Brookfield Renewable (BEP) Fell on Macro Conditions
ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter. The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Brookfield Renewable Partners L.P. (NYSE:BEP) in the third quarter 2023 investor letter. Headquartered in Hamilton, Bermuda, Brookfield Renewable Partners L.P. (NYSE:BEP) owns renewable power generating facilities. On December 27, 2023, Brookfield Renewable Partners L.P. (NYSE:BEP) stock closed at $26.33 per share. One-month return of Brookfield Renewable Partners L.P. (NYSE:BEP) was 6.30%, and its shares gained 3.38% of their value over the last 52 weeks. Brookfield Renewable Partners L.P. (NYSE:BEP) has a market capitalization of $17.428 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Brookfield Renewable Partners L.P. (NYSE:BEP) in its Q3 2023 investor letter:
"Utilities NextEra Energy Partners, LP and Brookfield Renewable Partners L.P. (NYSE:BEP) have struggled of late due to macro conditions and a general cooling of sentiment and outflows from the clean energy sector as a whole. We continue to own Brookfield, which we view as one of the highest-quality pure-play decarbonization investments, characterized by a 5% dividend yield, stable fundamentals (over 90% of its cash flows are contracted with an average term of 14 years), a best-in-class balance sheet and adequate access to capital."
A stunning aerial view of a mountainside with a hydroelectric power station in the foreground.
Brookfield Renewable Partners L.P. (NYSE:BEP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Brookfield Renewable Partners L.P. (NYSE:BEP) at the end of third quarter which was 13 in the previous quarter.
We discussed Brookfield Renewable Partners L.P. (NYSE:BEP) in another article and shared the list of best alternative energy stocks to buy. 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.
