ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. 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 McKesson Corporation (NYSE:MCK) in the first quarter 2023 investor letter. Headquartered in Irving, Texas, McKesson Corporation (NYSE:MCK) is a healthcare services provider. On July 3, 2023, McKesson Corporation (NYSE:MCK) stock closed at $420.80 per share. One-month return of McKesson Corporation (NYSE:MCK) was 6.45%, and its shares gained 27.70% of their value over the last 52 weeks. McKesson Corporation (NYSE:MCK) has a market capitalization of $57.024 billion.
ClearBridge Large Cap Value Strategy made the following comment about McKesson Corporation (NYSE:MCK) in its first quarter 2023 investor letter:
“We also initiated a new position in McKesson Corporation (NYSE:MCK), the leading distributor of pharmaceuticals to retail drug stores, physicians’ offices and hospitals in the U.S. McKesson also has the largest specialty drug and oncology business in the U.S., which is the fastest-growing, highest-margin segment of drug distribution. A stable, cash-flow generative business, the company competes in a stable oligopoly with two other major distributors and, in addition to drug distribution, it is a significant provider of technology and transaction processing to drug stores, commercialization services to drug manufacturers, and basic supplies to physician offices. We expect at least low double-digit earnings growth from a combination of operating earnings, accretive acquisitions and share repurchases.”
Source: Unsplash
McKesson Corporation (NYSE:MCK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held McKesson Corporation (NYSE:MCK) at the end of first quarter 2023 which was 54 in the previous quarter.
We discussed McKesson Corporation (NYSE:MCK) in another article and shared the list of best healthcare stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 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.
