Here’s Why ClearBridge Aggressive Growth Strategy Trimmed its Position in Seagate Technology Holdings plc (STX)

ClearBridge Investments, an investment management company, released its “ClearBridge Aggressive Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, the Russell 3000 Growth Index, in the fourth quarter. On an absolute basis, the strategy gained in seven of the eight sectors it invested in the quarter. The communication services sector was the primary contributor while the IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Aggressive Growth Strategy highlighted stocks like Seagate Technology Holdings plc (NASDAQ:STX) in its Q4 2022 investor letter. Headquartered in Dublin, Ireland, Seagate Technology Holdings plc (NASDAQ:STX) is a data storage technology and solutions provider. On March 8, 2023, Seagate Technology Holdings plc (NASDAQ:STX) stock closed at $63.63 per share. One-month return of Seagate Technology Holdings plc (NASDAQ:STX) was -8.84%, and its shares lost 28.28% of their value over the last 52 weeks. Seagate Technology Holdings plc (NASDAQ:STX) has a market capitalization of $13.139 billion.

ClearBridge Aggressive Growth Strategy made the following comment about Seagate Technology Holdings plc (NASDAQ:STX) in its Q4 2022 investor letter:

"Our transactions were relatively limited in the fourth quarter, with a number of sales and trims driven by tax management. We cut our cyclical technology exposure with trims to hard disk drive makers Western Digital (WDC) and Seagate Technology Holdings plc (NASDAQ:STX), which have higher than average financial leverage for our portfolio and are facing a challenging demand environment."

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Seagate Technology Holdings plc (NASDAQ:STX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Seagate Technology Holdings plc (NASDAQ:STX) at the end of the fourth quarter which was 28 in the previous quarter.

We discussed Seagate Technology Holdings plc (NASDAQ:STX) in another article and shared the list of tech stocks with low PE ratio. In addition, please check out our hedge fund investor letters Q4 2022 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.