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 Vertiv Holdings Co (NYSE:VRT) in the second quarter 2023 investor letter. Headquartered in Westerville, Ohio, Vertiv Holdings Co (NYSE:VRT) manufactures and services critical digital infrastructure technologies and life cycle services. On September 13, 2023, Vertiv Holdings Co (NYSE:VRT) stock closed at $37.03 per share. One-month return of Vertiv Holdings Co (NYSE:VRT) was 12.25%, and its shares gained 184.41% of their value over the last 52 weeks. Vertiv Holdings Co (NYSE:VRT) has a market capitalization of $14.091 billion.
ClearBridge Large Cap Value Strategy made the following comment about Vertiv Holdings Co (NYSE:VRT) in its Q2 2023 investor letter:
“The Strategy outperformed in the quarter, benefiting from recent opportunistic additions such as Meta Platforms as well as medium and long-term holdings such as Vertiv Holdings Co (NYSE:VRT), Oracle and Martin Marietta Materials.
Vertiv is another top contributor getting a boost from AI adjacency. Vertiv is a leader in providing power and thermal management technologies for data centers, enterprises and communication carriers globally. Vertiv’s first-quarter results demonstrated management’s meaningfully improved execution as the company continues to see strong end market demand while recovering from COVID-19 supply chain issues. Vertiv’s differentiated product offering and more disciplined sales effort allowed it to exhibit strong pricing power as it recovers input costs and improves margins. About 70% of its business comes from data centers, an essential part of the generative AI ecosystem. AI workloads require much more power density than traditional computing workloads, which leads to a greater need for advanced cooling solutions that is expected to benefit Vertiv. Similar to Meta, we took advantage of market excitement surrounding AI and modestly reduced our exposure to Vertiv during the quarter.”
Vertiv Holdings Co (NYSE:VRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Vertiv Holdings Co (NYSE:VRT) at the end of second quarter which was 41 in the previous quarter.
We discussed Vertiv Holdings Co (NYSE:VRT) in another article and shared Baron Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
