ClearBridge Investments, an investment management firm, published its “Select Strategy” fourth quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Select Strategy underperformed its Russell 3000 Index benchmark in the fourth quarter. On an absolute basis, the Strategy had gains in eight of the 10 sectors in which it was invested during the quarter (out of 11 sectors total). The industrials and financials sectors were the primary contributors to performance while the communication services and consumer discretionary sectors were detractors. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
ClearBridge Investments Select Strategy, in its Q4 2021 investor letter, mentioned Pioneer Natural Resources Company (NYSE:PXD) and discussed its stance on the firm. Founded in 1997, Pioneer Natural Resources Company (NYSE:PXD) is an Irving, Texas-based independent oil and gas exploration and production company with a $59.3 billion market capitalization, and is currently spearheaded by its CEO, Scott D. Sheffield. Pioneer Natural Resources Company (NYSE:PXD) delivered a 34.42% return since the beginning of the year, while its 12-month returns are up by 59.24%. The stock closed at $244.48 per share on April 05, 2022.
Here is what ClearBridge Investments Select Strategy has to say about Pioneer Natural Resources Company (NYSE:PXD) in its Q4 2021 investor letter:
“Weakness among disruptors was offset by solid results from companies that we consider evolving opportunities and steady compounders. These are companies that are misunderstood or temporarily mispriced and either maintain leading market positions in the case of compounders or are undergoing dynamic improvements in the case of evolving opportunities. We had been opportunistically adding to both groups while they have been cyclically depressed due to pandemic-related issues. Many of these names are now benefiting from improving economic conditions in addition to company-specific drivers. Pioneer Natural Resources, meanwhile, continues to deliver the best execution among oil & gas exploration and production companies while generating higher returns to shareholders and abundant free cash flow. Rising oil prices and improving energy demand further support the stock, which is prudently increasing production while maintaining capital discipline.”
Oil Industry
Our calculations show that Pioneer Natural Resources Company (NYSE:PXD) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Pioneer Natural Resources Company (NYSE:PXD) was in 43 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 48 funds in the previous quarter. Pioneer Natural Resources Company (NYSE:PXD) delivered a 26.73% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on Pioneer Natural Resources Company (NYSE:PXD) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
