ClearBridge Investments, an investment management company, released its “ClearBridge International Growth EAFE Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Holdings in Europe and the United Kingdom made significant contributions to the Strategy’s performance, which exceeded its benchmark, the MSCI EAFE Index. The strategy generated gains across nine of the ten sectors in which it was invested during the quarter, on an absolute basis. Overall sector allocation contributed to the performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge International Growth EAFE Strategy featured stocks such as Shopify Inc. (NYSE:SHOP) in the fourth quarter 2023 investor letter. Headquartered in Ottawa, Canada, Shopify Inc. (NYSE:SHOP) provides a cloud-based commerce platform and services. On January 8, 2024, Shopify Inc. (NYSE:SHOP) stock closed at $77.69 per share. One-month return of Shopify Inc. (NYSE:SHOP) was 7.16%, and its shares gained 112.85% of their value over the last 52 weeks. Shopify Inc. (NYSE:SHOP) has a market capitalization of $99.774 billion.
ClearBridge International Growth EAFE Strategy stated the following regarding Shopify Inc. (NYSE:SHOP) in its fourth quarter 2023 investor letter:
“Emerging growth companies Shopify Inc. (NYSE:SHOP) and MercadoLibre continue to show improved operational performance. Shopify has been boosted by cost cutting measures and its exit from capital intensive logistical operations. Additionally, margins are supported by increases in prices for software subscriptions and continued growth in e-commerce and online payment volumes.”
Shopify Inc. (NYSE:SHOP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Shopify Inc. (NYSE:SHOP) at the end of third quarter which was 74 in the previous quarter.
We discussed Shopify Inc. (NYSE:SHOP) in another article and shared the list of most volatile stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.