ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 1000 Value Index benchmark in the second quarter. The strategy benefited from nine of the 11 sectors in which it was invested for the quarter on an absolute basis, while overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like Oracle Corporation (NYSE:ORCL) in the second quarter 2023 investor letter. Headquartered in Austin, Texas, Oracle Corporation (NYSE:ORCL) provides products and services for enterprise information technology environments. On September 13, 2023, Oracle Corporation (NYSE:ORCL) stock closed at $111.84 per share. One-month return of Oracle Corporation (NYSE:ORCL) was -2.65%, and its shares gained 59.23% of their value over the last 52 weeks. Oracle Corporation (NYSE:ORCL) has a market capitalization of $303.563 billion.
ClearBridge Large Cap Value Strategy made the following comment about Oracle Corporation (NYSE:ORCL) in its Q2 2023 investor letter:
“The Strategy outperformed in the quarter, benefiting from recent opportunistic additions such as Meta Platforms as well as medium and long-term holdings such as Vertiv, Oracle Corporation (NYSE:ORCL) and Martin Marietta Materials.
Expectations that rapidly developing generative AI technology will drive another wave of cloud adoption were also a boon for Oracle, the dominant provider of on-premise database software for large enterprises globally, with growing cloud and SaaS businesses. Oracle noted that generative AI cloud customers have already signed contracts to purchase more than $2 billion of cloud capacity, reflecting the strengths of its technology as well as its aggressive go-to-market strategy.”
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Oracle Corporation (NYSE:ORCL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of second quarter which was 67 in the previous quarter.
We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of sports tech companies and startups in the world. 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.
