ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy underperformed its Russell 2500 Growth Index benchmark in the quarter. Although there were strong contributions from a few companies across different sectors, the underperformance relative to the benchmark was minimal during the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge SMID Cap Growth Strategy highlighted stocks like BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ), in the second quarter 2024 investor letter. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) operates warehouse clubs that provide groceries, general merchandise, gasoline and other ancillary services, coupon books, and promotions. The one-month return of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) was 2.76%, and its shares gained 15.13% of their value over the last 52 weeks. On September 26, 2024, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) stock closed at $82.06 per share with a market capitalization of $10.88 billion.
ClearBridge SMID Cap Growth Strategy stated the following regarding BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) in its Q2 2024 investor letter:
“Stock selection in the consumer staples sector also proved beneficial, primarily driven by our holdings in Casey’s General Stores (CASY) and BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ). BJ’s, which operates warehouse clubs providing perishable, general merchandise, gasoline and other ancillary services, continues to exceed expectations. With inflation continuing to weigh on consumer spending, the company’s membership channel continues to grow due to its perceived value to customers.”
A customer happily filling up their tank at the Wholesale Club’s gasoline station.
BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) at the end of the second quarter which was 25 in the previous quarter. While we acknowledge the potential of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) and shared the list of cheap retail stocks to buy according to analysts. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) contributed to the performance of TimesSquare Capital U.S. Mid Cap Growth Strategy during Q2 2024. In addition, please check out our hedge fund investor letters Q2 2024 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.