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 Crane NXT, Co. (NYSE:CXT) in the second quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Crane NXT, Co. (NYSE:CXT) is an industrial technology company. On September 19, 2023, Crane NXT, Co. (NYSE:CXT) stock closed at $58.53 per share. One-month return of Crane NXT, Co. (NYSE:CXT) was -2.34%, and its shares gained 88.50% of their value over the last 52 weeks. Crane NXT, Co. (NYSE:CXT) has a market capitalization of $3.324 billion.
ClearBridge Small Cap Strategy made the following comment about Crane NXT, Co. (NYSE:CXT) in its Q2 2023 investor letter:
“We initiated a position in Crane, in the industrials sector, which then split into two separate companies, Crane and Crane NXT, Co. (NYSE:CXT), both of which we retained. Under the split, Crane will continue to be a diversified manufacturer of highly engineered industrial products for the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials industries. Crane NXT designs and manufactures banknotes for over 50 central banks, including the Fed. It is also the market leader in currency, coin and credit card payment devices in self-service retail machines, vending machines and back-office cash processing equipment. We believe both Crane NXT and Crane Company were undervalued within the former consolidated Crane, based on their strong competitive advantages and incremental returns on capital.”
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Crane NXT, Co. (NYSE:CXT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Crane NXT, Co. (NYSE:CXT) at the end of second quarter which was 30 in the previous quarter.
We discussed Crane NXT, Co. (NYSE:CXT) in another article and shared the list of spin-off companies in 2023. 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.