ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the Russell 2500 Growth Index in the second quarter. On an absolute basis, the strategy gained 10 sectors in which it was invested during the quarter. The industrials, health care, and energy sectors were the leading contributors while the consumer discretionary and consumer staples sectors detracted. Overall stock selection effects detracted from performance while sector allocation effects contributed on a relative basis. 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 Karuna Therapeutics, Inc. (NASDAQ:KRTX) in the second quarter 2023 investor letter. Headquartered in Boston, Massachusetts, Karuna Therapeutics, Inc. (NASDAQ:KRTX) is a biopharmaceutical company. On September 21, 2023, Karuna Therapeutics, Inc. (NASDAQ:KRTX) stock closed at $168.15 per share. One-month return of Karuna Therapeutics, Inc. (NASDAQ:KRTX) was -4.74%, and its shares lost 25.64% of their value over the last 52 weeks. Karuna Therapeutics, Inc. (NASDAQ:KRTX) has a market capitalization of $6.334 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about Karuna Therapeutics, Inc. (NASDAQ:KRTX) in its Q2 2023 investor letter:
“We initiated a new position in Karuna Therapeutics, Inc. (NASDAQ:KRTX), in the health care sector, a biopharmaceutical company which creates and delivers transformative medicines for people living with psychiatric and neurological conditions. The company is preparing to launch a drug focused on schizophrenia in the second half of 2024, which is generating excitement from the physician community as the majority of drugs utilize a dopamine-related mechanism for this indication, unlike Karuna’s. Karuna also has trials underway to expand this neurology drug into other psychiatric indications with large total addressable markets.”
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Karuna Therapeutics, Inc. (NASDAQ:KRTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Karuna Therapeutics, Inc. (NASDAQ:KRTX) at the end of second quarter which was 33 in the previous quarter.
We discussed Karuna Therapeutics, Inc. (NASDAQ:KRTX) in another article and shared the list of best high risk high reward stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
