ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the fourth quarter. The strategy gained in eight of the eleven sectors it was invested in the quarter on an absolute basis. Industrials, IT, and financial sectors were the leading contributors while healthcare detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Small Cap Strategy highlighted stocks like Eagle Materials Inc. (NYSE:EXP) in the Q4 2022 investor letter. Headquartered in Dallas, Texas, Eagle Materials Inc. (NYSE:EXP) is a heavy construction material and light building materials supplier. On February 27, 2023, Eagle Materials Inc. (NYSE:EXP) stock closed at $139.85 per share. One-month return of Eagle Materials Inc. (NYSE:EXP) was -4.26%, and its shares gained 6.83% of their value over the last 52 weeks. Eagle Materials Inc. (NYSE:EXP) has a market capitalization of $5.042 billion.
ClearBridge Small Cap Strategy made the following comment about Eagle Materials Inc. (NYSE:EXP) in its Q4 2022 investor letter:
“We added Eagle Materials Inc. (NYSE:EXP), in the materials sector, which produces and supplies heavy construction materials and light building materials including cement, concrete and gypsum wallboard. Eagle’s low-cost advantage in wallboard, where other companies have seen much higher input cost inflation, and significant capacity constraints in cement manufacturing have translated to improving returns on capital despite a downturn in the housing industry. Nevertheless, the stock trades at a discount to its peers that have weaker returns and competitive positions. We believe Eagle will continue to expand margins through pricing and earn good incremental returns on its investments through both organic growth and potential acquisition opportunities.”
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Eagle Materials Inc. (NYSE:EXP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Eagle Materials Inc. (NYSE:EXP) at the end of the fourth quarter which was 26 in the previous quarter.
We discussed Eagle Materials Inc. (NYSE:EXP) in another article and shared L1 Capital’s views on the company. 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.
