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 TotalEnergies SE (NYSE:TTE) in the fourth quarter 2022 investor letter. Headquartered in Courbevoie, France, TotalEnergies SE (NYSE:TTE) is an oil and gas company operates through Integrated Gas, Renewables & Power; Exploration & Production; Refining & Chemicals; and Marketing & Services. On March 14, 2023, TotalEnergies SE (NYSE:TTE) stock closed at $59.94 per share. One-month return of TotalEnergies SE (NYSE:TTE) was -7.30%, and its shares gained 19.62% of their value over the last 52 weeks. TotalEnergies SE (NYSE:TTE) has a market capitalization of $147.149 billion.
ClearBridge International Value Strategy made the following comment about TotalEnergies SE (NYSE:TTE) 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. Holdings such as TotalEnergies SE (NYSE:TTE), a leading French oil, and natural gas company, was a recipient of these macro tailwinds. 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.”
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TotalEnergies SE (NYSE:TTE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held TotalEnergies SE (NYSE:TTE) at the end of the fourth quarter which was 22 in the previous quarter.
We discussed TotalEnergies SE (NYSE:TTE) in another article and shared the list of most profitable renewable energy stocks. 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.
