Chevron (CVX) Landed in ClearBridge Investments Top Q1 2022 Contributors List

ClearBridge Investments, an investment management firm, published its “Large Cap Value Strategy” first quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Large Cap Value Strategy underperformed its Russell 1000 Value Index benchmark during the first quarter. On an absolute basis, the Strategy had gains in four of the 11 sectors in which it was invested for the quarter. The strongest contributions came from the energy, utilities, and health care sectors. The information technology (IT), materials, and consumer discretionary sectors were the main detractors. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, ClearBridge Investments Large Cap Value Strategy mentioned Chevron Corporation (NYSE:CVX) and explained its insights for the company. Founded in 1879, Chevron Corporation (NYSE:CVX)  is a San Ramon, California-based energy industry company with a $337.1 billion market capitalization. Chevron Corporation (NYSE:CVX)  delivered a 46.22% return since the beginning of the year, while its 12-month returns are up by 65.92%. The stock closed at $171.59 per share on April 15, 2022.

Here is what ClearBridge Investments Large Cap Value Strategy has to say about Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter:

“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holding Chevron (NYSE:CVX) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”

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Our calculations show that Chevron Corporation (NYSE:CVX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Chevron Corporation (NYSE:CVX) was in 53 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 51 funds in the previous quarter. Chevron Corporation (NYSE:CVX) delivered a 35.32% return in the past 3 months.

In December 2021, we published an article that includes Chevron Corporation (NYSE:CVX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.