Macroeconomic Factors Pulled ConocoPhillips (COP) in Q1

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like ConocoPhillips (NYSE:COP) in the first quarter 2023 investor letter. Headquartered in Houston, Texas, ConocoPhillips (NYSE:COP) engages in the exploration, production, transportation, and marketing of crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On July 3, 2023, ConocoPhillips (NYSE:COP) stock closed at $104.23 per share. One-month return of ConocoPhillips (NYSE:COP) was 2.25%, and its shares gained 23.15% of their value over the last 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $126.125 billion.

ClearBridge Large Cap Value Strategy made the following comment about ConocoPhillips (NYSE:COP) in its first quarter 2023 investor letter:

“Oil prices edged down in the quarter as the prospects of further rate hikes and economic fears overcame optimism about demand from a re-emerging China, weighing on exploration and production companies such as ConocoPhillips (NYSE:COP) and Chevron. These names detracted in the quarter after acting as top contributors throughout much of 2022.”

ConocoPhillips (NYSE:COP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of first quarter 2023 which was 67 in the previous quarter.

We discussed ConocoPhillips (NYSE:COP) in another article and shared the list of best large-cap value stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 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.