ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy outperformed its Russell Midcap Index during the third quarter. On an absolute basis, the Strategy had gains across eight of the 11 sectors in which it was invested during the quarter. The leading contributors were the health care and financials sectors while consumer discretionary was the primary detractor. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
ClearBridge Mid Cap Strategy, in its Q3 2021 investor letter, mentioned RBC Bearings Incorporated (NASDAQ: ROLL) and discussed its stance on the firm. RBC Bearings Incorporated is an Oxford, Connecticut-based ball and roller bearing manufacturing company with a $6.0 billion market capitalization. ROLL delivered a 3.40% return since the beginning of the year, while its 12-month returns are up by 19.87%. The stock closed at $208.83 per share on January 03, 2022
Here is what ClearBridge Mid Cap Strategy has to say about RBC Bearings Incorporated in its Q3 2021 investor letter:
“We sold AMETEK, in the industrials sector, and used the proceeds to add RBC Bearings, which manufactures precision engineered bearings and components for highly technical machines, such as aircrafts, submarines and power transmission systems. AMETEK is a company we have held for many years, and we continued to like their long-term prospects, but believe better upside was available in RBC Bearings due to a temporary stock price dislocation created by an equity offering for a highly accretive acquisition. Already well-positioned to capitalize on a cyclical recovery within the aerospace and industrial sectors, RBC’s recent acquisition of DODGE’s power transmission businesses should provide substantial synergies including complementary distribution, cross selling opportunities and increased manufacturing capacity that should all contribute to RBC’s long-term earnings power.”
Based on our calculations, RBC Bearings Incorporated (NASDAQ: ROLL) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. ROLL was in 22 hedge fund portfolios at the end of the third quarter of 2021, compared to 9 funds in the previous quarter. RBC Bearings Incorporated (NASDAQ: ROLL) delivered a -3.05% return in the past 3 months.
You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.
Disclosure: None. This article is originally published at Insider Monkey.
