ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. 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 Johnson & Johnson (NYSE:JNJ) in the third quarter 2023 investor letter. Headquartered in New Brunswick, New Jersey, Johnson & Johnson (NYSE:JNJ) researches, develops, manufactures, and sells various products in the healthcare field. On October 10, 2023, Johnson & Johnson (NYSE:JNJ) stock closed at $158.36 per share. One-month return of Johnson & Johnson (NYSE:JNJ) was -3.43%, and its shares lost 2.66% of their value over the last 52 weeks. Johnson & Johnson (NYSE:JNJ) has a market capitalization of $382.753 billion.
ClearBridge Large Cap Value Strategy made the following comment about Johnson & Johnson (NYSE:JNJ) in its Q3 2023 investor letter:
“The health care space provided some opportunities in the quarter, as we increased our exposure to medical device company Becton, Dickinson as well as large cap pharmaceutical company Johnson & Johnson (NYSE:JNJ). Johnson & Johnson recently spun out its consumer health care business, becoming a more focused yet broadly diversified pharmaceutical and medtech company.”
A medical research laboratory showcasing the latest technologies used in clinical-stage biopharmaceutical studies. Editorial photo for a financial news article. 8k. –ar 16:9
Johnson & Johnson (NYSE:JNJ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 88 hedge fund portfolios held Johnson & Johnson (NYSE:JNJ) at the end of the second quarter, which was 86 in the previous quarter.
We discussed Johnson & Johnson (NYSE:JNJ) in another article and shared the list of most innovative companies in the world in 2023. 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.
