ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” fourth 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the fourth quarter. In the quarter, the strategy gained in eight of the ten sectors it invested in on an absolute basis. Health care, financials, and IT sectors were the leading contributors while communication services and utility sectors detracted from the performance. Stock selection was favorable on a relative basis while sector allocation detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Regal Rexnord Corporation (NYSE:RRX) in the Q4 2022 investor letter. Headquartered in Beloit, Wisconsin, Regal Rexnord Corporation (NYSE:RRX) manufactures motors, bearings, gearing, conveying, blowers, electric components, and couplings globally. On March 3, 2023, Regal Rexnord Corporation (NYSE:RRX) stock closed at $162.05 per share. One-month return of Regal Rexnord Corporation (NYSE:RRX) was 3.73%, and its shares gained 8.57% of their value over the last 52 weeks. Regal Rexnord Corporation (NYSE:RRX) has a market capitalization of $10.733 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Regal Rexnord Corporation (NYSE:RRX) in its Q4 2022 investor letter:
“Weaker relative performance in the sector was driven by Regal Rexnord Corporation (NYSE:RRX), a diversified industrial company focusing on electric motors, electrical motion controls, power generation and power transmission products and a large active position in the portfolio, when it announced it would be acquiring peer Altra Industrial Motion in an all-cash deal. Shares of Regal Rexnord fell on the news as often happens to acquirers in M&A transactions, but we are confident the market will reward the synergies as well as the scale and diversification offered by the deal over time.”
Regal Rexnord Corporation (NYSE:RRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Regal Rexnord Corporation (NYSE:RRX) at the end of the fourth quarter which was 29 in the previous quarter.
We discussed Regal Rexnord Corporation (NYSE:RRX) in another article and shared Diamond Hill Mid Cap Strategy’s views on the company. 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.
