ClearBridge All Cap Value Strategy Added Pfizer Inc. (PFE) in its Portfolio

ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Value Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed Russell 3000 Value Index. Financials, industrials, and information technology sectors posted losses during the quarter. For more information on the fund’s top picks in 2022, please check its top five holdings.

In the letter, ClearBridge Investments discussed its ClearBridge All Cap Value Strategy portfolio. The letter mentioned stocks like Pfizer Inc. (NYSE:PFE). It is a biopharmaceutical company that operates worldwide and is headquartered in New York, New York. The stock of Pfizer Inc. (NYSE:PFE) closed at $49.27 per share on August 5, 2022. One-month return of Pfizer Inc. (NYSE:PFE) was -6.84% and its shares gained 7.16% of their value over the last 52 weeks.

Here is what ClearBridge All Cap Value specifically said about Pfizer Inc. (NYSE:PFE) in its second-quarter investor letter:

“We initiated a new position in Pfizer Inc. (NYSE:PFE) in the health care sector. In addition to helping to balance our exposure to more cyclical sectors of the market, Pfizer’s strong windfall from its COVID-19 vaccines has swelled the company’s free cash flow to a magnitude we feel is not adequately reflected at its current valuation. The inundation of cash into Pfizer’s war chest leaves it wellpositioned to buy ample assets to refill and expand its pharmaceutical pipeline. In that sense, the recent market downturn has created even greater long-term opportunities, as many biotechnology stocks are now much more attractively valued for potential acquisition. We believe that its inclusion to the portfolio provides both short-term insulation from further market pullbacks and long-term value creation opportunities.”

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Pfizer Inc. (NYSE:PFE) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 79 hedge fund portfolios held Pfizer Inc. (NYSE:PFE) at the end of the first quarter which was 83 in the previous quarter.

We discussed Pfizer Inc. (NYSE:PFE) in another article and shared ten high free cash flow stocks to buy. 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.