ClearBridge Investments: “Union Pacific Corp. (UNP) was Down Amid Concerns of a Recession”

ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund underperformed relative to the S&P Global Infrastructure Index. Utilities with clean energy portfolios contributed positively to the fund’s performance but fears of a recession affected the rail companies. For more information on the fund’s best picks in 2022, please check its top five holdings.

In the letter, ClearBridge Investments discussed the performance of the ClearBridge Global Infrastructure Value Strategy portfolio. The letter discussed stocks like Union Pacific Corporation (NYSE:UNP). Headquartered in Omaha, Nebraska, Union Pacific Corporation (NYSE:UNP) engages in the railroad business and has a market capitalization of $142.294 billion. The stock of Union Pacific Corporation (NYSE:UNP) closed at $227.86 per share on August 8, 2022. One-month return of Union Pacific Corporation (NYSE:UNP) rose to 10.34% and its shares gained 2.77% of their value over the last 52 weeks.

Here’s what ClearBridge Investments specifically said about Union Pacific Corporation (NYSE:UNP):

“Amid signs of slowing growth, more economically sensitive user-pays infrastructure such as rail and airports were among the main detractors. U.S. rail operators Union Pacific Corporation (NYSE:UNP), the largest listed railroad company in North America, and CSX (CSX), among the top five leading North American rail companies, were down amid concerns of an economic growth slowdown and implications for freight rail volumes outlook. Further, Union Pacific revised lower its operating margin expectations for the year due to inflation and labor shortages.”

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Union Pacific Corporation (NYSE:UNP) is in 27th position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Union Pacific Corporation (NYSE:UNP) was held by 89 hedge fund portfolios at the end of the first quarter, up from 59 in the previous quarter.

We discussed Union Pacific Corporation (NYSE:UNP) in another article and shared Carillon Tower Advisers’ insights on 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.