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 Marsh & McLennan Companies, Inc. (NYSE:MMC) in the Q4 2022 investor letter. Headquartered in New York, New York, Marsh & McLennan Companies, Inc. (NYSE:MMC) is a professional services company. On February 28, 2023, Marsh & McLennan Companies, Inc. (NYSE:MMC) stock closed at $162.14 per share. One-month return of Marsh & McLennan Companies, Inc. (NYSE:MMC) was -7.59%, and its shares gained 4.24% of their value over the last 52 weeks. Marsh & McLennan Companies, Inc. (NYSE:MMC) has a market capitalization of $80.19 billion.
ClearBridge All Cap Growth Strategy made the following comment about Marsh & McLennan Companies, Inc. (NYSE:MMC) in its Q4 2022 investor letter:
“We increased our financials exposure with Marsh & McLennan Companies, Inc. (NYSE:MMC), which is the world’s largest insurance broker and operates two consulting businesses, Mercer and Oliver Wyman. The company benefits from attractive insurance industry dynamics, durable underlying revenue drivers and a strong margin/free cash flow profile. MMC has demonstrated the ability to grow revenue in excess of GDP growth, particularly during periods of strong property & casualty commercial industry pricing like the current environment, while experiencing more modest revenue declines than overall GDP during past recessions. The insurance brokerage segment does not take underwriting risk but instead earns fees and commissions based on services provided, resulting in low capital intensity and strong free cash flow generation. In aggregate, we believe MMC’s business will be durable during recessionary periods. Risks include a valuation on the higher end of the stock’s historical range, limited exposure to changes in GDP growth and the likelihood that shares would lag balance sheet intensive financials in a rebound.”
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Marsh & McLennan Companies, Inc. (NYSE:MMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Marsh & McLennan Companies, Inc. (NYSE:MMC) at the end of the fourth quarter which was 55 in the previous quarter.
We discussed Marsh & McLennan Companies, Inc. (NYSE:MMC) in another article and shared the list of biggest global insurance companies by market cap. 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.
