ClearBridge Investments, an investment management firm, released its second-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. Mid-cap stocks posted positive gains in the quarter, as signs of economic robustness, moderate inflation, and stronger-than-expected corporate earnings helped boost equity markets. The strategy outperformed its Russell Midcap Growth Index during the second quarter. On an absolute basis, the strategy gained eight of the 10 sectors in which it was invested during the quarter. IT and industrials sectors were the leading contributors while the consumer discretionary sector detracted. Overall stock selection positively 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 Mid Cap Growth Strategy highlighted stocks like STERIS plc (NYSE:STE) in the second quarter 2023 investor letter. Headquartered in Dublin, Ireland, STERIS plc (NYSE:STE) is a medical equipment company that provides products for infection prevention and other procedural products. On September 15, 2023, STERIS plc (NYSE:STE) stock closed at $229.50 per share. One-month return of STERIS plc (NYSE:STE) was 3.03%, and its shares gained 20.66% of their value over the last 52 weeks. STERIS plc (NYSE:STE) has a market capitalization of $22.67 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about STERIS plc (NYSE:STE) in its Q2 2023 investor letter:
“STERIS plc (NYSE:STE), which provides infection prevention products and services to the health care and dental industries, also generated positive returns during the quarter. The company reported strong quarterly earnings stemming from alleviating supply chain challenges and rebounding numbers of health care procedures which require sterilized instruments.”
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STERIS plc (NYSE:STE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held STERIS plc (NYSE:STE) at the end of second quarter which was 27 in the previous quarter.
We discussed STERIS plc (NYSE:STE) in another article and shared Meridian Funds’ views on the company. 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.
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