ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the first quarter. The outperformance of the strategy in the quarter was driven by strong stock selection in the communication services and industrials sectors which overcame weakness in the financials sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Value Equity Strategy highlighted stocks like BioNTech SE (NASDAQ:BNTX) in the first quarter 2023 investor letter. Headquartered in Mainz, Germany, BioNTech SE (NASDAQ:BNTX) is a biotechnology company. On July 3, 2023, BioNTech SE (NASDAQ:BNTX) stock closed at $107.82 per share. One-month return of BioNTech SE (NASDAQ:BNTX) was -1.85%, and its shares lost 33.04% of their value over the last 52 weeks. BioNTech SE (NASDAQ:BNTX) has a market capitalization of $26.01 billion.
ClearBridge Value Equity Strategy made the following comment about BioNTech SE (NASDAQ:BNTX) in its first quarter 2023 investor letter:
“In another example, one of the lowest correlating stocks in the portfolio is new holding BioNTech SE (NASDAQ:BNTX), a biotechnology company developing immunotherapies for cancer and other infectious diseases. A very attractive element of any drug stock is that it has idiosyncratic drivers that protect the portfolio from macro shocks and that lower portfolio correlation. In the case of BioNTech, the stock is undervalued due to material drops in its COVID-19 revenues. However, the company has accumulated almost $20 billion in cash and is using its research platform in mRNA and immunology to pursue lucrative opportunities in immuno-oncology and other major disease areas. This massive cash balance curtails our downside, while offering incredibly attractive optionality on the upside.”
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BioNTech SE (NASDAQ:BNTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held BioNTech SE (NASDAQ:BNTX) at the end of first quarter 2023 which was 34 in the previous quarter.
We discussed BioNTech SE (NASDAQ:BNTX) in another article and shared the list of COVID-19 treatment stocks hedge funds are betting 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.
