Vertiv (VRT) Shares Rerated Strongly in Q3
ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Rising bond rates and the Federal Reserve's shift to a more hawkish stance put pressure on stocks in the third quarter. The strategy underperformed its Russell 3000 Index in the third quarter. Overall stock selection and sector allocation detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Select Strategy highlighted stocks like Vertiv Holdings Co (NYSE:VRT) in the third quarter 2023 investor letter. Headquartered in Westerville, Ohio, Vertiv Holdings Co (NYSE:VRT) manufactures and services critical digital infrastructure technologies and life cycle services. On December 7, 2023, Vertiv Holdings Co (NYSE:VRT) stock closed at $45.14 per share. One-month return of Vertiv Holdings Co (NYSE:VRT) was 7.85%, and its shares gained 230.76% of their value over the last 52 weeks. Vertiv Holdings Co (NYSE:VRT) has a market capitalization of $17.218 billion.
ClearBridge Select Strategy made the following comment about Vertiv Holdings Co (NYSE:VRT) in its Q3 2023 investor letter:
"Performance was boosted in the quarter by the Strategy’s more economically-sensitive holdings among steady compounders and evolving opportunities. Vertiv Holdings Co (NYSE:VRT), a leader in power and thermal management for data centers, saw its shares rerate on strong data center demand and enthusiasm for AI-related technology. The company’s new management has kept cost inflation under control while maintaining strong orders and backlog, resulting in improved margins and its best free cash flow generation to date."
A data centre room with cloud technology, illustrating the enterprise application software services.
Vertiv Holdings Co (NYSE:VRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Vertiv Holdings Co (NYSE:VRT) at the end of third quarter which was 54 in the previous quarter.
We discussed Vertiv Holdings Co (NYSE:VRT) in another article and shared Baron Small Cap Fund’s views on the company. 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.
