ClearBridge Investments, an investment management firm, released its second-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. Mid-cap stocks posted positive gains in the quarter, as signs of economic robustness, moderate inflation, and stronger-than-expected corporate earnings helped boost equity markets. The strategy outperformed its Russell Midcap Growth Index during the second quarter. On an absolute basis, the strategy gained eight of the 10 sectors in which it was invested during the quarter. IT and industrials sectors were the leading contributors while the consumer discretionary sector detracted. Overall stock selection positively contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy highlighted stocks like EQT Corporation (NYSE:EQT) in the second quarter 2023 investor letter. Headquartered in Pittsburgh, Pennsylvania, EQT Corporation (NYSE:EQT) is a natural gas production company. On September 15, 2023, EQT Corporation (NYSE:EQT) stock closed at $41.53 per share. One-month return of EQT Corporation (NYSE:EQT) was -6.82%, and its shares lost 12.27% of their value over the last 52 weeks. EQT Corporation (NYSE:EQT) has a market capitalization of $17.08 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about EQT Corporation (NYSE:EQT) in its Q2 2023 investor letter:
“The energy sector was another positive contributor, primarily driven by our investment in EQT Corporation (NYSE:EQT). As North America’s leading natural gas provider, EQT had seen its share price slide as the lackluster reopening of China and a milder-than-expected winter in the northern hemisphere weighed on natural gas prices. However, as recessionary fears have given way to optimism and the prospect for greater energy demand, EQT’s share price has rebounded. While we continue to expect volatility in commodities prices, we believe that global energy demand, especially in Europe, along with the company’s leadership position in the natural gas market, make it a strong long-term compounder for the portfolio.”
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EQT Corporation (NYSE:EQT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held EQT Corporation (NYSE:EQT) at the end of second quarter which was 47 in the previous quarter.
We discussed EQT Corporation (NYSE:EQT) in another article and shared billionaire David Tepper’s investment strategy and ten favorite stocks. In addition, please check out our hedge fund investor letters Q2 2023 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.
