American Express Company (AXP) Fell on Concerns Over Slower Consumer Spending

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like American Express Company (NYSE:AXP) in the third quarter 2023 investor letter. Headquartered in New York, New York, American Express Company (NYSE:AXP) provides charge and credit payment card products and travel-related services. On October 10, 2023, American Express Company (NYSE:AXP) stock closed at $150.93 per share. One-month return of American Express Company (NYSE:AXP) was -5.16%, and its shares gained 10.38% of their value over the last 52 weeks. American Express Company (NYSE:AXP) has a market capitalization of $111.154 billion.

ClearBridge Large Cap Value Strategy made the following comment about American Express Company (NYSE:AXP) in its Q3 2023 investor letter:

“Other detractors included American Express Company (NYSE:AXP), which fell on concerns over slower consumer spending and rising charge-offs, as well as wireless tower REIT American Tower, which was pressured by the increase in rates along with the broader real estate sector.”

American Express Company (NYSE:AXP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held American Express Company (NYSE:AXP) at the end of the second quarter, which was 77 in the previous quarter.

We discussed American Express Company (NYSE:AXP) in another article and shared the list of best October dividend stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 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.