ClearBridge Investmentsan investment management firm, has released its letter to investors “ClearBridge Large Cap Growth Strategy” for the third quarter of 2022. A copy of it can be downloaded here. In the third quarter, the strategy underperformed its benchmark. Overall stock selection had an impact on the strategy’s performance during the quarter. The strategy also recorded losses in nine sectors among the 11 sectors in which it invested. The IT and healthcare sectors were the main critics of the strategy. Additionally, please see the fund’s top five holdings for its top picks in 2022.
ClearBridge Investments highlighted stocks such as NVIDIA Corporation (NASDAQ:NVDA) in the Third Quarter 2022 Letter to Investors. Santa Clara, Calif.-based NVIDIA Corporation (NASDAQ: NVDA) is a global provider of graphics, computing and networking solutions. On November 4, 2022, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $141.56 per share. NVIDIA Corporation’s (NASDAQ:NVDA) one-month return was 20.22% and its shares have lost 52.42% of their value over the past 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market cap of $352.768 billion.
ClearBridge Investments made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2022 Letter to Investors:
“Similarly, the graphics chip maker NVIDIA Corporation (NASDAQ:NVDA) (-19.9%) has struggled during the post-COVID-19 recovery but maintains dominant positions in major AI and gaming secular growth markets. The company recently underperformed the index and semiconductor peers due to a correction in gaming stocks, lower overall cryptocurrency demand and reduced trading intensity. crypto mining as well as concerns about the sustainability of data center sales.
We tactically reduced our position in early 2022 due to concerns about the dynamics of these cycles, but we remain confident in the long-term outlook for the business.”
NVIDIA Corporation (NASDAQ:NVDA) is #28 on our list of 30 most popular stocks among hedge funds. According to our database, 84 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the second quarter, up from 102 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared elite hedge fund stock picks for a portfolio of growth stocks. Additionally, please see our Letters to Hedge Fund Investors Q3 2022 page for more letters from hedge fund investors and other leading investors.
Disclosure: none. This article originally appeared on Insider Monkey.