ClearBridge Investments: “We Find Expedia (EXPE) to Be a Compelling Long-Term Opportunity”

ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” second quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the second quarter. On an absolute basis, the Strategy had losses across all 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the IT and consumer discretionary sectors, while the real estate sector was the smallest detractor. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, ClearBridge Mid Cap Growth Strategy Fund mentioned Expedia Group, Inc. (NASDAQ:EXPE) and explained its insights for the company. Founded in 1996, Expedia Group, Inc. (NASDAQ:EXPE) is a Seattle, Washington-based online travel shopping company with a $16.8 billion market capitalization. Expedia Group, Inc. (NASDAQ:EXPE) delivered a -40.90% return since the beginning of the year, while its 12-month returns are down by -27.65%. The stock closed at $106.80 per share on August 24, 2022.

Here is what ClearBridge Mid Cap Growth Strategy Fund has to say about Expedia Group, Inc. (NASDAQ:EXPE) in its Q2 2022 investor letter:

“Expedia (NASDAQ:EXPE), an online travel company, also suffered during the quarter, as inflation has weighed on the purchasing power of consumers and is likely to extend to the travel sector as recessionary fears grow. However, we continue to find Expedia to be a compelling long-term opportunity as the company’s self-help initiatives are likely to drive margins to new highs.”

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Our calculations show that Expedia Group, Inc. (NASDAQ:EXPE) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Expedia Group, Inc. (NASDAQ:EXPE) was in 80 hedge fund portfolios at the end of the second quarter of 2022, compared to 88 funds in the previous quarter. Expedia Group, Inc. (NASDAQ:EXPE) delivered a -13.68% return in the past 3 months.

In July 2022, we also shared another hedge fund’s views on Expedia Group, Inc. (NASDAQ:EXPE) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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