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 Vistra Corp. (NYSE:VST) in the third quarter 2023 investor letter. Headquartered in Irving, Texas, Vistra Corp. (NYSE:VST) is an integrated retail electricity and power generation company. On December 12, 2023, Vistra Corp. (NYSE:VST) stock closed at $37.33 per share. One-month return of Vistra Corp. (NYSE:VST) was 7.58%, and its shares gained 53.31% of their value over the last 52 weeks. Vistra Corp. (NYSE:VST) has a market capitalization of $13.347 billion.
ClearBridge All Cap Value Strategy made the following comment about Vistra Corp. (NYSE:VST) in its Q3 2023 investor letter:
“Stock selection in utilities was a positive contributor to relative performance, driven primarily by Vistra Corp. (NYSE:VST) and Constellation Energy, both of whom had macro tailwinds from rising power prices and strong idiosyncratic catalysts that helped them overcome the broader sector drawdown. Vistra’s stock continued to rise on the back of rising energy prices and the company’s upwardly adjusted full-year guidance following its second-quarter earnings call. In addition, the Nuclear Regulatory Commission approved the transfer of operating licenses for three Energy Harbor nuclear plants to Vistra, an important step toward the company lowering its CO2 emissions profile, driving better sentiment.”
Solar panel workers installing a new farm for clean energy generation.
Vistra Corp. (NYSE:VST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Vistra Corp. (NYSE:VST) at the end of third quarter which was 48 in the previous quarter.
We discussed Vistra Corp. (NYSE:VST) in another article and shared the list of most undervalued utility stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 16 Best Penny Stocks To Buy For 2024
- 15 Highest Paying Countries for Web Developers
- 12 Best Energy Dividend Stocks To Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
