ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 value Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while the utility sector detracted. Overall stock selection improved performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Value Strategy highlighted stocks like First Horizon Corporation (NYSE:FHN) in the second quarter 2023 investor letter. Headquartered in Memphis, Tennessee, First Horizon Corporation (NYSE:FHN) is the bank holding company for First Horizon Bank. On September 20, 2023, First Horizon Corporation (NYSE:FHN) stock closed at $11.23 per share. One-month return of First Horizon Corporation (NYSE:FHN) was -9.29%, and its shares lost 52.29% of their value over the last 52 weeks. First Horizon Corporation (NYSE:FHN) has a market capitalization of $6.274 billion.
ClearBridge Small Cap Value Strategy made the following comment about First Horizon Corporation (NYSE:FHN) in its Q2 2023 investor letter:
"The financials sector was also a positive contributor to relative outperformance during the quarter as fears of further contagion of March’s bank crisis eased and allowed for a rebound in many of the higher-quality small and regional banks caught up in the panic. For example, as investor pessimism dissipated, Bank OZK exceeded analyst expectations and raised its quarterly dividend, highlighting continued improvement in its net interest income margin in the first quarter. We capitalized on the retreat in bank stocks early in the quarter to initiate a new position in regional bank First Horizon Corporation (NYSE:FHN), which reflected a unique opportunity to buy a bank with an extremely strong capital and liquidity profile at a distressed value after its deal to be acquired by Toronto Dominion was canceled through no fault of First Horizon. While we continue to be vigilant for signs of further deterioration in the sector, we have high conviction in our holdings and believe that they will continue to be positive contributors to our long-term performance."
First Horizon Corporation (NYSE:FHN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held First Horizon Corporation (NYSE:FHN) at the end of second quarter which was 60 in the previous quarter.
We discussed First Horizon Corporation (NYSE:FHN) in another article and shared Broyhill Asset Management’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.
Disclosure: None. This article is originally published at Insider Monkey.