ClearBridge Investments, an investment management firm, published its “Large Cap Growth ESG Strategy” second quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Dividend Strategy outperformed its S&P 500 Index benchmark during the second quarter. On an absolute basis, the Strategy had gains in one of the 11 sectors in which it was invested for the quarter: the health care sector. The IT, financials and materials sectors, meanwhile, were the main detractors. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, ClearBridge Large Cap Growth ESG Strategy mentioned NXP Semiconductors N.V. (NASDAQ:NXPI) and explained its insights for the company. Founded in 2006, NXP Semiconductors N.V. (NASDAQ:NXPI) is an Eindhoven, Netherlands-based semiconductor manufacturing company with a $47.7 billion market capitalization. NXP Semiconductors N.V. (NASDAQ:NXPI) delivered a -20.25% return since the beginning of the year, while its 12-month returns are down by -15.01%. The stock closed at $181.66 per share on August 05, 2022.
Here is what ClearBridge Large Cap Growth ESG Strategy has to say about NXP Semiconductors N.V. (NASDAQ:NXPI) in its Q2 2022 investor letter:
“Within information technology (IT), where we maintain an underweight compared to the benchmark, we took profits in NXP Semiconductors (NASDAQ:NXPI), a part of the pro-cyclical reflation basket built up in 2020. Despite strong current fundamentals, there is an ongoing risk of major supply increases in the semiconductor industry as capacity announcements are near records.”
Our calculations show that NXP Semiconductors N.V. (NASDAQ:NXPI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. NXP Semiconductors N.V. (NASDAQ:NXPI) was in 43 hedge fund portfolios at the end of the second quarter of 2022, compared to 44 funds in the previous quarter. NXP Semiconductors N.V. (NASDAQ:NXPI) delivered a 2.30% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on NXP Semiconductors N.V. (NASDAQ:NXPI) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.