ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” third quarter 2022 investor letter. A copy of the letter can be downloaded here. In the third quarter, the strategy outperformed the S&P Global Infrastructure Index. The stock selection in the electric, rail, and renewables sectors contributed positively to the fund’s performance. In contrast, stock selection in the water and airports sectors impacted the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like PG&E Corporation (NYSE:PCG) in its Q3 2022 investor letter. Headquartered in San Jose, California, PG&E Corporation (NYSE:PCG) is an electricity and natural gas distributor. On November 22, 2022, PG&E Corporation (NYSE:PCG) stock closed at $15.12 per share. One-month return of PG&E Corporation (NYSE:PCG) was -0.07% and its shares gained 22.63% of their value over the last 52 weeks. PG&E Corporation (NYSE:PCG) has a market capitalization of $30.054 billion.
ClearBridge Investments made the following comment about PG&E Corporation (NYSE:PCG) in its Q3 2022 investor letter:
"PG&E Corporation (NYSE:PCG) is a regulated utility operating in central and northern California that serves 5.3 million electricity customers and 4.4 million gas customers in 47 of the state’s 58 counties. PG&E outperformed over the quarter after two pieces of California legislation passed that were seen as constructive and supportive of the company’s investment plans. There was a further positive announcement at the end of the quarter when S&P decided to add the company to the S&P 500 Index, opening the door for broader ownership."
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PG&E Corporation (NYSE:PCG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held PG&E Corporation (NYSE:PCG) at the end of the third quarter, which was 51 in the previous quarter.
We discussed PG&E Corporation (NYSE:PCG) in another article and shared the best stocks for beginners with little money. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.