ClearBridge Investments, an investment management company, released its “ClearBridge Growth Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. Due to stock-specific weakness in a handful of holdings and a lack of exposure to several of the top-performing, higher-beta growth companies, the strategy underperformed its benchmark the Russell Mid Cap Growth Index in a momentum-driven market. Following Trump’s victory, small-cap, value, and cyclical shares saw a spike in price; however, growth stocks regained their lead by the end of the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Growth Strategy highlighted stocks like L3Harris Technologies, Inc. (NYSE:LHX), in the fourth quarter 2024 investor letter. L3Harris Technologies, Inc. (NYSE:LHX) offers mission-critical solutions for government and commercial customers. The one-month return of L3Harris Technologies, Inc. (NYSE:LHX) was -7.67%, and its shares gained 2.08% of their value over the last 52 weeks. On January 8, 2025, L3Harris Technologies, Inc. (NYSE:LHX) stock closed at $207.15 per share with a market capitalization of $39.29 billion.
ClearBridge Growth Strategy stated the following regarding L3Harris Technologies, Inc. (NYSE:LHX) in its Q4 2024 investor letter:
“Industrials were also a detractor from performance. L3Harris Technologies, Inc. (NYSE:LHX), a provider of avionics and electronic systems to the U.S. military, was pressured by concerns that defense spending will decline as part of the new administration’s focus on improving efficiency. A number of our other industrial holdings were also weak as cyclicals, which had a strong run since July, rolled over late in the quarter.”
A military jetfighter against a deep blue sky with the sun behind it.
L3Harris Technologies, Inc. (NYSE:LHX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held L3Harris Technologies, Inc. (NYSE:LHX) at the end of the third quarter which was 40 in the previous quarter. While we acknowledge the potential of L3Harris Technologies, Inc. (NYSE:LHX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed L3Harris Technologies, Inc. (NYSE:LHX) and shared Jim Cramer’s bold predictions about industrial stocks. In addition, please check out our hedge fund investor letters Q4 2024 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.