ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark Russell 2000 Value Index in the third quarter. The strategy generated gains across three of the 11 sectors in which it was invested during the quarter, on an absolute basis. Sector allocation effects positively contributed to the performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Value Strategy highlighted stocks like Eagle Materials Inc. (NYSE:EXP) in the third quarter 2023 investor letter. Headquartered in Dallas, Texas, Eagle Materials Inc. (NYSE:EXP) is a heavy construction material and light building materials supplier. On December 18, 2023, Eagle Materials Inc. (NYSE:EXP) stock closed at $203.31 per share. One-month return of Eagle Materials Inc. (NYSE:EXP) was 14.86%, and its shares gained 54.05% of their value over the last 52 weeks. Eagle Materials Inc. (NYSE:EXP) has a market capitalization of $7.093 billion.
ClearBridge Small Cap Value Strategy made the following comment about Eagle Materials Inc. (NYSE:EXP) in its Q3 2023 investor letter:
“Stock selection in the materials sector weighed on relative performance for the period. Eagle Materials Inc. (NYSE:EXP), which manufactures and sells heavy construction materials and light building materials, was the main detractor in the sector, pulling back after a strong showing in the first half of the year over investor concerns about a possible recession and signs of slowing in construction data. However, we believe Eagle’s second-quarter earnings showed strength and the company is well-positioned to weather any economic downturn due to strong pricing power in its cement business and its cost advantages over peers in its wallboard business.”
A construction worker standing atop a metal framework of a newly built structure.
Eagle Materials Inc. (NYSE:EXP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Eagle Materials Inc. (NYSE:EXP) at the end of third quarter which was 31 in the previous quarter.
We discussed Eagle Materials Inc. (NYSE:EXP) in another article and shared Liberty Park Capital’s views on the company in the previous quarter. 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.
