ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy underperformed its benchmark index. The overall stock selection impacted the performance of the strategy in the quarter. The strategy also posted losses in nine sectors among the 11 sectors it invested in. IT and healthcare sectors were the primary detractors of the strategy. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like UiPath Inc. (NYSE:PATH) in the Q3 2022 investor letter. Headquartered in New York, New York, UiPath Inc. (NYSE:PATH) is an end-to-end automation platform provider. On November 4, 2022, UiPath Inc. (NYSE:PATH) stock closed at $10.79 per share. One-month return of UiPath Inc. (NYSE:PATH) was -12.74% and its shares lost 80.78% of their value over the last 52 weeks. UiPath Inc. (NYSE:PATH) has a market capitalization of $5.93 billion.
ClearBridge Investments made the following comment about UiPath Inc. (NYSE:PATH) in its Q3 2022 investor letter:
“Over the last three months, we similarly exited UiPath Inc. (NYSE:PATH) due to a change to our original thesis as we believe a new go-to-market strategy for its automation software could impact near-term execution. While we think process automation is a growing market, in a slowing macro environment single solutions may be more vulnerable than the platform solutions of software providers who can bundle products to meet a wide range of needs. In addition, the company has a material component of sales sourced in Europe where the economy is more vulnerable.”
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UiPath Inc. (NYSE:PATH) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held UiPath Inc. (NYSE:PATH) at the end of the second quarter which was 33 in the previous quarter.
We discussed UiPath Inc. (NYSE:PATH) in another article and shared the stock picks from the ARK Invest stock portfolio. 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.