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 Bank of America Corporation (NYSE:BAC) in the first quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Bank of America Corporation (NYSE:BAC) provides banking and financial products and services. On July 3, 2023, Bank of America Corporation (NYSE:BAC) stock closed at $29.20 per share. One-month return of Bank of America Corporation (NYSE:BAC) was -0.10%, and its shares lost 6.53% of their value over the last 52 weeks. Bank of America Corporation (NYSE:BAC) has a market capitalization of $232.699 billion.
ClearBridge Large Cap Value Strategy made the following comment about Bank of America Corporation (NYSE:BAC) in its first quarter 2023 investor letter:
“Our quality bias has always led us to gravitate toward banks with strong and diverse deposit bases; those we own tend to be the larger players, which we also expect to be the biggest beneficiaries from a flight to safety in terms of deposits. JPMorgan Chase comes to mind especially here, but so does Bank of America Corporation (NYSE:BAC) despite its weakness in March, as well as U.S. Bancorp, to which we added opportunistically in the quarter.”
Bank of America Corporation (NYSE:BAC) is in 18th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of first quarter 2023 which was 100 in the previous quarter.
We discussed Bank of America Corporation (NYSE:BAC) in another article and shared the list of best large-cap value stocks to buy. 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.
