Fears of a Recession Affected United Airlines (UAL) in Q4
ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the fourth quarter. On an absolute basis, the strategy has gained ten out of eleven sectors in which it was invested during the quarter. The financials and industrials sectors were the leading contributors while the energy sector detracted. Overall stock selection contributed to returns but sector allocation effects detracted on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Value Equity Strategy featured stocks like United Airlines Holdings, Inc. (NASDAQ:UAL) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, United Airlines Holdings, Inc. (NASDAQ:UAL) offers air transportation services. On March 22, 2024, United Airlines Holdings, Inc. (NASDAQ:UAL) stock closed at $46.47 per share. One-month return of United Airlines Holdings, Inc. (NASDAQ:UAL) was 3.34%, and its shares gained 10.80% of their value over the last 52 weeks. United Airlines Holdings, Inc. (NASDAQ:UAL) has a market capitalization of $15.243 billion.
ClearBridge Value Equity Strategy stated the following regarding United Airlines Holdings, Inc. (NASDAQ:UAL) in its fourth quarter 2023 investor letter:
"Our industrials stocks faced headwinds early in the quarter due to fears of a recession, which weighed on some of our more cyclical industrials such as United Airlines Holdings, Inc. (NASDAQ:UAL). Additionally, the Fed’s pivot and the prospect of rate cuts in 2024 helped fuel a rally in lower-quality industrials that we did not hold, further dampening the performance of our high-quality holdings."
A bird's eye view of a large commercial jetliner taking off from an airport runway.
United Airlines Holdings, Inc. (NASDAQ:UAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, United Airlines Holdings, Inc. (NASDAQ:UAL) was held by 43 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed United Airlines Holdings, Inc. (NASDAQ:UAL) in another article and shared the list of best aviation stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 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.
