ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The strategy gained in seven of the nine sectors in which it was invested in the quarter on an absolute basis. Healthcare and industrials sectors were the primary contributors while the consumer discretionary sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge All Cap Growth Strategy highlighted stocks like Zoetis Inc. (NYSE:ZTS) in the Q4 2022 investor letter. Headquartered in Parsippany, New Jersey, Zoetis Inc. (NYSE:ZTS) is an animal health medicines, vaccines, and diagnostic products manufacturer. On February 28, 2023, Zoetis Inc. (NYSE:ZTS) stock closed at $167.00 per share. One-month return of Zoetis Inc. (NYSE:ZTS) was -0.48%, and its shares lost 14.83% of their value over the last 52 weeks. Zoetis Inc. (NYSE:ZTS) has a market capitalization of $77.386 billion.
ClearBridge All Cap Growth Strategy made the following comment about Zoetis Inc. (NYSE:ZTS) in its Q4 2022 investor letter:
“We added Zoetis Inc. (NYSE:ZTS) to the portfolio due to its improving ESG characteristics. The world’s largest animal health company provides medicines, vaccines, diagnostics, and other products for companion animals (dogs, cats, horses) and livestock (cattle, swine, poultry, fish). The company has been steadily improving its ESG performance under the leadership of CEO Kristin Peck, who took over the role in 2020 and has brought new rigor to its ESG policies. The company indexes particularly well on diversity, equity and inclusion and sustainability progress. On the sustainability front, the company has begun major initiatives to improve its environmental efficiency, including moving up its target to source 100% renewable energy in its operations to 2030, which is a 20-year acceleration from the initial goal, and is moving towards becoming carbon neutral in its own operations by 2030. The area of greatest historical concern from an ESG perspective related to its in-feed antibiotic products, which were used in some parts of the world to stimulate animal growth. However, this portfolio has been declining at double digits over time, driven by the company’s decision to pivot away from these products.”
Syda Productions/Shutterstock.com
Zoetis Inc. (NYSE:ZTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Zoetis Inc. (NYSE:ZTS) at the end of the fourth quarter which was 62 in the previous quarter.
We discussed Zoetis Inc. (NYSE:ZTS) in another article and shared Renaissance Investment’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.
Suggested Articles:
- 11 High Growth International Stocks to Buy
- 25 Freest Countries in the World
- 50 Biggest Public Companies in the World
Disclosure: None. This article is originally published at Insider Monkey.
