ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the Russell 3000 Index. Only the industrial sector contributed positively to the strategy’s absolute performance among the ten sectors the strategy invested in. The significant performance detractors were materials, consumer discretionary, and real estate sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like MP Materials Corp. (NYSE:MP) in its Q3 2022 investor letter. Headquartered in Las Vegas, Nevada, MP Materials Corp. (NYSE:MP) is an earth mining and processing facilities provider. On November 22, 2022, MP Materials Corp. (NYSE:MP) stock closed at $33.76 per share. One-month return of MP Materials Corp. (NYSE:MP) was 6.73%, and its shares lost 19.02% of their value over the last 52 weeks. MP Materials Corp. (NYSE:MP) has a market capitalization of $5.994 billion.
ClearBridge Investments made the following comment about MP Materials Corp. (NYSE:MP) in its Q3 2022 investor letter:
“ClearBridge has visited and engaged with holding MP Materials Corp. (NYSE:MP), for example, a U.S. mining company with a facility that supplies neodymium and praseodymium, two rare earth minerals used to make powerful magnets found in 90% of EV motors. The facility recycles all water from its process such that recycled water meets 95% of the facility’s water needs, while the rest comes from groundwater. In the recycling process, wastewater is piped to an on-site water treatment plant where it is treated using reverse osmosis and then reused. In a recent engagement with the company, we encouraged it to disclose the groundwater extraction quantities that make up the other 5% and compare these to peers.”
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MP Materials Corp. (NYSE:MP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held MP Materials Corp. (NYSE:MP) at the end of the third quarter, which was 26 in the previous quarter.
We discussed MP Materials Corp. (NYSE:MP) in another article and shared the list of best metal 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.
