ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” first quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the first quarter. On an absolute basis, the Strategy had losses across eight of the 11 sectors in which it was invested during the quarter. The leading detractors were the industrials and consumer discretionary sectors, while the leading contributor was the energy sector. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Clearbridge Investments Mid Cap Growth Strategy mentioned Pioneer Natural Resources Company (NYSE:PXD) and explained its insights for the company. Founded in 1997, Pioneer Natural Resources Company (NYSE:PXD) is an Irving, Texas-based independent oil and gas exploration and production company with a $61.8 billion market capitalization. Pioneer Natural Resources Company (NYSE:PXD) delivered a 40.06% return since the beginning of the year, while its 12-month returns are up by 67.36%. The stock closed at $254.75 per share on April 14, 2022.
Here is what Clearbridge Investments Mid Cap Growth Strategy has to say about Pioneer Natural Resources Company (NYSE:PXD) in its Q1 2022 investor letter:
“Our underweight to the energy sector weighed on performance, as energy prices skyrocketed from inflationary pressures and the threat of reduced supply. We have a limited footprint within the sector but continue to look for companies that will generate strong, long-term returns such as Pioneer Natural Resources. Pioneer is an oil and gas exploration and production company that offers a combination of a strong asset base, quality balance sheet and compelling free cash flow yield at current commodity prices. We believe Pioneer has strong underlying drivers that will generate attractive risk-adjusted returns beyond shorter-term fluctuations in energy prices.”
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Our calculations show that Pioneer Natural Resources Company (NYSE:PXD) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Pioneer Natural Resources Company (NYSE:PXD) was in 43 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 48 funds in the previous quarter. Pioneer Natural Resources Company (NYSE:PXD) delivered a 22.89% return in the past 3 months.
In April 2022, we published an article that includes Pioneer Natural Resources Company (NYSE:PXD) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
