ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. 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 first quarter 2023 investor letter. Based in Schaffhausen, Switzerland, TE Connectivity Ltd. (NYSE:TEL) is a connectivity and sensor solutions manufacturer. On July 3, 2023, TE Connectivity Ltd. (NYSE:TEL) stock closed at $140.38 per share. One-month return of TE Connectivity Ltd. (NYSE:TEL) was 13.03%, and its shares gained 26.47% of their value over the last 52 weeks. TE Connectivity Ltd. (NYSE:TEL) has a market capitalization of $44.236 billion.
ClearBridge Large Cap Value Strategy made the following comment about TE Connectivity Ltd. (NYSE:TEL) in its first quarter 2023 investor letter:
“Elsewhere in the market rotation to tech, a broad recovery in cyclicals such as industrials and the semiconductor supply chain helped long-time holding TE Connectivity Ltd. (NYSE:TEL). While automotive sales are likely to be pressured as higher financing costs reduce the affordability of new vehicles, we believe TE Connectivity is positioned to benefit from secular trends around automotive electrification and remain believers in the company’s strong competitive position.”
TE Connectivity Ltd. (NYSE:TEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held TE Connectivity Ltd. (NYSE:TEL) at the end of first quarter 2023 which was 38 in the previous quarter.
We discussed TE Connectivity Ltd. (NYSE:TEL) in another article and shared Madison Sustainable Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.