ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter experienced significant gains for U.S. equities, which recovered from a fear of slowing economic growth that had driven several asset markets into correction territory. A broad rebound was then induced by a 50 basis point interest rate drop by the Federal Reserve. The Russell 1000 Value Index generated a gain of 9.43% for the quarter. Against this backdrop, the ClearBridge Large Cap Value Strategy underperformed the benchmark Russell 1000 Value Index during the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
ClearBridge Large Cap Value Strategy highlighted stocks like Air Products and Chemicals, Inc. (NYSE:APD) in the third quarter 2024 investor letter. Headquartered in Allentown, Pennsylvania, Air Products and Chemicals, Inc. (NYSE:APD) provides atmospheric gases, process and specialty gases, equipment, and related services. The one-month return of Air Products and Chemicals, Inc. (NYSE:APD) was 10.73%, and its shares gained 10.21% of their value over the last 52 weeks. On October 10, 2024, Air Products and Chemicals, Inc. (NYSE:APD) stock closed at $314.61 per share with a market capitalization of $69.942 billion.
ClearBridge Large Cap Value Strategy stated the following regarding Air Products and Chemicals, Inc. (NYSE:APD) in its Q3 2024 investor letter:
“Air Products and Chemicals, Inc. (NYSE:APD) has also made strong contributions recently, delivering operationally and announcing a major offtake agreement for its NEOM green hydrogen project in June. Strong fundamentals for APD are shining through a soft Chinese industrial economy, and it continues to shore up the strength of its core industrial gases franchise, committing to not invest additional capital on big projects until they soak up existing capacity, putting a management structure in place to allow for more accountability and announcing board-initiated succession planning that will help built investor confidence for the future. The company is also tightening up its operational focus by divesting non-core assets and streamlining operations.”
A line of workers in a refinery wearing protective suits and masks, overseeing the production process of specialty gases.
Air Products and Chemicals, Inc. (NYSE:APD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Air Products and Chemicals, Inc. (NYSE:APD) at the end of the second quarter which was 51 in the previous quarter. Air Products and Chemicals, Inc.’s (NYSE:APD) adjusted earnings per share in the fiscal third quarter of 2024 was $3.20 per share, an increase of 7% over last year. While we acknowledge the potential of Air Products and Chemicals, Inc. (NYSE:APD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Air Products and Chemicals, Inc. (NYSE:APD) and shared The London Company Large Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 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.