ClearBridge Investments, an investment management company, released its “ClearBridge Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Signs of inflation cooling, and an ambitious Federal Reserve rate-cutting cycle led to broad equity market gains in Q3, primarily driven by smaller capitalization companies. In the quarter value shares outperformed with the Russell Midcap Value increasing 10.08% compared to the Russell Midcap Growth Index’s 6.54% gain. Against this backdrop, the strategy underperformed the Russell Midcap Growth Index benchmark. Idiosyncratic headwinds across a few of the Strategy’s holdings hindered performance. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Growth Strategy highlighted stocks like Insulet Corporation (NASDAQ:PODD), in the third quarter 2024 investor letter. Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. The one-month return of Insulet Corporation (NASDAQ:PODD) was 0.70%, and its shares gained 71.85% of their value over the last 52 weeks. On October 8, 2024, Insulet Corporation (NASDAQ:PODD) stock closed at $229.33 per share with a market capitalization of $16.08 billion.
ClearBridge Growth Strategy stated the following regarding Insulet Corporation (NASDAQ:PODD) in its Q3 2024 investor letter:
“As long-term investors, we are well-positioned to take advantage of short-term volatility in our portfolio holdings. Shares of insulin pump maker Insulet Corporation (NASDAQ:PODD), for example, went through a similar downdraft last year on fears that GLP-1 therapeutics would severely impact usage of its products. Our in-depth analysis, stress testing for a slowdown in growth of the diabetes patient population, convinced us that the market was giving little to no credit for the company’s Type 2 diabetes opportunity, giving us confidence to add to the position. The stock is impressively up more than 75% from 2023 lows as other investors have come to appreciate Insulet’s valuation had gotten overly penalized.”
A pharmacy worker placing wireless handheld personal diabetes managers against the light.
Insulet Corporation (NASDAQ:PODD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of the second quarter which was 40 in the previous quarter. Insulet Corporation’s (NASDAQ:PODD) revenue grew by 23% year 0ver year, in the second quarter, fueled by Omnipod growth of 26%. While we acknowledge the potential of Insulet Corporation (NASDAQ:PODD) 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 Insulet Corporation (NASDAQ:PODD) and shared Piper Sandler’s top technical stock picks and the top stocks. Fidelity Growth Strategies Fund reduced its position in Insulet Corporation (NASDAQ:PODD) during Q2 2024 to manage the position size. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.