ClearBridge Investments’ Main Detractor: DISH Network Corporation (DISH)

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the strategy underperformed its Russell 1000 Value benchmark Index. The second quarter was highly volatile due to changes in interest rates, fears of recession, and the war. The health care and real estate sectors contributed positively to the fund’s performance, whereas the financials, IT, and industrials sectors underperformed. For more information on the fund’s top picks in 2022, please check its top five holdings.

In the second quarter investor letter, ClearBridge Investments discussed the performance of its ClearBridge Large Cap Value Strategy portfolio. The letter discussed stocks like DISH Network Corporation (NASDAQ:DISH) which was an underperformer in the quarter. DISH Network Corporation (NASDAQ:DISH) is a pay-tv service provider in the United States, headquartered in Englewood, Colorado, and has a market capitalization of $9.922 billion. The stock of DISH Network Corporation (NASDAQ:DISH) closed at $18.71 per share on August 9, 2022. One-month return of DISH Network Corporation (NASDAQ:DISH) rose to 7.41%, and its 12-month return dropped to -56.64%.

Here’s how ClearBridge Investments mentioned DISH Network Corporation (NASDAQ:DISH)  in the Q2 2022 investor letter:

“Main detractors came from the communication services and financials sectors. In communication services, telcos performed well in a shaky market, while cable and satellite services were weaker. Our main detractor here was DISH Network Corporation (NASDAQ:DISH), a leading provider of pay-TV services, which is in the midst of its multiyear efforts to build a greenfield, cloud-native 5G wireless network. While it met its interim build-out requirements, Dish needs to raise capital in the short-to-medium term to continue. Given current market conditions, capital needs combined with execution challenges were not well-received during the quarter.”

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DISH Network Corporation (NASDAQ:DISH) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, DISH Network Corporation (NASDAQ:DISH)  was held by 48 hedge fund portfolios at the end of the first quarter, which was 54 in the previous quarter.

We discussed DISH Network Corporation (NASDAQ:DISH) in another article and shared Avenue Capital Group’s best stocks to buy. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

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