Burlington Stores (BURL) Rose on Improved Outlook
ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark Russell 2500 Growth Index in the fourth quarter with strong stock selection in the information technology ('IT') and consumer discretionary sectors overcoming detractors in the consumer staples sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge SMID Cap Growth Strategy featured stocks like Burlington Stores, Inc. (NYSE:BURL) in the fourth quarter 2023 investor letter. Headquartered in Burlington, New Jersey, Burlington Stores, Inc. (NYSE:BURL) is a branded apparel retailer. On March 21, 2024, Burlington Stores, Inc. (NYSE:BURL) stock closed at $227.32 per share. One-month return of Burlington Stores, Inc. (NYSE:BURL) was 13.36%, and its shares gained 12.63% of their value over the last 52 weeks. Burlington Stores, Inc. (NYSE:BURL) has a market capitalization of $14.436 billion.
ClearBridge SMID Cap Growth Strategy stated the following regarding Burlington Stores, Inc. (NYSE:BURL) in its fourth quarter 2023 investor letter:
"Interest rate relief also had a strong impact on more cyclical companies and those with ties to general consumer spending. For example, consumer discretionary holdings and discount retailers Burlington Stores, Inc. (NYSE:BURL) and Five Below both rose during the quarter thanks to improving outlooks. Five Below, a specialty value retailer for products including apparel, accessories, novelty items, décor, cosmetics and accent furniture, rebounded from being one of the third quarter’s worst-performing stocks. We believe both Five Below and Burlington are particularly well-positioned for an economic environment where consumer budgets are being tightened but demand for discretionary goods remains stable."
Women in fashionable clothing walking together down a busy city street.
Burlington Stores, Inc. (NYSE:BURL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Burlington Stores, Inc. (NYSE:BURL) was held by 44 hedge fund portfolios, compared to 49 in the previous quarter, according to our database.
We discussed Burlington Stores, Inc. (NYSE:BURL) in another article and shared the list of largest clothing companies by market cap in the world. In addition, please check out our hedge fund investor letters Q4 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.
