ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third 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 third quarter. On an absolute basis, the energy and consumer discretionary sectors were the positive contributors among the 11 sectors the strategy invested in. However, the communication services and information technology sectors were the significant detractors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the Q3 2022 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a supplier of aggregates and heavy-side building materials to the construction industry. On November 7, 2022, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $342.84 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 8.01% and its shares lost 18.75% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $21.287 billion.
ClearBridge Investments made the following comment about Martin Marietta Materials, Inc. (NYSE:MLM) in its Q3 2022 investor letter:
“Our materials holdings, which tend to have commodities as inputs, were a slight drag on performance earlier in the year as prices for commodities soared; this focus made them strong contributors in the third quarter as commodity prices softened. Within the sector, we are positioned away from pure commodity plays and toward value-added, differentiated businesses such as Martin Marietta Materials, Inc. (NYSE:MLM), a leading producer of aggregates for construction and road paving that is well-positioned to benefit from robust infrastructure investments.
An oligopolistic industry structure enables MLM and its peers to demonstrate strong pricing power through the cycle.”
Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of the second quarter which was 35 in the previous quarter.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared the best infrastructure stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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
