Strong Market Helped Honeywell International (HON) to Regain

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 Honeywell International Inc. (NASDAQ:HON) in the first quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Honeywell International Inc. (NASDAQ:HON) is a diversified technology and manufacturing company. On July 3, 2023, Honeywell International Inc. (NASDAQ:HON) stock closed at $208.30 per share. One-month return of Honeywell International Inc. (NASDAQ:HON) was 5.64%, and its shares gained 18.95% of their value over the last 52 weeks. Honeywell International Inc. (NASDAQ:HON) has a market capitalization of $138.661 billion.

ClearBridge Large Cap Value Strategy made the following comment about Honeywell International Inc. (NASDAQ:HON) in its first quarter 2023 investor letter:

“We also used the strength in the market to sell our position in diversified industrial company Honeywell International Inc. (NASDAQ:HON). While a recovery in its commercial aerospace business remains a tailwind, we believe the valuation is extended and industrial demand continues to soften.”

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Honeywell International Inc. (NASDAQ:HON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Honeywell International Inc. (NASDAQ:HON) at the end of first quarter 2023 which was 44 in the previous quarter.

We discussed Honeywell International Inc. (NASDAQ:HON) in another article and shared the list of best manufacturing stocks to buy. 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.