ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. As a late-year rally was fueled by confidence about an economic soft landing, a dovish flip by the Fed, and broader market performance, mid-cap stocks saw strong gains. Due to an inconstant industrial and consumer discretionary asset performance, the Strategy underperformed its benchmark; however, the consumer staples stock pick was successful. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy featured stocks like KKR & Co. Inc. (NYSE:KKR) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, KKR & Co. Inc. (NYSE:KKR) is an equity and real estate investment firm. On March 18, 2024, KKR & Co. Inc. (NYSE:KKR) stock closed at $95.15 per share. One-month return of KKR & Co. Inc. (NYSE:KKR) was 2.16%, and its shares gained 86.46% of their value over the last 52 weeks. KKR & Co. Inc. (NYSE:KKR) has a market capitalization of $84.633 billion.
ClearBridge Mid Cap Strategy stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its fourth quarter 2023 investor letter:
“We utilized the fourth quarter as a period of reflection and evaluation, eliminating positions where we felt our thesis was weakening while adding to new and existing holdings we felt were excellently positioned for years to come. Ultimately, this resulted in us initiating two new purchases and five sales.
We initiated a new position in KKR & Co. Inc. (NYSE:KKR), a leading private equity and real estate investment firm specializing in direct and fund of fund investments. Despite a challenging environment for raising new funds, we believe KKR’s strong performance and franchise will enable it to continue to grow its stream of recurring management fees.”
A modern looking financial adviser sitting in front of a trading monitor, gesturing to a group of investors.
KKR & Co. Inc. (NYSE:KKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, KKR & Co. Inc. (NYSE:KKR) was held by 68 hedge fund portfolios, down from 69 in the previous quarter, according to our database.
We discussed KKR & Co. Inc. (NYSE:KKR) in another article and shared Ariel Appreciation Fund’s views on the company. 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.
