ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark, the Russell 3000 Value Index, in the third quarter. Favorable stock selection in the consumer discretionary, healthcare, and utilities sectors, as well as an overweight allocation to the energy sector, helped the strategy to mitigate the headwinds from financial holding. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge All Cap Value Strategy highlighted stocks like Constellation Energy Corporation (NASDAQ:CEG) in the Q3 2023 investor letter. Headquartered in Baltimore, Maryland, Constellation Energy Corporation (NASDAQ:CEG) is a US-based electricity generator and distributor. On December 12, 2023, Constellation Energy Corporation (NASDAQ:CEG) stock closed at $114.49 per share. One-month return of Constellation Energy Corporation (NASDAQ:CEG) was -6.15%, and its shares gained 26.02% of their value over the last 52 weeks. Constellation Energy Corporation (NASDAQ:CEG) has a market capitalization of $36.566 billion.
ClearBridge All Cap Value Strategy made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2023 investor letter:
“Stock selection in utilities was a positive contributor to relative performance, driven primarily by Vistra and Constellation Energy Corporation (NASDAQ:CEG), both of whom had macro tailwinds from rising power prices and strong idiosyncratic catalysts that helped them overcome the broader sector drawdown. Likewise, Constellation saw its share price increase thanks to climbing energy prices, higher margins within the company’s commercial division, and investor optimism following an upward revision to its full-year EBITDA guidance as the company continues to execute well and wring more value out of its nuclear fleet.”
An overhead view of electricity transmission towers, showing the scale and reach of the company’s network.
Constellation Energy Corporation (NASDAQ:CEG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Constellation Energy Corporation (NASDAQ:CEG) at the end of third quarter which was 46 in the previous quarter.
We discussed Constellation Energy Corporation (NASDAQ:CEG) in another article and shared the list of best energy dividend stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
