Do You Believe in the Growth Prospects of SMART Global Holdings (SGH)?
ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while energy and utility sectors detracted. Overall stock selection improved performance on a relative basis while sector allocation had a negative impact. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Strategy highlighted stocks like SMART Global Holdings, Inc. (NASDAQ:SGH) in the second quarter 2023 investor letter. Headquartered in Milpitas, California, SMART Global Holdings, Inc. (NASDAQ:SGH) provides specialty memory solutions. On September 15, 2023, SMART Global Holdings, Inc. (NASDAQ:SGH) stock closed at $23.50 per share. One-month return of SMART Global Holdings, Inc. (NASDAQ:SGH) was -0.46%, and its shares gained 35.20% of their value over the last 52 weeks. SMART Global Holdings, Inc. (NASDAQ:SGH) has a market capitalization of $1.181 billion.
ClearBridge Small Cap Strategy made the following comment about SMART Global Holdings, Inc. (NASDAQ:SGH) in its Q2 2023 investor letter:
"Investor enthusiasm for AI-related companies and strong idiosyncratic catalysts helped drive our outperformance in the IT sector. Our top individual performer was SMART Global Holdings, Inc. (NASDAQ:SGH), which designs and manufactures specialty solutions for the high performance computing, memory and LED markets. The stock caught the AI tailwind and got an added kicker from news it will sell the majority of its Brazil-based memory business to focus on higher-value products in computing and specialty memory. We believe the company is poised to deliver higher growth and better incremental margins than the market anticipates."
SMART Global Holdings, Inc. (NASDAQ:SGH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held SMART Global Holdings, Inc. (NASDAQ:SGH) at the end of second quarter which was 17 in the previous quarter.
We discussed SMART Global Holdings, Inc. (NASDAQ:SGH) in another article and shared the list of best small-cap growth stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
