Here’s Why CSX Corporation (CSX) Was Down in the Second Quarter

ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund underperformed relative to the S&P Global Infrastructure Index. Utilities with clean energy portfolios contributed positively to the fund’s performance but fears of recession affected the rail companies. For more information on the fund’s best picks in 2022, please check its top five holdings.

In the letter, ClearBridge Investments discussed the performance of the ClearBridge Global Infrastructure Value Strategy portfolio. The letter discussed stocks like CSX Corporation (NASDAQ:CSX). CSX Corporation (NASDAQ:CSX) is a rail-based transportation company headquartered in Jacksonville, Florida, and has a market capitalization of $70.275 billion. The stock of CSX Corporation (NASDAQ:CSX) closed at $32.82 per share on August 8, 2022. One-month return of CSX Corporation (NASDAQ:CSX) rose to 15.48% and its shares lost 0.39% of their value over the last 52 weeks.

Here’s what ClearBridge Investments specifically said about CSX Corporation (NASDAQ:CSX):

“Amid signs of slowing growth, more economically sensitive user-pays infrastructure such as rail and airports were among the main detractors. U.S. rail operators Union Pacific (UNP), the largest listed railroad company in North America, and CSX Corporation (NASDAQ:CSX), among the top five leading North American rail companies, were down amid concerns of an economic growth slowdown and implications for freight rail volumes outlook. Further, Union Pacific revised lower its operating margin expectations for the year due to inflation and labor shortages.”

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CSX Corporation (NASDAQ:CSX) is not on the 30 Most Popular Stocks Among Hedge Funds. As per our database, CSX Corporation (NASDAQ:CSX)  was held by 72 hedge fund portfolios at the end of the first quarter, up from 56 in the previous quarter.

We discussed CSX Corporation (NASDAQ:CSX) in another article and shared Steadfast Capital’s top dividend stock picks. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

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