ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the strategy underperformed its Russell 1000 Value benchmark Index. The second quarter was highly volatile due to changes in interest rates, fears of recession, and the war. The health care and real estate sectors contributed positively to the fund’s performance, whereas the financials, IT, and industrials sectors underperformed. For more information on the fund’s top picks in 2022, please check its top five holdings.
In the second quarter investor letter, ClearBridge Investments discussed the performance of its ClearBridge Large Cap Value Strategy portfolio. The strategy invested in financial stocks like American Express Company (NYSE:AXP). American Express Company (NYSE:AXP) is a multinational company that provides card payment services, headquartered in New York, New York, and has a market capitalization of $119.06 billion. The stock of American Express Company (NYSE:AXP) closed at $158.80 per share on August 9, 2022. One-month return of American Express Company (NYSE:AXP) rose to 14.10%, and its 12-month return dropped to - 6.31%.
Here's how ClearBridge Investments mentioned American Express Company (NYSE:AXP) in the Q2 2022 investor letter:
“In financials, recession fears outweighed the benefits of rising interest rates; in the Strategy, Bank of America (BAC) and American Express Company (NYSE:AXP) felt these concerns most acutely, although we remain comfortable with these businesses and their strong fundamental positions over the medium-to-long term.”
American Express Company (NYSE:AXP) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, American Express Company (NYSE:AXP) was held by 69 hedge fund portfolios at the end of the first quarter, which was 64 in the previous quarter.
We discussed American Express Company (NYSE:AXP) in another article and shared the best dividend stocks to invest in 2022. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.