ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 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 two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation 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 Williams-Sonoma, Inc. (NYSE:WSM) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, Williams-Sonoma, Inc. (NYSE:WSM) is a specialty retailer of various products for home. On December 27, 2023, Williams-Sonoma, Inc. (NYSE:WSM) stock closed at $203.40 per share. One-month return of Williams-Sonoma, Inc. (NYSE:WSM) was 8.46%, and its shares gained 74.52% of their value over the last 52 weeks. Williams-Sonoma, Inc. (NYSE:WSM) has a market capitalization of $13.047 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Williams-Sonoma, Inc. (NYSE:WSM) in its Q3 2023 investor letter:
“In a strong showing for the Strategy’s consumer discretionary holdings, Williams-Sonoma, Inc. (NYSE:WSM), which sells kitchenware and home furnishings, was the top contributor in the quarter after its August earnings report showed exceptional profitability and the company raised its full-year guidance. Shares jumped further in September after a private equity firm increased its stake, suggesting recent weakness was overdone. The company’s high-quality fundamentals make it a good defensive fit for an uncertain environment: it generates significant free cash flows, has no debt and the liquidity to invest in the business first and then return excess to shareholders.”
A person in a bright and spotless kitchen, showcasing the efficiency of the line of household cleaning products.
Williams-Sonoma, Inc. (NYSE:WSM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Williams-Sonoma, Inc. (NYSE:WSM) at the end of third quarter which was 33 in the previous quarter.
We discussed Williams-Sonoma, Inc. (NYSE:WSM) in another article and shared the list of quality undervalued non-cyclical stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
