ClearBridge Investments, an investment management firm, published its “Global Infrastructure Value Strategy” fourth quarter 2021 investor letter – a copy of which can be downloaded here. On an absolute basis, the Strategy delivered gains across six of the nine sectors in which it was invested (out of 11 total) in the fourth quarter, with the electric, rail, and communications sectors the leading contributors and the airports and energy infrastructure sectors the detractors. On a relative basis, measured against the S&P Global Infrastructure Index, the ClearBridge Global Infrastructure Value Strategy outperformed during the fourth quarter. Overall stock selection and sector allocation contributed to relative results. Stock selection in the rail, electric, toll roads, and renewables sectors, underweights to the airport and gas sectors and overweight to the communications and rail sectors aided the most. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
ClearBridge Investments Global Infrastructure Value Strategy, in its Q4 2021 investor letter, mentioned CSX Corporation (NYSE:CSX) and discussed its stance on the firm. Founded in 1827, CSX Corporation (NYSE:CSX) is a Jacksonville, Florida-based rail, intermodal, and rail-to-truck transload services and solutions provider with a $82.3 billion market capitalization, and is currently spearheaded by its CEO, James M. Foote. CSX Corporation (NYSE:CSX) delivered a 0.53% return since the beginning of the year, while its 12-month returns are up by 17.61%. The stock closed at $37.80 per share on March 30, 2022.
Here is what ClearBridge Investments Global Infrastructure Value Strategy has to say about CSX Corporation (NYSE:CSX) in its Q4 2021 investor letter:
“On a regional basis, the U.S. and Canada was the top contributor to quarterly performance, of which U.S. rail operators CSX was among the lead performers. CSX is one of five leading North American rail companies, with over 21,000 miles of rail, covering 23 states and 40+ ports. CSX is engaged in the transportation of rail freight in the Southeast, East, and Midwest via interchange with other rail carriers, to and from the rest of the U.S. and Canada. CSX performed well during the quarter after the company beats market expectations on its third-quarter results. The beats were largely driven by strong pricing, which could be hitting record highs, and healthy commodity/coal volume driven by the current energy crisis.”
Our calculations show that CSX Corporation (NYSE:CSX) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CSX Corporation (NYSE:CSX) was in 56 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 56 funds in the previous quarter. CSX Corporation (NYSE:CSX) delivered a 0.59% return in the past 3 months.
In February 2022, we published an article that includes CSX Corporation (NYSE:CSX) in the Top 5 Stock Picks of Jason McDougall’s 11 Capital Partners. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
