ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund underperformed relative to the S&P Global Infrastructure Index. Utilities with clean energy portfolios contributed positively to the fund’s performance but fears of recession affected the rail companies. For more information on the fund’s best picks in 2022, please check its top five holdings.
In the letter, ClearBridge Investments discussed the performance of the ClearBridge Global Infrastructure Value Strategy portfolio. The letter discussed stocks like Public Service Enterprise Group Incorporated (NYSE:PEG). Public Service Enterprise Group Incorporated (NYSE:PEG) is an energy company headquartered in Newark, New Jersey, and has a market capitalization of $32.94 billion. The stock of Public Service Enterprise Group Incorporated (NYSE:PEG) closed at $66.03 per share on August 9, 2022. One-month return of Public Service Enterprise Group Incorporated (NYSE:PEG) rose to 8.25% and its shares gained 3.94% of their value over the last 52 weeks.
Here’s what ClearBridge Investments specifically said about Public Service Enterprise Group Incorporated (NYSE:PEG):
“Energy security remains an issue, especially in Europe, and we see that accelerating the move toward decarbonization and greater investment in energy infrastructure, further benefiting our pipelines and utilities. Around the world, utilities continue to strategically implement changes to improve the consistency of their forward cash flows. We have seen this historically with U.S. companies like Exelon, but we continue to expect companies like Public Service Enterprise Group Incorporated (NYSE:PEG) and European utilities to simplify their businesses as well. Communication infrastructure also remains attractive with continued demand for data and strong tailwinds from 5G driving strong cash flows and demand.”
Public Service Enterprise Group Incorporated (NYSE:PEG) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Public Service Enterprise Group Incorporated (NYSE:PEG) was held by 31 hedge fund portfolios at the end of the first quarter, up from 30 in the previous quarter.
We discussed Public Service Enterprise Group Incorporated (NYSE:PEG) in another article and shared the best alternative energy stocks to buy. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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