ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “Mid Cap Growth Strategy” investor letter – a copy of which can be downloaded here. The strategy underperformed the Russell Midcap Growth Index in the fourth quarter. It gained across six of the 10 sectors in which it was invested in the quarter. The industrials, health care, and consumer discretionary sectors were the leading contributors while the IT sector was the primary detractor. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Baker Hughes Company (NASDAQ:BKR) in its Q4 2022 investor letter. Headquartered in Houston, Texas, Baker Hughes Company (NASDAQ:BKR) is a technologies and services provider to energy and industrial value chain. On February 17, 2023, Baker Hughes Company (NASDAQ:BKR) stock closed at $30.59 per share. One-month return of Baker Hughes Company (NASDAQ:BKR) was -1.54% and its shares gained 5.08% of their value over the last 52 weeks. Baker Hughes Company (NASDAQ:BKR) has a market capitalization of $31.147 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Baker Hughes Company (NASDAQ:BKR) in its Q4 2022 investor letter:
“We established a new position in Baker Hughes Company (NASDAQ:BKR), in the energy sector, which provides technological support and services to energy and industrial companies including oilfield services, oilfield equipment, turbomachinery and process solutions and digital solutions. We believe management’s focus on capital discipline has helped streamline their strategic focus and placed greater emphasis on improving cash generation and returns. Additionally, Baker Hughes’ overwhelming market share in the gas turbine and compression business creates a long-term growth runway due to the global buildout of renewable energy projects and rising liquefied natural gas capital expenditures.”
Baker Hughes Company (NASDAQ:BKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Baker Hughes Company (NASDAQ:BKR) at the end of the third quarter, which was 30 in the previous quarter.
We discussed Baker Hughes Company (NASDAQ:BKR) in another article and shared the favorite energy and bank stock picks of Jim Cramer. In addition, please check out our hedge fund investor letters Q4 2022 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.
