ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” fourth 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the fourth quarter. In the quarter, the strategy gained in eight of the ten sectors it invested in on an absolute basis. Health care, financials, and IT sectors were the leading contributors while communication services and utility sectors detracted from the performance. Stock selection was favorable on a relative basis while sector allocation detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Brookfield Renewable Partners L.P. (NYSE:BEP) in the Q4 2022 investor letter. Headquartered in Hamilton, Bermuda, Brookfield Renewable Partners L.P. (NYSE:BEP) owns renewable power generating facilities. On March 3, 2023, Brookfield Renewable Partners L.P. (NYSE:BEP) stock closed at $27.08 per share. One-month return of Brookfield Renewable Partners L.P. (NYSE:BEP) was -2.41%, and its shares lost 29.09% of their value over the last 52 weeks. Brookfield Renewable Partners L.P. (NYSE:BEP) has a market capitalization of $17.369 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Brookfield Renewable Partners L.P. (NYSE:BEP) in its Q4 2022 investor letter:
“Rising interest rates remain the key risk to renewables utility Brookfield Renewable Partners L.P. (NYSE:BEP), an underperformer in the fourth quarter, though we view Brookfield’s stable fundamentals (with >90% of contracted cash flows having an average term of 14 years), inflation protection (~70% of power purchase agreements are indexed to inflation) and long-term growth opportunities as attractive in the current environment. Brookfield’s balance sheet is also relatively well-protected against rising rates given it has 97% fixed-rate debt with an average term to maturity of 12 years.”
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Brookfield Renewable Partners L.P. (NYSE:BEP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Brookfield Renewable Partners L.P. (NYSE:BEP) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Brookfield Renewable Partners L.P. (NYSE:BEP) in another article and shared the list of most promising tech stocks according to analysts. In addition, please check out our hedge fund investor letters Q4 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.
