ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed its benchmark, the Russell 1000 Growth Index. The strategy gained in seven out of nine sectors it invested in the quarter on an absolute basis. Healthcare and industrials sectors were the primary contributors while the consumer discretionary sector detracted from the performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Large Cap Growth Strategy highlighted stocks like Eaton Corporation plc (NYSE:ETN) in the Q4 2022 investor letter. Headquartered in Dublin, Ireland, Eaton Corporation plc (NYSE:ETN) is a power management company. On March 6, 2023, Eaton Corporation plc (NYSE:ETN) stock closed at $177.15 per share. One-month return of Eaton Corporation plc (NYSE:ETN) was 7.70%, and its shares gained 21.17% of their value over the last 52 weeks. Eaton Corporation plc (NYSE:ETN) has a market capitalization of $70.506 billion.
ClearBridge Large Cap Growth Strategy made the following comment about Eaton Corporation plc (NYSE:ETN) in its Q4 2022 investor letter:
“Also within the secular category, our asset-light industrials names have flexed their strength through the bear market. Eaton Corporation plc (NYSE:ETN) is positioned in the sweet spot of several secular trends: two-way electricity solutions, microgrids and charging infrastructure for electric vehicles. While the company’s housing business is susceptible to near-term weakness, we believe Eaton can grow revenues in the mid-to-high single digits for several decades as its core utility customers have the rate base to cover ongoing electric infrastructure upgrades and buildouts.”
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Eaton Corporation plc (NYSE:ETN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Eaton Corporation plc (NYSE:ETN) at the end of the fourth quarter which was 47 in the previous quarter.
We discussed Eaton Corporation plc (NYSE:ETN) in another article and shared the list of biggest lighting companies in the world. 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.
