ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second 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 seven out of 10 sectors in which it invested during the quarter, on an absolute basis. IT and industrials sectors were the leading contributors while consumer discretionary, health care and utilities sectors detracted. Overall stock selection 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 Eaton Corporation plc (NYSE:ETN) in the second quarter 2023 investor letter. Headquartered in Dublin, Ireland, Eaton Corporation plc (NYSE:ETN) is a power management company. On October 3, 2023, Eaton Corporation plc (NYSE:ETN) stock closed at $209.05 per share. One-month return of Eaton Corporation plc (NYSE:ETN) was -9.74%, and its shares gained 44.67% of their value over the last 52 weeks. Eaton Corporation plc (NYSE:ETN) has a market capitalization of $83.411 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Eaton Corporation plc (NYSE:ETN) in its Q2 2023 investor letter:
“Meanwhile, our cyclical industrials and materials holdings were standouts from a relative perspective. Industrials holdings continued to outperform, with Eaton Corporation plc (NYSE:ETN) advancing amid enthusiasm for the company’s electrical product lineup, which is critical to both energy saving and long-term electrification of the global economy. Solid execution is also helping the stock perform strongly.”
A close-up of a server array powering a cloud-services system. Editorial photo for a financial news article. 8k. –ar 16:9
Eaton Corporation plc (NYSE:ETN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Eaton Corporation plc (NYSE:ETN) at the end of second quarter which was 55 in the previous quarter.
We discussed Eaton Corporation plc (NYSE:ETN) in another article and shared Carillon Eagle Growth & Income Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Analysts on Wall Street Lower Ratings for These 10 Stocks
- America’s Top 20 States for Business in 2023
- 20 Best US Cities for Nature Lovers and Outdoor Enthusiasts
Disclosure: None. This article is originally published at Insider Monkey.
