Here’s Why ClearBridge Investments Small Cap Strategy Sold Syneos Health (SYNH)
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 Syneos Health, Inc. (NASDAQ:SYNH) in the second quarter 2023 investor letter. Headquartered in Morrisville, North Carolina, Syneos Health, Inc. (NASDAQ:SYNH) is a biopharmaceutical solutions company. On September 15, 2023, Syneos Health, Inc. (NASDAQ:SYNH) stock closed at $42.74 per share. One-month return of Syneos Health, Inc. (NASDAQ:SYNH) was 0.47%, and its shares lost 16.52% of their value over the last 52 weeks. Syneos Health, Inc. (NASDAQ:SYNH) has a market capitalization of $4.433 billion.
ClearBridge Small Cap Strategy made the following comment about Syneos Health, Inc. (NASDAQ:SYNH) in its Q2 2023 investor letter:
"We exited our position in Syneos Health, Inc. (NASDAQ:SYNH), a clinical research company that provides clinical trial services. The company’s share price has faced sustained pressure over the last few quarters due to difficulty in the company rebounding to pre-COVID testing levels and internal mismanagement. As a result, Syneos agreed to be acquired as part of a takeover deal with a private investment consortium, and we capitalized on the offer to sell and capture the premium offered by the acquirers as we concluded a higher offer was unlikely."
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Syneos Health, Inc. (NASDAQ:SYNH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Syneos Health, Inc. (NASDAQ:SYNH) at the end of second quarter which was 29 in the previous quarter.
We discussed Syneos Health, Inc. (NASDAQ:SYNH) in another article and shared Meridian Growth Funds’ 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.
