Here’s What Affected Sempra (SRE) in Q3
ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation 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 Sempra (NYSE:SRE) in the third quarter 2023 investor letter. Headquartered in San Diego, California, Sempra (NYSE:SRE) is an energy infrastructure company. On October 10, 2023, Sempra (NYSE:SRE) stock closed at $68.55 per share. One-month return of Sempra (NYSE:SRE) was -4.69%, and its shares lost 2.56% of their value over the last 52 weeks. Sempra (NYSE:SRE) has a market capitalization of $43.139 billion.
ClearBridge Large Cap Value Strategy made the following comment about Sempra (NYSE:SRE) in its Q3 2023 investor letter:
"Our two utilities Sempra (NYSE:SRE) and Edison International were also negatively impacted by rising rates, although both outperformed the utility benchmark. We maintain a large active overweight to Sempra and added opportunistically to Edison to reflect its strong fundamentals."
A group of technicians in hazmat suits inspecting a natural gas storage tank. Editorial photo for a financial news article. 8k. --ar 16:9
Sempra (NYSE:SRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Sempra (NYSE:SRE) at the end of second quarter which was 31 in the previous quarter.
We discussed Sempra (NYSE:SRE) in another article and shared ClearBridge Large Cap Value Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
