Investment management firm ClearBridge Investments has released its Q1 2024 investor letter for the “ClearBridge Multi Cap Growth Strategy.” A copy of the letter can be downloaded here. During the quarter, the strategy underperformed its benchmark, the Russell 3000 Growth Index. The strategy gained in five of the seven sectors invested in on an absolute basis. Overall stock selection underperformed on a relative basis. Additionally, to learn about the best picks for 2024, check out the fund’s top five holdings.
ClearBridge Multi Cap Growth Strategy highlighted stocks such as WW Grainger, Inc. (NYSE:GWW) in its Q1 2024 investor letter. WW Grainger, Inc. (NYSE:GWW) sells maintenance, repair and operational products and services. WW Grainger, Inc. (NYSE:GWW) saw a one-month return of -3.09% and shares rose 18.12% over the past 52 weeks. On June 25, 2024, WW Grainger, Inc. (NYSE:GWW) shares closed at $910.08 per share, giving it a market capitalization of $44.715 billion.
In its Q1 2024 investor letter, ClearBridge Multi Cap Growth Strategy Mid Company Fund said the following about WW Grainger, Inc. (NYSE:GWW):
“WW Grainger Co.” “Industrial (NYSE:GWW) is our largest new acquisition. Grainger is the largest industrial maintenance, repair and operations distributor in North America. The company is growing share in a large and fragmented market, with its direct “high-touch solutions” business accounting for less than 10% of the estimated addressable market of over $165 billion. Grainger is only just scratching the surface with Zoro.com, an online “endless selection” platform targeting an even larger market. In addition to the growth and earnings potential, we are attracted to Grainger’s strong balance sheet and the improved capital allocation being undertaken by current management.”
Portrait of smiling industrial worker wearing safety gear and inspecting equipment.
WW Grainger, Inc. (NYSE:GWW) is not included in our list of the 31 most popular stocks among hedge funds. According to our database, 36 hedge fund portfolios held WW Grainger, Inc. (NYSE:GWW) at the end of the first quarter, up from 35 in the previous quarter. WW Grainger, Inc. (NYSE:GWW) grew 4.9% on an organic daily constant currency basis in the first quarter (more info here). While we see the potential of WW Grainger, Inc. (NYSE:GWW) as an investment, we believe that AI stocks offer a better chance of delivering higher returns in a shorter time frame. If you are looking for AI stocks that are as promising as NVIDIA but trade at less than 5x price to value, check out our report. Cheapest AI Stocks.
We’ve covered WW Grainger, Inc. (NYSE:GWW) in a separate article, where we shared a list of stocks that have recently increased their dividends. Additionally, you can find more investor letters from hedge funds and other leading investors on our Hedge Fund Investor Letters Q1 2024 page.
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Disclosures: None. This article originally appeared on Insider Monkey.
