ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second 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 seven out of 10 sectors in which it invested during the quarter, on an absolute basis. IT and industrials sectors were the leading contributors while consumer discretionary, health care and utilities sectors detracted. Overall stock selection 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 Procter & Gamble Company (NYSE:PG) in the second quarter 2023 investor letter. Headquartered in Cincinnati, Ohio, The Procter & Gamble Company (NYSE:PG) is a branded consumer packaged goods provider. On October 3, 2023, The Procter & Gamble Company (NYSE:PG) stock closed at $145.49 per share. One-month return of The Procter & Gamble Company (NYSE:PG) was -4.37%, and its shares gained 12.61% of their value over the last 52 weeks. The Procter & Gamble Company (NYSE:PG) has a market capitalization of $342.904 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about The Procter & Gamble Company (NYSE:PG) in its Q2 2023 investor letter:
“Reinforcing defensive exposure and pushing our consumer staples positioning from underweight to overweight the benchmark, we added The Procter & Gamble Company (NYSE:PG), a leading consumer products company with leading franchises in a variety of stable categories, including fabric care, baby, beauty and health. It is a high-quality company with a track record of superior growth, market share gains and attractive returns on capital. It also has defensive attributes when economic conditions deteriorate. Procter & Gamble is a sustainability leader with a demonstrated commitment to addressing environmental and social objectives in how it manages the business, and it has above-average corporate governance practices. Many Procter & Gamble products have a positive impact by promoting hygiene, self-care or health.”
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The Procter & Gamble Company (NYSE:PG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held The Procter & Gamble Company (NYSE:PG) at the end of second quarter which was 75 in the previous quarter.
We discussed The Procter & Gamble Company (NYSE:PG) in another article and shared the list of best dividend aristocrat stocks to buy. 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.
