Macroeconomic Concerns Pressured Amazon.com (AMZN) in Q4
ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” fourth 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the fourth quarter. In the quarter, the strategy gained in eight of the ten sectors it invested in on an absolute basis. Health care, financials, and IT sectors were the leading contributors while communication services and utility sectors detracted from the performance. Stock selection was favorable on a relative basis while sector allocation detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Sustainability Leaders Strategy highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the Q4 2022 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On March 6, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $93.75 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -8.25%, and its shares lost 31.79% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $960.684 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:
"Growing macroeconomic concerns weighed on mega cap names in the portfolio, with consumer discretionary holding Amazon.com, Inc. (NASDAQ:AMZN) feeling pressure from a slowing macroeconomic environment that could weigh on e-commerce and AWS segments. The main detractors from absolute returns were positions in Amazon.com, Regal Rexnord, Apple, Brookfield Renewable and Progyny."
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Amazon.com, Inc. (NASDAQ:AMZN) is in 2nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 240 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the fourth quarter which was 269 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of most promising metaverse stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.