Here’s Why ClearBridge Exited its Trane Technologies (TT) Stake

ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” fourth quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy outperformed its Russell Midcap Index during the fourth quarter. On an absolute basis, the Strategy had gains across all 11 sectors in which it was invested during the quarter. The leading contributors were the industrial and IT sectors. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

ClearBridge Investments Mid Cap Strategy, in its Q4 2021 investor letter, mentioned Trane Technologies plc (NYSE:TT) and discussed its stance on the firm. Founded in 2007, Trane Technologies plc (NYSE:TT) is a Swords, Ireland-based Irish-domiciled diversified industrial manufacturing company with a $35.4 billion market capitalization, and is currently spearheaded by its CEO, Dave Regnery. Trane Technologies plc (NYSE:TT) delivered a -24.77% return since the beginning of the year, while its 12-month returns are down by -8.71%. The stock closed at $151.99 per share on April 06, 2022.

Here is what ClearBridge Investments Mid Cap Strategy has to say about Trane Technologies plc (NYSE:TT) in its Q4 2021 investor letter:

“We exited our position in Trane Technologies, in the industrials sector. While we continue to think highly of the company’s positioning and performance, its success has met our valuation targets and swelled its market cap beyond our target range. As a result, we exited the position to bolster some of our other current positions that we feel have greater opportunities for business improvement and growth.”


Our calculations show that Trane Technologies plc (NYSE:TT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Trane Technologies plc (NYSE:TT) was in 27 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 39 funds in the previous quarter. Trane Technologies plc (NYSE:TT) delivered a -21.11% return in the past 3 months.

In January 2021, we also shared another hedge fund’s views on Trane Technologies plc (NYSE:TT) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.