Multiple Reasons for the Decline of United Parcel Service (UPS) in Q2

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 1000 Value Index benchmark in the second quarter. The strategy benefited from nine of the 11 sectors in which it was invested for the quarter on an absolute basis, while overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like United Parcel Service, Inc. (NYSE:UPS) in the second quarter 2023 investor letter. Headquartered in Atlanta, Georgia, United Parcel Service, Inc. (NYSE:UPS) is a package delivery company. On September 13, 2023, United Parcel Service, Inc. (NYSE:UPS) stock closed at $157.84 per share. One-month return of United Parcel Service, Inc. (NYSE:UPS) was -7.56%, and its shares lost 14.68% of their value over the last 52 weeks. United Parcel Service, Inc. (NYSE:UPS) has a market capitalization of $134.866 billion.

ClearBridge Large Cap Value Strategy made the following comment about United Parcel Service, Inc. (NYSE:UPS) in its Q2 2023 investor letter:

“On the downside, stock selection in the industrials sector was a headwind, with United Parcel Service, Inc. (NYSE:UP trading down amid concerns over a weakening macroeconomic environment as well as risks from union contract negotiations this summer. Defensive sectors were out of favor in a growth-driven market, leaving Sempra Energy, a best-in-class utility with regulated assets in California and Texas, among the top detractors.”

parcel, downtown, delivery, post, america, usa, truck, national, worldwide, courier, north, travel, business, brown, new, logistic, fleet, commercial, postal, deliver, service, york,

Leonard Zhukovsky / Shutterstock.com

United Parcel Service, Inc. (NYSE:UPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held United Parcel Service, Inc. (NYSE:UPS) at the end of second quarter which was 39 in the previous quarter.

We discussed United Parcel Service, Inc. (NYSE:UPS) in another article and shared the list of best logistics 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.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.