ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the second quarter. The strategy has gained nine out of eleven sectors in which it was invested during the quarter, on an absolute basis. Overall stock selection contributed to the performance on a relative basis while sector allocation effects detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Value Equity Strategy highlighted stocks like Eastman Chemical Company (NYSE:EMN) in the second quarter 2023 investor letter. Headquartered in Kingsport, Tennessee, Eastman Chemical Company (NYSE:EMN) is a specialty materials company. On September 28, 2023, Eastman Chemical Company (NYSE:EMN) stock closed at $76.89 per share. One-month return of Eastman Chemical Company (NYSE:EMN) was -10.55%, and its shares gained 8.22% of their value over the last 52 weeks. Eastman Chemical Company (NYSE:EMN) has a market capitalization of $9.116 billion.
ClearBridge Value Equity Strategy made the following comment about Eastman Chemical Company (NYSE:EMN) in its Q2 2023 investor letter:
“We also added a new position in Eastman Chemical Company (NYSE:EMN), a vertically integrated chemical company, reflecting an opportunity to buy an overly depressed cyclical stock with an extremely cheap option on molecular recycling. An eventual cyclical rebound alone is enough to justify a much higher business value as demand will accelerate as destocking ends, allowing Eastman to realize material profit margin expansion as it gets ahead of cost input inflation. Additionally, Eastman is ramping up three molecular recycling plants over the next few years based on its Polyester Renewal Technology, a less energy intensive and lower cost production process. This should drive faster growth while generating compelling returns on capital.”
A gas refinery lit up against the night sky, showing the scale of the company’s petrochemical operations. Editorial photo for a financial news article. 8k. –ar 16:9
Eastman Chemical Company (NYSE:EMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Eastman Chemical Company (NYSE:EMN) at the end of second quarter which was 28 in the previous quarter.
We discussed Eastman Chemical Company (NYSE:EMN) in another article and shared the list of stocks recently downgraded by analysts. In addition, please check out our hedge fund investor letters Q2 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.
