ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 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 two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation 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 Trane Technologies plc (NYSE:TT) in the third quarter 2023 investor letter. Headquartered in Swords, Ireland, Trane Technologies plc (NYSE:TT) provides solutions for heating, ventilation, air conditioning, and transport refrigeration. On December 27, 2023, Trane Technologies plc (NYSE:TT) stock closed at $243.95 per share. One-month return of Trane Technologies plc (NYSE:TT) was 8.45%, and its shares gained 43.43% of their value over the last 52 weeks. Trane Technologies plc (NYSE:TT) has a market capitalization of $55.626 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Trane Technologies plc (NYSE:TT) in its Q3 2023 investor letter:
“While renewable stocks have come under pressure of late, energy efficiency and decarbonization remain strong drivers for our industrials holdings, where Eaton (ETN) and Trane Technologies plc (NYSE:TT) were strong contributors. Tax incentives to install more energy-efficient equipment are also helping HVAC company Trane, whose products are especially valuable for data centers, which are a large beneficiary of AI investments and require significant cooling.”
An engineer inspecting a HVAC system, revealing the complexity of the products.
Trane Technologies plc (NYSE:TT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Trane Technologies plc (NYSE:TT) at the end of third quarter which was 35 in the previous quarter.
We discussed Trane Technologies plc (NYSE:TT) in another article and shared the list of recent additions to the Jim Cramer stock portfolio 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.
