ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter infrastructure assets lagged behind global equities amid a strong rally in equities. The Strategy underperformed in the first quarter relative to the S&P Global Infrastructure Index and on a U.S. dollar basis. Overweight exposure to the rail and renewables sectors and stock selection in the energy infrastructure and airports sectors primarily dragged the strategy’s performance while stock selection in the rail, renewables, and toll roads sectors proved beneficial. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Global Infrastructure Value Strategy highlighted stocks like CSX Corporation (NASDAQ:CSX), in the first quarter 2024 investor letter. CSX Corporation (NASDAQ:CSX) offers rail-based freight transportation services. The one-month return of CSX Corporation (NASDAQ:CSX) was 2.82%, and its shares lost 1.88% of their value over the last 52 weeks. On July 1, 2024, CSX Corporation (NASDAQ:CSX) stock closed at $33.59 per share with a market capitalization of $65.871 billion.
ClearBridge Global Infrastructure Value Strategy stated the following regarding CSX Corporation (NASDAQ:CSX) in its first quarter 2024 investor letter:
“On a regional basis, the U.S. and Canada was the top contributor for quarter, with U.S. electric utility Constellation Energy and U.S. rail operator CSX Corporation (NASDAQ:CSX) the lead performers. CSX runs the second-largest listed U.S.-centric railroad in terms of market cap, owning over 20,000 miles of track and operating across 23 states mostly on the East Coast. CSX was an outperformer as quarterly results demonstrated best-in-class adjusted operating margins combined with continued volume recovery, which has surpassed expectations.”
A freight train moving through a rural landscape, its engine and numerous rail cars carrying the company’s cargo.
CSX Corporation (NASDAQ:CSX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held CSX Corporation (NASDAQ:CSX) at the end of the first quarter which was 61 in the previous quarter. The first-quarter revenue of CSX Corporation (NASDAQ:CSX) decreased by 1% while operating income dropped by 8%. While we acknowledge the potential of CSX Corporation (NASDAQ:CSX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed CSX Corporation (NASDAQ:CSX) in another article and shared the list of the largest publicly traded industrial companies in the US. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
