ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 3000 Index, in the third quarter. The strategy’s outperformance in the quarter was attributed to contributions from several smaller-cap, growth-oriented businesses in the consumer discretionary and information technology sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like Syneos Health, Inc. (NASDAQ:SYNH) in the Q3 2022 investor letter. Headquartered in Morrisville, North Carolina, Syneos Health, Inc. (NASDAQ:SYNH) is a biopharmaceutical company. On November 7, 2022, Syneos Health, Inc. (NASDAQ:SYNH) stock closed at $30.00 per share. One-month return of Syneos Health, Inc. (NASDAQ:SYNH) was -35.76% and its shares lost 70.38% of their value over the last 52 weeks. Syneos Health, Inc. (NASDAQ:SYNH) has a market capitalization of $3.08 billion.
ClearBridge Investments made the following comment about Syneos Health, Inc. (NASDAQ:SYNH) in its Q3 2022 investor letter:
“The overwhelming majority of recent performance headwinds were in health care. Primary detractors Syneos Health, Inc. (NASDAQ:SYNH), Horizon Therapeutics (HZNP) and Surgery Partners (SGRY) were each hurt by distinct issues. Syneos, a leading contract research organization, experienced a slowdown in new business wins from pharmaceutical customers; Horizon saw weaker sales trends for one of its key drugs, Tepezza for thyroid eye disease, while Surgery Partners sold off on concerns that increased summer vacation for doctors would lead to lower patient procedures combined with a fair amount of leverage on its balance sheet.”
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Syneos Health, Inc. (NASDAQ:SYNH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Syneos Health, Inc. (NASDAQ:SYNH) at the end of the second quarter which was 34 in the previous quarter.
We discussed Syneos Health, Inc. (NASDAQ:SYNH) in another article and shared the list of stocks Australian billionaire Kerr Neilson is selling. 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