ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the fourth quarter. The strategy gained in eight of the eleven sectors it was invested in the quarter on an absolute basis. Industrials, IT, and financial sectors were the leading contributors while healthcare detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Small Cap Strategy highlighted stocks like Commercial Metals Company (NYSE:CMC) in the Q4 2022 investor letter. Headquartered in Irving, Texas, Commercial Metals Company (NYSE:CMC) processes and sells steel and metal products, and related materials and services. On February 27, 2023, Commercial Metals Company (NYSE:CMC) stock closed at $52.46 per share. One-month return of Commercial Metals Company (NYSE:CMC) was -3.34%, and its shares gained 39.19% of their value over the last 52 weeks. Commercial Metals Company (NYSE:CMC) has a market capitalization of $6.144 billion.
ClearBridge Small Cap Strategy made the following comment about Commercial Metals Company (NYSE:CMC) in its Q4 2022 investor letter:
“Our holdings in the materials sector also benefited relative performance during the period. Commercial Metals Company (NYSE:CMC), a steel and metal manufacturer, was a top performer. The company exceeded analyst expectations for quarterly earnings on the back of strong fundamental drivers, which have been significantly bolstered by the prospect of further infrastructure spending by the government. We believe the company will be able to capitalize on this increased investment and generate longterm returns for the portfolio. Strong drivers for chemical manufacturer and distributor Olin also drove portfolio performance.”
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Commercial Metals Company (NYSE:CMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Commercial Metals Company (NYSE:CMC) at the end of the fourth quarter which was 20 in the previous quarter.
We discussed Commercial Metals Company (NYSE:CMC) in another article and shared the best cement and construction materials stocks to buy. 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.
