ClearBridge Investments, an investment management company, released its “ClearBridge International Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy outperformed its MSCI All Country World Ex-U.S. Index. The strategy gained in 10 of the 11 sectors it invested in the quarter, on an absolute basis. The financials, industrials, and energy sectors were the leading contributors while communication services and real estate sectors detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge International Value Strategy highlighted stocks like Tenaris S.A. (NYSE:TS) in the Q4 2022 investor letter. Headquartered in Luxembourg, Luxembourg, Tenaris S.A. (NYSE:TS) is a steel tubular products manufacturer. On March 14, 2023, Tenaris S.A. (NYSE:TS) stock closed at $31.13 per share. One-month return of Tenaris S.A. (NYSE:TS) was -9.69%, and its shares gained 17.25% of their value over the last 52 weeks. Tenaris S.A. (NYSE:TS) has a market capitalization of $18.375 billion.
ClearBridge International Value Strategy made the following comment about Tenaris S.A. (NYSE:TS) in its Q4 2022 investor letter:
“Stock selection in the energy sector was also a strong driver of returns, benefiting from an improving global macro outlook. Prospects for a milder recession, increased demand from China reopening from its COVID-19 restrictions, and the recognition that the market hasn’t discounted oil company valuations based on commodity prices all served to benefit energy company stock prices. Investor optimism also helped to bolster companies in the oil and gas equipment and services industry like Tenaris S.A. (NYSE:TS). As a leading producer of pipes designed for the oil and natural gas industry, a greater need for energy likely means an increase in drilling activity and greater demand for the materials needed for extraction. We are constructive on the long-term prospects of the energy sector, with it being the second largest relative overweight in the portfolio. We believe that as the market becomes more comfortable with the industry’s intermediate earnings and capital discipline from producers, our high-quality companies in the sector should continue to perform.”
pipeline,storage tanks and buildings of a refinery – industrial plant for fuel production
Tenaris S.A. (NYSE:TS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Tenaris S.A. (NYSE:TS) at the end of the fourth quarter which was 17 in the previous quarter.
We discussed Tenaris S.A. (NYSE:TS) in another article and shared Baron Emerging Markets Fund’s views on the company. 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.
