ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like DISH Network Corporation (NASDAQ:DISH) in the first quarter 2023 investor letter. Headquartered in Englewood, Colorado, DISH Network Corporation (NASDAQ:DISH) is a pay-TV services provider. On July 3, 2023, DISH Network Corporation (NASDAQ:DISH) stock closed at $6.77 per share. One-month return of DISH Network Corporation (NASDAQ:DISH) was -4.65%, and its shares lost 63.15% of their value over the last 52 weeks. DISH Network Corporation (NASDAQ:DISH) has a market capitalization of $3.61 billion.
ClearBridge Large Cap Value Strategy made the following comment about DISH Network Corporation (NASDAQ:DISH) in its first quarter 2023 investor letter:
“DISH Network Corporation (NASDAQ:DISH) was lower for more idiosyncratic reasons. The pay-TV provider, with unique potential to become a viable fourth wireless carrier, continues to face challenges executing its wireless buildout in a higher rate environment where a leveraged balance sheet is a liability. We believe there is still value to be captured for Dish, but it is clearly taking longer to realize, and we are monitoring the stock closely.”
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DISH Network Corporation (NASDAQ:DISH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held DISH Network Corporation (NASDAQ:DISH) at the end of first quarter 2023 which was 37 in the previous quarter.
We discussed DISH Network Corporation (NASDAQ:DISH) in another article and shared the list of worst performing S&P 500 stocks in 2023. In addition, please check out our hedge fund investor letters Q1 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.
