ClearBridge Investments, an investment management firm, published its “Global Growth Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. During the third quarter, the ClearBridge Global Growth Strategy outperformed its MSCI ACWI benchmark. On an absolute basis, the Strategy saw losses across nine of the 10 sectors in which it was invested (out of 11 total) with the consumer discretionary sector the lone contributor while the health care, financials and information technology (IT) sectors were the primary detractors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Global Growth Strategy mentioned Eli Lilly and Company (NYSE:LLY) and explained its insights for the company. Founded in 1876, Eli Lilly and Company (NYSE:LLY) is an Indianapolis, Indiana-based pharmaceutical company with a $345.1 billion market capitalization. Eli Lilly and Company (NYSE:LLY) delivered a 31.51% return since the beginning of the year, while its 12-month returns are up by 38.32%. The stock closed at $363.27 per share on November 09, 2022.
Here is what ClearBridge Global Growth Strategy has to say about Eli Lilly and Company (NYSE:LLY) in its Q3 2022 investor letter:
“In the U.S., we initiated a position in pharmaceutical maker Eli Lilly (NYSE:LLY) as it brings out new drug candidates for diabetes and Alzheimer’s disease. New drugs impact diabetes but have also demonstrated significant weight loss for patients who are overweight and have other co-morbidity issues as a result. Lilly is one of the two key players in diabetes care and we believe the potential market opportunity is much higher than the consensus forecasts as we are seeing evidence of accelerating adoption.”
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Our calculations show that Eli Lilly and Company (NYSE:LLY) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Eli Lilly and Company (NYSE:LLY) was in 70 hedge fund portfolios at the end of the second quarter of 2022, compared to 53 funds in the previous quarter. Eli Lilly and Company (NYSE:LLY) delivered a 20.62% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Eli Lilly and Company (NYSE:LLY) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.