ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the second quarter. The strategy has gained nine out of eleven sectors in which it was invested during the quarter, on an absolute basis. Overall stock selection contributed to the performance on a relative basis while sector allocation effects detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Value Equity Strategy highlighted stocks like The Mosaic Company (NYSE:MOS) in the second quarter 2023 investor letter. Headquartered in Tampa, Florida, The Mosaic Company (NYSE:MOS) is a crop nutrient manufacturer. On September 28, 2023, The Mosaic Company (NYSE:MOS) stock closed at $35.84 per share. One-month return of The Mosaic Company (NYSE:MOS) was -10.06%, and its shares lost 25.84% of their value over the last 52 weeks. The Mosaic Company (NYSE:MOS) has a market capitalization of $11.909 billion.
ClearBridge Value Equity Strategy made the following comment about The Mosaic Company (NYSE:MOS) in its Q2 2023 investor letter:
“Conversely, stock selection in the materials sector was the primary detractor from relative performance partially due to a decline in The Mosaic Company (NYSE:MOS), a leading provider of potash and phosphate fertilizers. The company has seen faster-than-expected price declines from the highs reached after the outbreak of the Russia-Ukraine war, as supplies from Belarus and Russia gradually found their way around the global sanctions. Also, higher cost inflation has delayed discretionary fertilizer purchases by farmers. However, we believe the global agricultural cycle remains broadly supportive. With fertilizer prices normalizing above the pre-pandemic levels, pent up demand from farmers’ need to replenish diminished soil land banks, and continued pressure on Belarussian and Russian supplies, we believe the company’s earnings power will remain at above-history levels. Additionally, the company’s commitment to share repurchases and debt paydowns has accreted value to existing shareholders and signaled a commitment by management to continue to do so.”
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The Mosaic Company (NYSE:MOS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held The Mosaic Company (NYSE:MOS) at the end of second quarter which was 40 in the previous quarter.
We discussed The Mosaic Company (NYSE:MOS) in another article and shared the list of biggest agricultural companies in the US. In addition, please check out our hedge fund investor letters Q2 2023 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.
