ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter. The strategy gained seven out of 10 sectors in which it invested during the quarter, on an absolute basis. IT and industrials sectors were the leading contributors while consumer discretionary, health care and utilities sectors detracted. Overall stock selection detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Trex Company, Inc. (NYSE:TREX) in the second quarter 2023 investor letter. Headquartered in Winchester, Virginia, Trex Company, Inc. (NYSE:TREX) is a decking, railing, and outdoor living products and accessories manufacturer. On October 3, 2023, Trex Company, Inc. (NYSE:TREX) stock closed at $58.72 per share. One-month return of Trex Company, Inc. (NYSE:TREX) was -16.34%, and its shares gained 21.12% of their value over the last 52 weeks. Trex Company, Inc. (NYSE:TREX) has a market capitalization of $6.439 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Trex Company, Inc. (NYSE:TREX) in its Q2 2023 investor letter:
“Trex Company, Inc. (NYSE:TREX)is a manufacturer and marketer of wood alternative decking products made from recycled wood fibers and plastic waste for residential and commercial customers. Trex beat sales and earnings estimates in its recent financial report and is benefiting from optimism concerning the housing cycle, which looks set to recover. A testament to Trex’s value proposition, composite decking continues to take share from wood even as lumber prices have declined.”
IZZ HAZEL/Shutterstock.com
Trex Company, Inc. (NYSE:TREX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Trex Company, Inc. (NYSE:TREX) at the end of second quarter which was 30 in the previous quarter.
We discussed Trex Company, Inc. (NYSE:TREX) in another article and shared the list of best stocks to invest in, according to AI. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Dumbest Cities in America
- 15 Most Competitive Residency Programs in US
- 10 Easiest Illegal Drugs that are Made at Home Using Legal Substances
Disclosure: None. This article is originally published at Insider Monkey.
