ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Value Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, Russell 3000 Growth Index, in the third quarter. All the 11 sectors in which the strategy invested in the quarter contributed negatively to the performance on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, ClearBridge Investments discussed stocks like Meta Platforms, Inc. (NASDAQ:META). Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On November 16, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $113.23 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -12.12%, and its shares lost 65.64% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $310.443 billion.
ClearBridge Investments made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:
“We initiated a new position in Meta Platforms, Inc. (NASDAQ:META), in the communication services sector, which operates the Facebook and Instagram social media platforms and is a leading digital advertising provider. We have been carefully watching the company over the last few quarters and believe headwinds from lower monetizing in Facebook and Instagram Reels and pressures from consumer privacy measures are poised to lessen. We believe the company has begun to fully acclimate to this new environment, will achieve greater effectiveness in Reels monetization and find ways to adapt to new privacy standards which will rebound advertising efficiency. Combined with a greater focus on cost control, we believe these initiatives will help contribute to further margin expansion and leave the company well-positioned moving forward.”
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Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 177 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the third quarter which was 185 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared Ray Dalio’s top technology stock picks. 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.
