ClearBridge Investments, an investment management company, released its “ClearBridge International Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy outperformed its MSCI All Country World Ex-U.S. Index. The strategy gained in 10 of the 11 sectors it invested in the quarter, on an absolute basis. The financials, industrials, and energy sectors were the leading contributors while communication services and real estate sectors detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge International Value Strategy highlighted stocks like Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) in the fourth quarter 2022 investor letter. Headquartered in Bilbao, Spain, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) is a financial company. On March 14, 2023, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) stock closed at $7.05 per share. One-month return of Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) was -4.60%, and its shares gained 19.29% of their value over the last 52 weeks. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) has a market capitalization of $43.219 billion.
ClearBridge International Value Strategy made the following comment about Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) in its Q4 2022 investor letter:
“Stock selection in the financials sector was the primary contributor to relative outperformance and included two of the Strategy’s top five individual performers. Financials benefited from interest rate hikes by major central banks, particularly in Europe as the ECB indicated it would maintain a hawkish approach. Combined with investors becoming less bearish on the European economy, these tailwinds helped to propel our holdings in the sector. For example, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) (also known as BBVA), a Spanish multinational financial services company, was the individual performer during the quarter. The company continues to improve revenues from strong loan growth and increasing credit spreads. Additionally, its strong brand presence in Mexico has helped drive earnings growth through its profitable deposit mix and growing market share in financial transactions.”
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Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) at the end of the fourth quarter which was 8 in the previous quarter.
We discussed Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) in another article and shared the list of best European bank stocks to invest in. 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.
