ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the fourth quarter. On an absolute basis, the strategy gained from 10 of the 11 sectors in which it was invested for the quarter. The industrials and financials sectors were the leading contributors while the real estate sector detracted from performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Large Cap Value Strategy highlighted stocks like Air Products and Chemicals, Inc. (NYSE:APD) in the Q4 2022 investor letter. Headquartered in Allentown, Pennsylvania, Air Products and Chemicals, Inc. (NYSE:APD) is a chemical company that provides atmospheric gases and related services. On February 22, 2023, Air Products and Chemicals, Inc. (NYSE:APD) stock closed at $278.29 per share. One-month return of Air Products and Chemicals, Inc. (NYSE:APD) was -12.10%, and its shares gained 18.36% of their value over the last 52 weeks. Air Products and Chemicals, Inc. (NYSE:APD) has a market capitalization of $61.803 billion.
ClearBridge Large Cap Value Strategy made the following comment about Air Products and Chemicals, Inc. (NYSE:APD) in its Q4 2022 investor letter:
“In the materials sector, Air Products and Chemicals, Inc. (NYSE:APD)’s ability to recover higher energy costs, particularly in Europe as it continues to execute on its growth projects, has helped it to generate a positive return for the year and made it a strong contributor. The capital APD is deploying into hydrogen products globally is finally getting noticed as Europe is looking to diversify away from Russian natural gas and the Inflation Reduction Act (IRA) benefits domestic investments in renewables, such as APD’s $4.5 billion blue hydrogen project in Louisiana and its $4 billion green hydrogen production facility in Texas. APD is also teaming up with World Energy to build a $2.5 billion sustainable aviation fuel production facility in Southern California, a project that should also benefit from the IRA.”
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Air Products and Chemicals, Inc. (NYSE:APD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Air Products and Chemicals, Inc. (NYSE:APD) at the end of the fourth quarter which was 43 in the previous quarter.
We discussed Air Products and Chemicals, Inc. (NYSE:APD) in another article and shared the list of most promising hydrogen and fuel cell stocks to buy now according to analysts. In addition, please check out our hedge fund investor letters Q4 2022 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.
