ClearBridge Investments, an investment management company, released its “ClearBridge Aggressive Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, Russell 3000 Growth Index, in the third quarter. The healthcare sector was the primary contributor to the strategy’s performance, while communication services detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like Western Digital Corporation (NASDAQ:WDC) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Western Digital Corporation (NASDAQ:WDC) is a data storage devices manufacturer. On November 4, 2022, Western Digital Corporation (NASDAQ:WDC) stock closed at $35.44 per share. One-month return of Western Digital Corporation (NASDAQ:WDC) was 2.25% and its shares lost 36.46% of their value over the last 52 weeks. Western Digital Corporation (NASDAQ:WDC) has a market capitalization of $11.258 billion.
ClearBridge Investments made the following comment about Western Digital Corporation (NASDAQ:WDC) in its Q3 2022 investor letter:
“Within cyclical technology, disk drive makers Seagate Technology (STX) and Western Digital Corporation (NASDAQ:WDC) were hurt by an inventory correction due to slowing growth in their core PC and server markets as well as uneven demand from hyperscale cloud providers who are watching their budgets. While these two stocks remain inexpensive on a valuation basis, they clearly saw a business slowdown over the last two quarters.”
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Western Digital Corporation (NASDAQ:WDC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Western Digital Corporation (NASDAQ:WDC) at the end of the second quarter, which was 45 in the previous quarter.
We discussed Western Digital Corporation (NASDAQ:WDC) in another article and shared the top 10 S&P 500 stocks with the most upside. In addition, please check out our hedge fund investor letters Q3 2022 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.