ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the fourth quarter. On an absolute basis, the strategy gained from 10 of the 11 sectors in which it was invested for the quarter. The industrials and financials sectors were the leading contributors while the real estate sector detracted from performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Large Cap Value Strategy highlighted stocks like American Tower Corporation (NYSE:AMT) in the Q4 2022 investor letter. American Tower Corporation (NYSE:AMT) is a multitenant communications real estate operator. On February 22, 2023, American Tower Corporation (NYSE:AMT) stock closed at $199.28 per share. One-month return of American Tower Corporation (NYSE:AMT) was -9.84%, and its shares lost 14.01% of their value over the last 52 weeks. American Tower Corporation (NYSE:AMT) has a market capitalization of $92.786 billion.
ClearBridge Large Cap Value Strategy made the following comment about American Tower Corporation (NYSE:AMT) in its Q4 2022 investor letter:
“Real estate and communication services sectors generated positive returns but lagged others within the Russell 1000 Value Index. The Strategy benefited from its underweight in the real estate sector with American Tower Corporation (NYSE:AMT) as its only holding. REITs are generally perceived to be interest rate sensitive, which negatively impacted American Tower’s recent stock performance. However, we remain confident in the company’s highly durable and predictable business model, which is supported by long-term customer contracts and insatiable wireless data growth.”
American Tower Corporation (NYSE:AMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the fourth quarter which was 62 in the previous quarter.
We discussed American Tower Corporation (NYSE:AMT) in another article and shared the list of most valuable real estate companies in the world. 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.
