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ClearBridge Investments, an investment management firm, published its “Sustainability Leaders Strategy” first quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Sustainability Leaders Strategy underperformed its Russell 3000 Index benchmark during the first quarter. On an absolute basis, the Strategy had gains in one of 10 sectors in which it was invested (out of 11 sectors total) - the utilities sector. The main detractors were the information technology (IT), consumer discretionary and industrials sectors. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, ClearBridge Investments Sustainability Leaders Strategy mentioned Trane Technologies plc (NYSE:TT) and explained its insights for the company. Founded in 1871, Trane Technologies plc (NYSE:TT) is a Swords, Ireland-based industrial manufacturing company with a $31.3 billion market capitalization. Trane Technologies plc (NYSE:TT) delivered a -33.56% return since the beginning of the year, while its 12-month returns are down by -28.09%. The stock closed at $134.22 per share on May 06, 2022.
Here is what ClearBridge Investments Sustainability Leaders Strategy has to say about Trane Technologies plc (NYSE:TT) in its Q1 2022 investor letter:
"Trane Technologies (NYSE:TT), another energy efficiency play in the industrials sector that should benefit from trends highlighted in the REPowerEU energy security plan, was a top detractor for the quarter, mainly due to continued supply chain headwinds raising costs. We think there is a strong secular tailwind for the cost and emissions savings Trane provides: the company makes products that help reduce energy consumption and emissions for residential and commercial HVAC and transport refrigeration, the minimization of food waste and other perishable goods and the increased productivity for Trane's customers. Trane estimates ~15%-25% of all greenhouse gas emissions in the world are emitted through HVAC systems and buildings."
Our calculations show that Trane Technologies plc (NYSE:TT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Trane Technologies plc (NYSE:TT) was in 27 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 39 funds in the previous quarter. Trane Technologies plc (NYSE:TT) delivered a -14.49% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on Trane Technologies plc (NYSE:TT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.