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 strategy discussed stocks like Raytheon Technologies Corporation (NYSE:RTX). Headquartered in Waltham, Massachusetts, Raytheon Technologies Corporation (NYSE:RTX) is an aerospace and defense company, and has a market capitalization of $135.75 billion. The stock of Raytheon Technologies Corporation (NYSE:RTX) closed at $91.94 per share on August 9, 2022. One-month return of Raytheon Technologies Corporation (NYSE:RTX) rose to 0.14%, and its 12-month return jumped to 3.75%.
Here’s how ClearBridge Investments mentioned Raytheon Technologies Corporation (NYSE:RTX) in the Q2 2022 investor letter:
“Strength continued for Raytheon Technologies Corporation (NYSE:RTX) and Northrop Grumman (NOC); the war in Ukraine has underscored the need for defense spending and it remains at the forefront of geopolitics with broad and potentially lasting macroeconomic implications including energy and food security. European reliance on Russian natural gas is being dealt with as we speak but will take years to achieve independence; in the meantime high energy costs are pressuring economic growth in Europe, including Germany, one of its economic engines. Nor is the war the only source of geopolitical risk. Concerns of slower growth out of China, where zero[1]COVID-19 policy lockdowns have only recently been lifted, may one day be surpassed by geopolitical risks such as growing tensions with Taiwan, where much of the world’s semiconductors are manufactured.”
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Raytheon Technologies Corporation (NYSE:RTX) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Raytheon Technologies Corporation (NYSE:RTX) was held by 51 hedge fund portfolios at the end of the first quarter, which was 50 in the previous quarter.
We discussed Raytheon Technologies Corporation (NYSE:RTX) in another article and shared Carillon Tower Advisers’ views about the company. 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.
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At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
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107 Amazons
140 Metas
84 Googles
65 Microsofts
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Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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