Reasons to Invest in Fox Factory (FOXF)
ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the Russell 2500 Growth Index in the second quarter. On an absolute basis, the strategy gained 10 sectors in which it was invested during the quarter. The industrials, health care, and energy sectors were the leading contributors while the consumer discretionary and consumer staples sectors detracted. Overall stock selection effects detracted from performance while sector allocation effects contributed on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge SMID Cap Growth Strategy highlighted stocks like Fox Factory Holding Corp. (NASDAQ:FOXF) in the second quarter 2023 investor letter. Headquartered in Duluth, Georgia, Fox Factory Holding Corp. (NASDAQ:FOXF) is a ride dynamics products manufacturer. On September 21, 2023, Fox Factory Holding Corp. (NASDAQ:FOXF) stock closed at $98.01 per share. One-month return of Fox Factory Holding Corp. (NASDAQ:FOXF) was -7.30%, and its shares gained 23.14% of their value over the last 52 weeks. Fox Factory Holding Corp. (NASDAQ:FOXF) has a market capitalization of $4.152 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about Fox Factory Holding Corp. (NASDAQ:FOXF) in its Q2 2023 investor letter:
"Fox Factory Holding Corp. (NASDAQ:FOXF), in the consumer discretionary sector, engineers, manufactures and markets ride dynamics products including parts for high-performance bicycles, e-bikes and both on road and all-terrain vehicles. We capitalized on a dip in the stock price due to an inventory glut in the high-performance bike segment to establish a position. The company has been a successful compounder since its 2013 IPO, and we believe it continues to have solid supply agreements with performance vehicle manufacturers as well as a strong balance sheet."
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Fox Factory Holding Corp. (NASDAQ:FOXF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Fox Factory Holding Corp. (NASDAQ:FOXF) at the end of second quarter which was 16 in the previous quarter.
We discussed Fox Factory Holding Corp. (NASDAQ:FOXF) in another article and shared Polen U.S. Small Company Growth Strategy’s views on the company. 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.
