Here’s Why Alphabet (GOOG) Declined in Q4

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the fourth quarter. On an absolute basis, the strategy gained from 10 of the 11 sectors in which it was invested for the quarter. The industrials and financials sectors were the leading contributors while the real estate sector detracted from performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Large Cap Value Strategy highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q4 2022 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On February 22, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $91.80 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -7.42%, and its shares lost 30.81% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.175 trillion.

ClearBridge Large Cap Value Strategy made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q4 2022 investor letter:

“As a major beneficiary of COVID-19 lockdowns, the communication services sector was particularly weak during the period. Alphabet Inc. (NASDAQ:GOOG)’s stock declined as investors grew increasingly concerned with slower growth in the face of weaker advertising and tough comps, while the company seems to be reluctant to adjust its cost base to support margins.”

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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 152 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the fourth quarter which was 156 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of most promising QQQ stocks according to hedge funds. 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.