ClearBridge Investments, an investment management firm, published its “Small Cap Value Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Small Cap Value Strategy underperformed its Russell 2000 Value Index benchmark during the third quarter. On an absolute basis, the Strategy had losses in eight out of 11 sectors in which it was invested during the quarter. The leading detractors were the IT and financial sectors while the energy, consumer staples, and healthcare sectors were the positive contributors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Small Cap Value Strategy mentioned Syneos Health, Inc. (NASDAQ:SYNH) and explained its insights for the company. Founded in 1998, Syneos Health, Inc. (NASDAQ:SYNH) is a Morrisville, North Carolina-based management consulting company with a $3.0 billion market capitalization. Syneos Health, Inc. (NASDAQ:SYNH) delivered a -70.94% return since the beginning of the year, while its 12-month returns are down by -70.31%. The stock closed at $29.84 per share on November 09, 2022.
Here is what ClearBridge Small Cap Value Strategy has to say about Syneos Health, Inc. (NASDAQ:SYNH) in its Q3 2022 investor letter:
“Health care weighed on our relative performance. While the broader sector benefited from being perceived as more defensive and having greater resilience in the event of a recession, a drop-off in market liquidity due to rate increases and uncertainty over profitability hampered many of the smaller and more growth-oriented companies within the biotech space. Syneos Health (NASDAQ:SYNH), a clinical research company that provides clinical trial services to companies in the pharmaceutical, biotech and medical device industries, saw its stock decline after customers delayed scheduling new trials as they navigate the current economic uncertainty. While we continue to remain underweight the sector, we are diligently look for health care names that align with our focus on high-quality companies with strong balance sheets and long-term value creation opportunities.”
Our calculations show that Syneos Health, Inc. (NASDAQ:SYNH) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Syneos Health, Inc. (NASDAQ:SYNH) was in 28 hedge fund portfolios at the end of the second quarter of 2022, compared to 34 funds in the previous quarter. Syneos Health, Inc. (NASDAQ:SYNH) delivered a -57.33% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.