ClearBridge Investments, an investment management firm, published its “International Growth ADR Strategy” first quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter, the ClearBridge International Growth ADR Strategy underperformed its MSCI EAFE Index benchmark. The Strategy had losses across nine of the 10 sectors in which it was invested (out of 11 total), driven by the subsector and stock-specific allocations toward growth areas versus the benchmark. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, ClearBridge Investments International Growth ADR Strategy mentioned Suncor Energy Inc. (NYSE:SU) and explained its insights for the company. Founded in 1919, Suncor Energy Inc. (NYSE:SU) is a Calgary, Canada-based integrated energy company with a $48.4 billion market capitalization. Suncor Energy Inc. (NYSE:SU) delivered a 34.88% return since the beginning of the year, while its 12-month returns are up by 60.00%. The stock closed at $33.76 per share on April 14, 2022.
Here is what ClearBridge Investments International Growth ADR Strategy has to say about Suncor Energy Inc. (NYSE:SU) in its Q1 2022 investor letter:
“Also within the structural bucket, we added to our commodity exposure with the purchase of Suncor Energy (NYSE:SU). Suncor, a past holding, is a Canadian integrated oil company where we capitalized on attractive valuation due to a COVID-19-induced slowdown. We expect recovery in oil demand and strong pricing will result in faster than expected free cash flow growth and financial deleveraging.
The structural bucket has the shortest investment horizon across the spectrum of growth companies we target in the Strategy. We closely monitor the macro impacts and turnaround progress of these companies and will be disciplined sellers when the thesis for a holding plays out.”
Our calculations show that Suncor Energy Inc. (NYSE:SU) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Suncor Energy Inc. (NYSE:SU) was in 33 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 32 funds in the previous quarter. Suncor Energy Inc. (NYSE:SU) delivered a 21.13% return in the past 3 months.
In April 2022, we published an article that includes Suncor Energy Inc. (NYSE:SU) in 10 Canadian Dividend Stocks for Steady Income. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
