ClearBridge Investments, an investment management firm, published its “International Growth ADR Strategy” first quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter, the ClearBridge International Growth ADR Strategy underperformed its MSCI EAFE Index benchmark. The Strategy had losses across nine of the 10 sectors in which it was invested (out of 11 total), driven by the subsector and stock-specific allocations toward growth areas versus the benchmark. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022. 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 International Growth ADR Strategy mentioned ASML Holding N.V. (NASDAQ:ASML) and explained its insights for the company. Founded in 1984, ASML Holding N.V. (NASDAQ:ASML) is a Veldhoven, Netherlands-based semiconductor company with a $240.7 billion market capitalization. ASML Holding N.V. (NASDAQ:ASML) delivered a -24.90% return since the beginning of the year, while its 12-month returns are down by -6.89%. The stock closed at $597.87 per share on April 14, 2022.
Here is what ClearBridge Investments International Growth ADR Strategy has to say about ASML Holding N.V. (NASDAQ:ASML) in its Q1 2022 investor letter:
“During the quarter, we reduced our semiconductor exposure through the trim of ASML (NASDAQ:ASML) to manage concerns of a slowdown due to the risk of double ordering and potential softness in some consumer end markets. We increased our position in IT services with the purchase of Accenture as we remain optimistic about the long-term growth potential these companies provide, which is underpinned by the compressed digital transformation cycle, rising cloud adoption and growth in data-driven insights.
Despite the market volatility and hyper focus on rising rates, chief information officer surveys continue to forecast resilience in IT budgets this year. Growth in IT spending for 2022 is expected to remain above the 10-year pre-COVID-19 average, according to Morgan Stanley. We believe this is a result of the strong secular underpinnings brought on by digital transformation and businesses focusing on increasing efficiencies through technology.”
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Our calculations show that ASML Holding N.V. (NASDAQ:ASML) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. ASML Holding N.V. (NASDAQ:ASML) was in 40 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 41 funds in the previous quarter. ASML Holding N.V. (NASDAQ:ASML) delivered a -18.11% return in the past 3 months.
In January 2022, we published an article that includes ASML Holding N.V. (NASDAQ:ASML) 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.
