ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” second quarter 2022 investor letter. A copy of this letter can be downloaded here. In the second quarter, the fund underperformed its benchmark index. Stocks from IT, healthcare, industrials, and consumer discretionary posted losses during the quarter, however stocks from consumer staples and financials sectors contributed to the performance of the fund. To know about the fund’s best picks in 2022, please check its top 5 holdings.
In the letter, ClearBridge Investments discussed its Select Strategy portfolio. The firm holds stocks like Doximity, Inc. (NYSE:DOCS). Doximity, Inc. (NYSE:DOCS) is a US-based company, which provides a cloud platform for medical professionals, and is headquartered in San Francisco, California. The stock of Doximity, Inc. (NYSE:DOCS) closed at $41.99 per share on August 3, 2022. One-month return of Doximity, Inc. (NYSE:DOCS) was 0.89% and its shares lost 26.09% of their value over the last 52 weeks. Doximity, Inc. (NYSE:DOCS) has a market capitalization of $8.033 billion.
Here is what ClearBridge Select Strategy specifically said about Doximity, Inc. (NYSE:DOCS) in its second-quarter investor letter:
”Health care is another sector where innovation is enabling companies to take share from incumbent players or create new markets. New addition Doximity, Inc. (NYSE:DOCS) operates the largest professional social network for physicians, with a long runway for growth within its core market for medical professional marketing, hiring, and telehealth solutions. Progyny (PGNY) is a leading provider of fertility benefit management services to self-insured employers. The company is underpenetrated in its total addressable market and with logical adjacencies (labs/diagnostics, return to work support) and demographic tailwinds (families getting started later leads to higher infertility risk) that should allow it to sustain elevated top-line growth. Both companies are growing well above the industry average while being increasingly profitable.”
Our research shows that Doximity, Inc. (NYSE:DOCS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Doximity, Inc. (NYSE:DOCS) at the end of the first quarter which was 33 in the previous quarter.
We discussed Doximity, Inc. (NYSE:DOCS) in another article and shared ClearBridge Investments’ views about the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.