ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third 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 third quarter. On an absolute basis, the energy and consumer discretionary sectors were the positive contributors among the 11 sectors the strategy invested in. However, the communication services and information technology sectors were the significant detractors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like ConocoPhillips (NYSE:COP) in the Q3 2022 investor letter. Headquartered in Houston, Texas, ConocoPhillips (NYSE:COP) is an oil and gas explorer and distributor. On November 7, 2022, ConocoPhillips (NYSE:COP) stock closed at $134.94 per share. One-month return of ConocoPhillips (NYSE:COP) was 16.75% and its shares gained 78.14% of their value over the last 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $171.783 billion.
ClearBridge Investments made the following comment about ConocoPhillips (NYSE:COP) in its Q3 2022 investor letter:
“ConocoPhillips (NYSE:COP) handily outperformed the energy sector, which led the value benchmark. Its exposure to natural gas helped the stock perform more in line with natural gas E&Ps, which led the sector due to the European energy crisis and U.S. shale gas being considered a secure long-term source of liquid natural gas. In addition to COP’s low-cost resource base, conservative balance sheet and experienced management team, we appreciate its strong focus on ESG measures, which we believe is a good indicator of the quality of a company’s business model and management team.
Specifically, we appreciate solid governance practices with compensation metrics emphasizing ROCE and relative total shareholder return, the board’s effective oversight of management as well as the company’s methane flaring leadership. COP is investing in field electrification and carbon capture across its portfolio, with ambitions to deliver oil production with a CO2 intensity of sub-5 kg/BOE, which would be one of the lowest emission sources of supply in the world.”
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ConocoPhillips (NYSE:COP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the second quarter which was 67 in the previous quarter.
We discussed ConocoPhillips (NYSE:COP) in another article and shared Diamond Hill Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
