ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. During a time of momentum-driven returns and heightened investor optimism following Donald Trump's re-election, the more defensively oriented Strategy lagged behind. The S&P 500 Index advanced 2.41% in the quarter to finish 2024 up 25.02%. The benchmark Russell 1000 Growth Index (RLG) jumped 7.07% for the quarter and 33.36% for the year. In addition, please check the fund’s top five holdings to know its best picks in 2024.

ClearBridge Large Cap Growth Strategy highlighted stocks like NextEra Energy, Inc. (NYSE:NEE), in the fourth quarter 2024 investor letter. NextEra Energy, Inc. (NYSE:NEE) generates, transmits, distributes, and sells electric power to retail and wholesale customers. The one-month return of NextEra Energy, Inc. (NYSE:NEE) was -5.00%, and its shares gained 13.58% of their value over the last 52 weeks. On January 7, 2025, NextEra Energy, Inc. (NYSE:NEE) stock closed at $70.43 per share with a market capitalization of $144.832 billion.

ClearBridge Large Cap Growth Strategy stated the following regarding NextEra Energy, Inc. (NYSE:NEE) in its Q4 2024 investor letter:

"After previous trims to the position, we closed out of utility and renewable energy producer NextEra Energy, Inc. (NYSE:NEE) during the quarter. We expect the incoming Trump administration to increase uncertainty around renewables demand and subsidies, which could drive less upside over the next couple of years."

NextEra Energy, Inc. (NYSE:NEE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held NextEra Energy, Inc. (NYSE:NEE) at the end of the third quarter which was 73 in the previous quarter. While we acknowledge the potential of NextEra Energy, Inc. (NYSE:NEE) 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 NextEra Energy, Inc. (NYSE:NEE) and shared the list of best dividend stocks of 2024. 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.