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 Intel Corporation (NASDAQ:INTC) in the third quarter 2023 investor letter. Headquartered in Santa Clara, California, Intel Corporation (NASDAQ:INTC) designs, develops, and manufactures computer products and technologies. On October 10, 2023, Intel Corporation (NASDAQ:INTC) stock closed at $36.43 per share. One-month return of Intel Corporation (NASDAQ:INTC) was -5.89%, and its shares gained 43.82% of their value over the last 52 weeks. Intel Corporation (NASDAQ:INTC) has a market capitalization of $152.569 billion.
ClearBridge Large Cap Value Strategy made the following comment about Intel Corporation (NASDAQ:INTC) in its Q3 2023 investor letter:
“We also added to our position in Intel Corporation (NASDAQ:INTC) to take advantage of signs that it continues to make progress on its goal of regaining technology leadership. Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”
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Intel Corporation (NASDAQ:INTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the second quarter, which was 68 in the previous quarter.
We discussed Intel Corporation (NASDAQ:INTC) in another article and shared the list of stocks whose price targets were recently raised by analysts. 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.
