AppLovin (APP) Posted Positive Returns Despite Challenges
ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy underperformed its benchmark Russell Midcap Growth Index in the quarter. Overall, the effects of stock selection impacted the performance on a relative basis. The strategy gained three of the 11 sectors it was invested during the quarter on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy highlighted stocks like AppLovin Corporation (NASDAQ:APP) in the third quarter 2023 investor letter. Headquartered in Palo Alto, California, AppLovin Corporation (NASDAQ:APP) engages in the development and operation of a mobile marketing platform. On December 13, 2023, AppLovin Corporation (NASDAQ:APP) stock closed at $37.93 per share. One-month return of AppLovin Corporation (NASDAQ:APP) was -6.23%, and its shares gained 260.21% of their value over the last 52 weeks. AppLovin Corporation (NASDAQ:APP) has a market capitalization of $12.737 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about AppLovin Corporation (NASDAQ:APP) in its Q3 2023 investor letter:
"Stock selection in the IT sector was the main detractor during the quarter, as the prospect of a higher-for-longer rate environment weighed on longer-duration, higher growth stocks. Despite these challenges, there were also strong positive contributions from Splunk and AppLovin. Splunk’s price rallied on the news of its acquisition by Cisco, and investors applauded AppLovin Corporation's (NASDAQ:APP) new, AI-enabled platform which is improving productivity in its mobile games ad network."
A close-up of a mobile device, showing an advertiser reaching out to a consumer via a software-based platform.
AppLovin Corporation (NASDAQ:APP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held AppLovin Corporation (NASDAQ:APP) at the end of third quarter which was 34 in the previous quarter.
We discussed AppLovin Corporation (NASDAQ:APP) in another article and shared Saltlight Capital's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
