ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the third quarter. On an absolute basis, the energy and consumer discretionary sectors were the positive contributors among the 11 sectors the strategy invested in. However, the communication services and information technology sectors were the significant detractors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like United Parcel Service, Inc. (NYSE:UPS) in the Q3 2022 investor letter. Headquartered in Atlanta, Georgia, United Parcel Service, Inc. (NYSE:UPS) is a package delivery, transportation, logistics, and related services provider. On November 7, 2022, United Parcel Service, Inc. (NYSE:UPS) stock closed at $169.13 per share. One-month return of United Parcel Service, Inc. (NYSE:UPS) was 5.88% and its shares lost 19.19% of their value over the last 52 weeks. United Parcel Service, Inc. (NYSE:UPS) has a market capitalization of $146.284 billion.
ClearBridge Investments made the following comment about United Parcel Service, Inc. (NYSE:UPS) in its Q3 2022 investor letter:
“We believe quality of management and quality of assets also distinguishes industrials holding United Parcel Service, Inc. (NYSE:UPS), which significantly outperformed competitor FedEx (FDX) in the quarter. While UPS is also economically sensitive to the consumer and macro environments, superior execution under CEO Carol Tome gives us greater confidence in the company, whose asset-light structure in its international business is reflected in its substantially higher margins versus FedEx. Given its lower fixed costs, UPS should be less impacted by a slowing economic environment.”
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United Parcel Service, Inc. (NYSE:UPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held United Parcel Service, Inc. (NYSE:UPS) at the end of the second quarter which was 50 in the previous quarter.
We discussed United Parcel Service, Inc. (NYSE:UPS) in another article and shared the best freight stocks to invest in. 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
