ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the fourth quarter. On an absolute basis, the strategy gained from 10 of the 11 sectors in which it was invested for the quarter. The industrials and financials sectors were the leading contributors while the real estate sector detracted from performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Large Cap Value Strategy highlighted stocks like Charter Communications, Inc. (NASDAQ:CHTR) in the Q4 2022 investor letter. Headquartered in Stamford, Connecticut, Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. On February 22, 2023, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $382.65 per share. One-month return of Charter Communications, Inc. (NASDAQ:CHTR) was -6.76%, and its shares lost 34.77% of their value over the last 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $58.412 billion.
ClearBridge Large Cap Value Strategy made the following comment about Charter Communications, Inc. (NASDAQ:CHTR) in its Q4 2022 investor letter:
“Cable stocks have been pressured for the past year as broadband growth has slowed following a pull forward of demand during the pandemic and the industry faces rising competition from wireless carriers offering fixed wireless access. In particular, shares of Charter Communications, Inc. (NASDAQ:CHTR) were pressured by its recently announced multiyear capex plan to accelerate network upgrades. While this reduces free cash flow available for buybacks in the medium term, it sustains the company’s competitive advantage and should accelerate long term growth. The company also has ambitious goals to expand its footprint into adjacent and rural markets, taking advantage of the federal and state broadband subsidies. We added opportunistically to Charter on the pullback.”
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Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Charter Communications, Inc. (NASDAQ:CHTR) at the end of the fourth quarter which was 68 in the previous quarter.
We discussed Charter Communications, Inc. (NASDAQ:CHTR) in another article and shared the list of stocks that Michael Burry is buying and selling. 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.
