Inflation Concerns Dragged Hasbro (HAS) Shares in the Third Quarter

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the Russell 3000 Index. Only the industrial sector contributed positively to the strategy’s absolute performance among the ten sectors the strategy invested in. The significant performance detractors were materials, consumer discretionary, and real estate sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Hasbro, Inc. (NASDAQ:HAS) in it Q3 2022 investor letter. Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NASDAQ:HAS) is a play and entertainment company. On November 22, 2022, Hasbro, Inc. (NASDAQ:HAS) stock closed at $61.26 per share. One-month return of Hasbro, Inc. (NASDAQ:HAS) was -8.53%, and its shares lost 38.43% of their value over the last 52 weeks. Hasbro, Inc. (NASDAQ:HAS) has a market capitalization of $8.461 billion.

ClearBridge Investments made the following comment about Hasbro, Inc. (NASDAQ:HAS) in its Q3 2022 investor letter:

“Rising inflation pressuring consumer budgets for discretionary purchases, as well as volatile currency markets, weighed on global entertainment company Hasbro, Inc. (NASDAQ:HAS), which owns Monopoly, My Little Pony, Nerf, Play-Doh and other games and brands.  The main detractors from absolute returns were positions in Microsoft, Ball, Intel, Hasbro and McCormick (MKC).”

Hasbro, Inc. (NASDAQ:HAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Hasbro, Inc. (NASDAQ:HAS) at the end of the third quarter, which was 30 in the previous quarter.

We discussed Hasbro, Inc. (NASDAQ:HAS) in another article and shared the list of the biggest losers on October 18, 2022. In addition, please check out our hedge fund investor letters Q3 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.