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 Comcast Corporation (NASDAQ:CMCSA) in the fourth quarter 2024 investor letter. Headquartered in Philadelphia, Pennsylvania, Comcast Corporation (NASDAQ:CMCSA) is a media and technology company. The one-month return of Comcast Corporation (NASDAQ:CMCSA) was -7.63%, and its shares lost 14.10% of their value over the last 52 weeks. On January 8, 2025, Comcast Corporation (NASDAQ:CMCSA) stock closed at $37.17 per share with a market capitalization of $142.232 billion.
ClearBridge Growth Strategy stated the following regarding Comcast Corporation (NASDAQ:CMCSA) in its Q4 2024 investor letter:
“We continue to consolidate our positions within media to those with more attractive growth prospects over the next several years. We sold media conglomerate Comcast Corporation (NASDAQ:CMCSA) as it faces greater competition and weakening pricing in its core broadband business. The growth outlook for Comcast is more challenged as competition from new entrants and dampened pricing power has impacted its connectivity business. Industry-wide saturation in broadband, coupled with a secular decline in cable TV subscribers, has diminished growth potential in its core cable business. Comcast’s ability to offset these subscriber losses through price increases is also becoming increasingly constrained.”
A couple watching their favorite show on TV, enjoying the entertainment network service.
Comcast Corporation (NASDAQ:CMCSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Comcast Corporation (NASDAQ:CMCSA) at the end of the third quarter which was 61 in the previous quarter. While we acknowledge the potential of Comcast Corporation (NASDAQ:CMCSA) 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 Comcast Corporation (NASDAQ:CMCSA) and shared the list of best dividend stocks from the telecom sector. 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.