ClearBridge Investments, an investment management company, published its “ClearBridge Small Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2000 Value Index. On an absolute basis, the strategy gained in nine out of eleven sectors it was invested in during the quarter. Industrials, financials, and consumer discretionary sectors were the leading contributors while the healthcare sector was the primary detractor. Overall, stock selection and sector allocation contributed to the relative performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Small Cap Value Strategy highlighted stocks like Primoris Services Corporation (NASDAQ:PRIM) in the fourth quarter 2022 investor letter. Headquartered in Dallas, Texas, Primoris Services Corporation (NASDAQ:PRIM) is a contractor company. On March 8, 2023, Primoris Services Corporation (NASDAQ:PRIM) stock closed at $27.18 per share. One-month return of Primoris Services Corporation (NASDAQ:PRIM) was 7.90%, and its shares gained 5.35% of their value over the last 52 weeks. Primoris Services Corporation (NASDAQ:PRIM) has a market capitalization of $1.444 billion.
ClearBridge Small Cap Value Strategy made the following comment about Primoris Services Corporation (NASDAQ:PRIM) in its Q4 2022 investor letter:
“Likewise, Primoris Services Corporation (NASDAQ:PRIM), which provides a range of construction, fabrication, maintenance, replacement and engineering services, also delivered strong performance during the period. The stock rebounded from a decline in the third quarter as margins improved from pricing catching up with cost inflation, which had weighed on the company’s performance through 2022. Primoris Services’s orders backlog also increased to an all-time high, despite much of the infrastructure work stemming from government legislation still not having reached bidding stage. We believe demand for Primoris’s services will be strong for many years to come and be a long-term driver of returns in the portfolio.”
Primoris Services Corporation (NASDAQ:PRIM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Primoris Services Corporation (NASDAQ:PRIM) at the end of the fourth quarter which was 16 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
