ClearBridge Investments’ Major Performance Detractor: Azenta (AZTA)

ClearBridge Investments, an investment management company, published its “ClearBridge Small 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, the Russell 2000 Growth Index, declining about 1%. Overall stock selection and sector allocation drove the strategy to underperform in the quarter. The healthcare sector was the primary performance detractor. In addition, please check the fund’s top five holdings to know its best picks in 2022..

ClearBridge Investments highlighted stocks like Azenta, Inc. (NASDAQ:AZTA) in its Q3 2022 investor letter. Headquartered in Chelmsford, Massachusetts, Azenta, Inc. (NASDAQ:AZTA) is a sample exploration and management solutions provider for the life science market. On November 23, 2022, Azenta, Inc. (NASDAQ:AZTA) stock closed at $58.51 per share. One-month return of Azenta, Inc. (NASDAQ:AZTA) was 27.20%, and its shares lost 49.39% of their value over the last 52 weeks. Azenta, Inc. (NASDAQ:AZTA) has a market capitalization of $4.389 billion.

ClearBridge Investments made the following comment about Azenta, Inc. (NASDAQ:AZTA) in its Q3 2022 investor letter:

“Our holdings in the health care sector proved the primary performance detractors during the quarter. The primary detractors were Syneos Health, Azenta, Inc. (NASDAQ:AZTA), Certara, Integra LifeSciences (IART) and Trex (TREX). Azenta (AZTA), another provider to laboratories and clinical research, was also hurt by the weak demand environment.”

Photo by National Cancer Institute on Unsplash

Azenta, Inc. (NASDAQ:AZTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Azenta, Inc. (NASDAQ:AZTA) at the end of the third quarter, which was 23 in the previous quarter.

We discussed Azenta, Inc. (NASDAQ:AZTA) in another article and shared Artisan Partners’ views on the company. 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.

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