ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter. The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Sustainability Leaders Strategy highlighted stocks like The Home Depot, Inc. (NYSE:HD) in the third quarter 2023 investor letter. Headquartered in Atlanta, Georgia, The Home Depot, Inc. (NYSE:HD) is a home improvement retailer. On December 27, 2023, The Home Depot, Inc. (NYSE:HD) stock closed at $348.53 per share. One-month return of The Home Depot, Inc. (NYSE:HD) was 11.18%, and its shares gained 8.78% of their value over the last 52 weeks. The Home Depot, Inc. (NYSE:HD) has a market capitalization of $346.879 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2023 investor letter:
“The Home Depot, Inc. (NYSE:HD) has long been a leader in advancing sustainable forestry, and its wood products can have a significant impact, as timber rates at the top of high-risk commodities responsible for most agriculture-related deforestation (Exhibit 3). The home improvement retailer adopted its first wood purchasing policy in 1999, pledging to give preference to sustainably sourced wood and to eliminate wood purchases from endangered regions around the world.
Biodiversity-boosting efforts at Home Depot have included tracing the origin of all the wood products it sells. This forms part of the process of verifying sustainable production, which it does using the certification standards of the Forest Stewardship Council (FSC). Since 2000 Home Depot has developed programs to purchase FSC wood products, such as doors, boards and patio furniture, from over 60 global suppliers. It has also moved more than 90% of its cedar purchases to second-and third-growth forests, with the rest coming from areas with local community stakeholder review.”
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The Home Depot, Inc. (NYSE:HD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held The Home Depot, Inc. (NYSE:HD) at the end of third quarter which was 68 in the previous quarter.
We discussed The Home Depot, Inc. (NYSE:HD) in another article and shared the list of best stocks to buy in 2024 according to Billionaire D.E. Shaw. In addition, please check out our hedge fund investor letters Q3 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.
