Here’s What Makes Canadian Imperial Bank (CM) a Great Investment Pick

ClearBridge Investments, an investment management firm, published its “Global Growth Strategy” first quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter, the ClearBridge Global Growth Strategy underperformed its MSCI ACWI benchmark. The Strategy had losses across the nine sectors in which it was invested (out of 11 total), driven by the subsector and stock-specific allocations toward growth areas versus the benchmark. The IT, health care, industrials, and consumer discretionary sectors were the primary detractors. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, ClearBridge Investments Global Growth Strategy mentioned Canadian Imperial Bank of Commerce (NYSE:CM) and explained its insights for the company. Founded in 1961, the Canadian Imperial Bank of Commerce (NYSE:CM)  is a Toronto, Canada-based financial services company with a $50.7 billion market capitalization. Canadian Imperial Bank of Commerce (NYSE:CM)  delivered a -3.43% return since the beginning of the year, while its 12-month returns are up by 5.10%. The stock closed at $112.56 per share on May 04, 2022.

Here is what ClearBridge Investments Global Growth Strategy has to say about Canadian Imperial Bank of Commerce (NYSE:CM) in its Q1 2022 investor letter:

“We increased our financials exposure with four new additions during the quarter. Canadian Imperial Bank of Commerce (NYSE:CM), which should benefit from a consolidating bank market and higher rates as Canada catches up with the U.S. in terms of reopening and GDP growth recovery.”

Our calculations show that Canadian Imperial Bank of Commerce (NYSE:CM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Canadian Imperial Bank of Commerce (NYSE:CM) was in 15 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 13 funds in the previous quarter. Canadian Imperial Bank of Commerce (NYSE:CM) delivered a -12.40% return in the past 3 months.

In April 2022, we also shared another hedge fund’s views on Canadian Imperial Bank of Commerce (NYSE:CM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page. 

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