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 American Water Works Company, Inc. (NYSE:AWK) in the third quarter 2023 investor letter. Headquartered in Camden, New Jersey, American Water Works Company, Inc. (NYSE:AWK) provides water and wastewater services. On December 27, 2023, American Water Works Company, Inc. (NYSE:AWK) stock closed at $132.23 per share. One-month return of American Water Works Company, Inc. (NYSE:AWK) was 0.68%, and its shares lost 14.24% of their value over the last 52 weeks. American Water Works Company, Inc. (NYSE:AWK) has a market capitalization of $25.841 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about American Water Works Company, Inc. (NYSE:AWK) in its Q3 2023 investor letter:
“At the same time, an out of favor utilities sector created an opening for us to be opportunistic. During the quarter we added American Water Works Company, Inc. (NYSE:AWK), the largest publicly traded water utility in the U.S., operating across 24 states and providing drinking water, wastewater services and other related services to 14 million customers. Continuous investments in infrastructure improvement, resiliency and water quality should drive solid growth and generate attractive regulated returns for the company for the foreseeable future. In addition, the water infrastructure market remains very fragmented, with 80% of community water systems serving a population of 3,000 or less, enabling American Water Works to continue its strategy of accretive acquisitions to bolster its growth rate.”
A man wearing a hazmat suit entering a modern water purification plant.
American Water Works Company, Inc. (NYSE:AWK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held American Water Works Company, Inc. (NYSE:AWK) at the end of third quarter which was 34 in the previous quarter.
We discussed American Water Works Company, Inc. (NYSE:AWK) in another article and shared the list of best water stocks to buy. 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.
