ClearBridge Investments Added Alphabet Inc. (GOOG) at an Attractive Valuation

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s portfolio outperformed the Russell 3000 benchmark Index in the second quarter of 2022. Stock selection and sector allocation contributed to the fund’s performance. 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 Sustainability Leaders Strategy portfolio. The letter mentioned stocks like Alphabet Inc. (NASDAQ:GOOG). It is a multinational technology company headquartered in Mountain View, California, and has a market capitalization of $1.537 trillion. The stock of Alphabet Inc. (NASDAQ:GOOG) closed at $118.22 per share on August 5, 2022. One-month return of Alphabet Inc. (NASDAQ:GOOG) rose to 1.46% and its shares lost 14.33% of their value over the last 52 weeks.

Here is what ClearBridge Sustainability Leaders Strategy specifically said about Alphabet Inc. (NASDAQ:GOOG) in its second-quarter investor letter:

“Market volatility often provides compelling opportunities for active investors to step in when good companies are trading at a discount. Such was the case with online search and advertising leader Alphabet Inc. (NASDAQ:GOOG), which we have owned previously, sold in late 2020 due to a regulatory overhang, and bought again this quarter at an attractive valuation. We believe Alphabet will maintain its leading position in search and will benefit from growth in other businesses such as YouTube and cloud. While we acknowledge Alphabet’s scrutiny from regulators, we believe that in relation to social media, search is less problematic and of lower priority. Alphabet has been carbon neutral since 2007 and has focused on maximizing the efficiency of its data centers. It also has invested heavily in data privacy and security.”

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Alphabet Inc. (NASDAQ:GOOG) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 160 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the first quarter which was 158 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the top stock picks of Morris Mark’s Mark Asset Management company. 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.