ClearBridge Investments: “Global Recession Concerns Hit National Grid (NGG)’s Profit Taking”

ClearBridge Investments, an investment management company, published its “ClearBridge Global Infrastructure Income Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund outperformed the S&P Global Infrastructure Index.  You can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter 2022 investor letter, ClearBridge Investments discussed its portfolios and the fund performance. The letter mentioned stocks like National Grid plc (NYSE:NGG). National Grid plc (NYSE:NGG) is an electricity and gas distribution company, headquartered in London, the United Kingdom, and has a market capitalization of $50.643 billion. The stock of National Grid plc (NYSE:NGG) closed at $69.38 per share on August 1, 2022. The one-month return of National Grid plc (NYSE:NGG) rose to 7.17% and its 12-month return jumped to 6.92%.

Here is what ClearBridge Investments specifically mentioned about National Grid plc (NYSE:NGG) in its Q2, 2022 investor letter:

“Defensive sectors — electric, gas and water — saw some profit taking globally after a strong start to the year, with National Grid plc (NYSE:NGG) and SSE (OTCPK:SSEZF) in the U.K. the main individual detractors. Energy infrastructure, mostly in Canada, performed poorly on profit taking, as the strong demand for commodities, which has been driven by structural underinvestment and supply disruptions related to the war in Ukraine and which led to exceptional performance in the first quarter, was overpowered by concerns of how a global recession would impact demand.”

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Our research shows that National Grid plc (NYSE:NGG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held National Grid plc (NYSE:NGG) at the end of the first quarter which was up from 7 in the previous quarter.

You can find another article on National Grid plc (NYSE:NGG) we published in March, where we shared ClearBridge Investments’ views on the company in the last quarter. 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.