ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while energy and utility sectors detracted. Overall stock selection improved performance on a relative basis while sector allocation had a negative impact. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Strategy highlighted stocks like indie Semiconductor, Inc. (NASDAQ:INDI) in the second quarter 2023 investor letter. Headquartered in Aliso Viejo, California, indie Semiconductor, Inc. (NASDAQ:INDI) is an automotive semiconductors and software solutions provider. On September 15, 2023, indie Semiconductor, Inc. (NASDAQ:INDI) stock closed at $6.71 per share. One-month return of indie Semiconductor, Inc. (NASDAQ:INDI) was -1.06%, and its shares lost 21.41% of their value over the last 52 weeks. indie Semiconductor, Inc. (NASDAQ:INDI) has a market capitalization of $967.912 million.
ClearBridge Small Cap Strategy made the following comment about indie Semiconductor, Inc. (NASDAQ:INDI) in its Q2 2023 investor letter:
“We also added indie Semiconductor, Inc. (NASDAQ:INDI), in the IT sector, which provides automotive semiconductor solutions for a variety of applications. The company is in the early innings of a rapid revenue ramp with a huge backlog to come as the company rapidly takes share in a growing market. We believe the market underestimates the long-term potential for this business as the company continues to sign high-profile contracts with major auto manufacturers and their suppliers.”
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indie Semiconductor, Inc. (NASDAQ:INDI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held indie Semiconductor, Inc. (NASDAQ:INDI) at the end of second quarter which was 30 in the previous quarter.
We discussed indie Semiconductor, Inc. (NASDAQ:INDI) in another article and shared Baron Opportunity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.