Here’s Why ClearBridge Small Cap Strategy Exited Physicians Realty Trust (DOC)

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the fourth quarter. The strategy gained in eight of the eleven sectors it was invested in the quarter on an absolute basis. Industrials, IT, and financial sectors were the leading contributors while healthcare detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Small Cap Strategy highlighted stocks like Physicians Realty Trust (NYSE:DOC) in the Q4 2022 investor letter. Physicians Realty Trust (NYSE:DOC) is a healthcare real estate company. On February 28, 2023, Physicians Realty Trust (NYSE:DOC) stock closed at $14.83 per share. One-month return of Physicians Realty Trust (NYSE:DOC) was -6.26%, and its shares lost 11.62% of their value over the last 52 weeks. Physicians Realty Trust (NYSE:DOC) has a market capitalization of $3.705 billion.

ClearBridge Small Cap Strategy made the following comment about Physicians Realty Trust (NYSE:DOC) in its Q4 2022 investor letter:

“Elsewhere in real estate, we exited our position in health care REIT Physicians Realty Trust (NYSE:DOC). With interest rates rising and the capitalization rates for medical office buildings remaining flat, we determined that the margin between the company’s cost of capital and returns from its properties has narrowed to an unattractive level and elected to exit the position and redeploy capital into our higher-conviction holdings.”

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Physicians Realty Trust (NYSE:DOC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Physicians Realty Trust (NYSE:DOC) at the end of the fourth quarter which was 19 in the previous quarter.

We discussed Physicians Realty Trust (NYSE:DOC) in another article and shared the list of stocks under $25. 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.