Is American Express Company (AXP) a Resilient Stock?

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like American Express Company (NYSE:AXP) in the first quarter 2023 investor letter. Headquartered in New York, New York, American Express Company (NYSE:AXP) provides charge and credit payment card products and travel-related services. On July 3, 2023, American Express Company (NYSE:AXP) stock closed at $175.44 per share. One-month return of American Express Company (NYSE:AXP) was 4.78%, and its shares gained 24.96% of their value over the last 52 weeks. American Express Company (NYSE:AXP) has a market capitalization of $130.394 billion.

ClearBridge Large Cap Value Strategy made the following comment about American Express Company (NYSE:AXP) in its first quarter 2023 investor letter:

” Other financial holdings were among the top contributors, such as American Express Company (NYSE:AXP), whose business is less sensitive to changes in the yield curve than most financials, and Progressive, which has minimal interest rate mismatch exposure.”

American Express Company (NYSE:AXP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held American Express Company (NYSE:AXP) at the end of first quarter 2023 which was 71 in the previous quarter.

We discussed American Express Company (NYSE:AXP) in another article and shared the list of Warren Buffett stocks other billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 2023 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.