ClearBridge Investments Trimmed its Position in Atlassian Corporation Plc (TEAM)

ClearBridge Investments, an investment management company, published its “ClearBridge International Growth ADR Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund invests in structural growth companies and in the second quarter it outperformed the MSCI EAFE Index benchmark. You can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter 2022 letter, ClearBridge Investments discussed its portfolios and the fund performance. The letter mentioned stocks like Atlassian Corporation Plc (NASDAQ:TEAM). Atlassian Corporation Plc (NASDAQ:TEAM) is a software company, headquartered in Sydney, Australia, and has a market capitalization of $53.382 billion. The stock of Atlassian Corporation Plc (NASDAQ:TEAM) closed at $210.59 per share on August 1, 2022. The one-month return of Atlassian Corporation Plc (NASDAQ:TEAM) was 1.06% and its shares lost 36.07% of their value over the last 52 weeks.

Here is what ClearBridge Investments specifically mentioned about Atlassian Corporation Plc (NASDAQ:TEAM) in its second quarter, 2022 investor letter:

“We trimmed software makers Atlassian Corporation Plc (NASDAQ:TEAM) and Elastic (ESTC), while both remain fundamentally sound, to manage overall emerging growth exposure. Despite the current headwinds facing the highest-growth areas of international markets, we continue to see compelling valuations that can act as a complement to higher-priced U.S. growth stocks.’’

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As per our research Atlassian Corporation Plc (NASDAQ:TEAM) isn’t on our list of 30 Most Popular Stocks Among Hedge Funds. Our database shows that 65 hedge fund portfolios hold Atlassian Corporation Plc (NASDAQ:TEAM)  at the end of the first quarter compared to 69 in the previous quarter.

You can find another article on Atlassian Corporation Plc (NASDAQ:TEAM) we published in May where we shared ClearBridge Investments’ views on the company. 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.

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