ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the third quarter. On an absolute basis, the energy and consumer discretionary sectors were the positive contributors among the 11 sectors the strategy invested in. However, the communication services and information technology sectors were the significant detractors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like Intel Corporation (NASDAQ:INTC) in the Q3 2022 investor letter. Headquartered in Santa Clara, California, Intel Corporation (NASDAQ:INTC) designs, manufacturers, and distributes computer products and technologies globally. On November 7, 2022, Intel Corporation (NASDAQ:INTC) stock closed at $28.41 per share. One-month return of Intel Corporation (NASDAQ:INTC) was 13.46% and its shares lost 44.51% of their value over the last 52 weeks. Intel Corporation (NASDAQ:INTC) has a market capitalization of $117.248 billion.
ClearBridge Investments made the following comment about Intel Corporation (NASDAQ:INTC) in its Q3 2022 investor letter:
“Also on the detractor side, Intel Corporation (NASDAQ:INTC) delivered a disappointing revenue miss and lowered full-year revenue and earnings guidance as COVID-19-driven demand for PCs abated (where Intel enjoys half its sales) and a delay in its flagship Sapphire Rapids CPU hurt its data center business. Despite these issues, we still believe Intel is an economically sensitive turnaround story with substantial upside.”
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Intel Corporation (NASDAQ:INTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the second quarter which was 76 in the previous quarter.
We discussed Intel Corporation (NASDAQ:INTC) in another article and shared the most undervalued stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 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.