Will Aptiv (APTV) Benefit from Growth in EV?

ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. As a late-year rally was fueled by confidence about an economic soft landing, a dovish flip by the Fed, and broader market performance, mid-cap stocks saw strong gains. Due to an inconstant industrial and consumer discretionary asset performance, the Strategy underperformed its benchmark; however, the consumer staples stock pick was successful. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Mid Cap Strategy featured stocks like Aptiv PLC (NYSE:APTV) in the fourth quarter 2023 investor letter. Headquartered in Dublin, Ireland, Aptiv PLC (NYSE:APTV) is a vehicle components manufacturer. On March 18, 2024, Aptiv PLC (NYSE:APTV) stock closed at $77.81 per share. One-month return of Aptiv PLC (NYSE:APTV) was 0.06%, and its shares lost 29.89% of their value over the last 52 weeks. Aptiv PLC (NYSE:APTV) has a market capitalization of $21.217 billion.

ClearBridge Mid Cap Strategy stated the following regarding Aptiv PLC (NYSE:APTV) in its fourth quarter 2023 investor letter:

“Stock selection in the consumer discretionary sector also weighed on performance. This included two of the portfolio’s top individual detractors in Hasbro and Aptiv PLC (NYSE:APTV). Similarly, Aptiv, a Tier 1 automotive parts supplier to global automakers, faced lingering pressure stemming from the United Auto Workers strike earlier in the year as well as a lull in electric vehicle orders. However, unlike Hasbro, we see these headwinds as transitory issues and believe the company is the market leader and exceptionally well-positioned to be a long-term beneficiary of the growth in EVs.”

A closeup of a hand holding a car engine component, highlighting the precision of the company’s engineering.

Aptiv PLC (NYSE:APTV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Aptiv PLC (NYSE:APTV) was held by 39 hedge fund portfolios, compared to 38 in the previous quarter, according to our database.

We discussed Aptiv PLC (NYSE:APTV) in another article and shared the list of best car stocks to invest in. In addition, please check out our hedge fund investor letters Q4 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.