Higher Interest Rates Hurt Brookfield Renewable Partners (BEP)

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s portfolio outperformed the Russell 3000 benchmark Index in the second quarter of 2022. Stock selection and sector allocation contributed to the fund’s performance. For more information on the fund’s top picks in 2022, please check its top five holdings.

In the letter, ClearBridge Investments discussed its ClearBridge Sustainability Leaders Strategy portfolio. The letter cited Brookfield Renewable Partners L.P. (NYSE:BEP). Brookfield Renewable Partners L.P. (NYSE:BEP) operates in the renewable power segment and is headquartered in Hamilton, Bermuda. The stock of Brookfield Renewable Partners L.P. (NYSE:BEP)  closed at $39.25 per share on August 5, 2022. One-month return of Brookfield Renewable Partners L.P. (NYSE:BEP)  was 11.41% and its shares gained 1.06% of their value over the last 52 weeks. Brookfield Renewable Partners L.P. (NYSE:BEP) has a market capitalization of $25.321billion.

Here is what ClearBridge Sustainability Leaders Strategy specifically said about Brookfield Renewable Partners L.P. (NYSE:BEP) in its second-quarter investor letter:

“The health care, consumer staples and utilities sectors showed their characteristic defensiveness, outperforming handily in a down market. While our consumer staples and utilities holdings held up less than we hoped (high energy costs in Europe hurt Hain Celestial’s (HAIN) margins and outlook, while higher interest rates weighed on Brookfield Renewable Partners L.P. (NYSE:BEP)) individual health care standouts were the top contributors for the quarter, driven by a mixture of market sentiment and stock-specific news.”

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Our research shows that Brookfield Renewable Partners L.P. (NYSE:BEP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Brookfield Renewable Partners L.P. (NYSE:BEP) at the end of the first quarter which was 21 in the previous quarter.

We discussed Brookfield Renewable Partners L.P. (NYSE:BEP) in another article and shared ClearBridge Investments’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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