrated supplier base and a fragmented group of customers to extract attractive economics and returns.”
A construction worker installing a garage door in a new residential home.
Installed Building Products, Inc. (NYSE:IBP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Installed Building Products, Inc. (NYSE:IBP) at the end of third quarter which was 22 in the previous quarter.
We discussed Installed Building Products, Inc. (NYSE:IBP) in another article and shared Baron Funds’ views on the company in the previous quarter. 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.
