ClearBridge Investments, an funding administration firm, launched its “ClearBridge Giant Cap Progress Technique” third quarter 2022 investor letter. A duplicate of the identical could be downloaded right here. Within the third quarter, the technique underperformed its benchmark index. The general inventory choice impacted the efficiency of the technique within the quarter. The technique additionally posted losses in 9 sectors among the many 11 sectors it invested in. IT and healthcare sectors have been the first detractors of the technique. As well as, please verify the fund’s prime 5 holdings to know its greatest picks in 2022.
ClearBridge Investments highlighted shares like Meta Platforms, Inc. (NASDAQ:META) within the Q3 2022 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a expertise conglomerate headquartered in Menlo Park, California. On November 4, 2022, Meta Platforms, Inc. (NASDAQ:META) inventory closed at $90.79 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -32.14% and its shares misplaced 73.19% of their worth during the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $240.734 billion.
ClearBridge Investments made the next remark about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:
“Meta Platforms, Inc. (NASDAQ:META), one in all two overweights among the many mega cap shares, underperformed within the third quarter (-15.9%) and is the Technique’s largest detractor 12 months to this point. Meta has additionally trailed mega cap promoting peer Alphabet, which we don’t personal, as income progress has slowed because of powerful comparables to a robust e-commerce surroundings in early 2021, damaging impacts from Apple’s privateness modifications and rising bills.
Whereas now we have trimmed our place shut to twenty%, we stay invested as we don’t suppose the shares’ valuation at about 13x consensus 2023 earnings appropriately displays its long-term earnings and free money circulate era potential. Regardless of present income headwinds, we imagine Meta is well-positioned to navigate industrywide modifications to promoting concentrating on and its transition to the Reels short-form video format will monetize within the coming years, serving to to re-accelerate income progress.
We additionally welcome Meta’s implementation of cost-cutting measures, which ought to assist uncover the corporate’s excessive underlying profitability. Lastly, we see Meta’s investments in augmented actuality as a name possibility for long-duration buyers.”
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Meta Platforms, Inc. (NASDAQ:META) is in 4th place on our checklist of 30 Most Well-liked Shares Amongst Hedge Funds. As per our database, 184 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) on the finish of the second quarter which was 200 within the earlier quarter.
We mentioned Meta Platforms, Inc. (NASDAQ:META) in one other article and shared Weitz Funding Administration’s views on the corporate. As well as, please try our hedge fund investor letters Q3 2022 web page for extra investor letters from hedge funds and different main buyers.
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Disclosure: None. This text is initially revealed at Insider Monkey.
