ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like TE Connectivity Ltd. (NYSE:TEL) in the third quarter 2023 investor letter. Based in Schaffhausen, Switzerland, TE Connectivity Ltd. (NYSE:TEL) is a connectivity and sensor solutions manufacturer. On October 10, 2023, TE Connectivity Ltd. (NYSE:TEL) stock closed at $124.33 per share. One-month return of TE Connectivity Ltd. (NYSE:TEL) was -3.06%, and its shares gained 14.97% of their value over the last 52 weeks. TE Connectivity Ltd. (NYSE:TEL) has a market capitalization of $39.032 billion.
ClearBridge Large Cap Value Strategy made the following comment about TE Connectivity Ltd. (NYSE:TEL) in its Q3 2023 investor letter:
“The current labor negotiations between the United Auto Workers and Detroit’s big three auto manufacturers likewise put pressure on OEMs and the auto supply chain broadly. Our long-term holding TE Connectivity Ltd. (NYSE:TEL) generates about half of its revenue by selling highly differentiated connectors to automotive and off-road transportation industries. While it is not immune to potentially lower production volumes as a result of the strike, we believe the company is fairly insulated due to higher per-vehicle content of EVs, which are growing at the expense of legacy ICE vehicles. We trimmed our position given the cyclical nature of the business. We continue to like TE Connectivity’s strong position with customers and its opportunities for content growth in automotive and data center customers over the next few years, and it remains a sizable active bet.”
A worker utilizing a vision sensor to verify discrete items. Editorial photo for a financial news article. 8k. –ar 16:9
TE Connectivity Ltd. (NYSE:TEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held TE Connectivity Ltd. (NYSE:TEL) at the end of second quarter which was 29 in the previous quarter.
We discussed TE Connectivity Ltd. (NYSE:TEL) in another article and shared ClearBridge Sustainability Leaders Strategy’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.
