Should You Consider Investing in Atlassian Corporation (TEAM)?

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ClearBridge Investments, an investment management firm, published its “Large Cap Growth Strategy” first quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Large Cap Growth Strategy underperformed its Russell 1000 Growth Index benchmark during the first quarter. On an absolute basis, the Strategy had gains across four of the eight sectors in which it was invested (out of 11 sectors total). You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.

ClearBridge Investments, in its Q1 2021 investor letter, mentioned Atlassian Corporation Plc (NASDAQ: TEAM), and shared their insights on the company. Atlassian Corporation Plc is a Sydney, Australia-based software company that currently has a $58.4 billion market capitalization. Since the beginning of the year, TEAM delivered a -0.09% return, extending its 12-month gains to 29.78%. As of June 08, 2021, the stock closed at $228.93 per share.

Here is what ClearBridge Investments has to say about Atlassian Corporation Plc in its Q1 2021 investor letter:

“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. That effort ramped up in the second half of last year with the addition of enterprise software name Atlassian which fall into our select bucket of above-average growers with rapidly expanding end markets.”

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Our calculations show that Atlassian Corporation Plc (NASDAQ: TEAM) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the first quarter of 2021, Atlassian Corporation Plc was in 67 hedge fund portfolios, compared to 69 funds in the fourth quarter of 2020. TEAM delivered a 3.43% return in the past 3 months.

The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.

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Disclosure: None. This article is originally published at Insider Monkey.