ClearBridge Investments, an investment management company, released its “ClearBridge International Value Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy outperformed its MSCI All Country World Ex-U.S. Index. Only the real estate sector contributed positively to the strategy’s performance in the quarter. At the same time, the significant detractors were the financials, health care, consumer discretionary, and industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like Sanofi (NASDAQ:SNY) in the Q3 2022 investor letter. Headquartered in Paris, France, Sanofi (NASDAQ:SNY) is a therapeutic solutions manufacturer and distributor. On December 1, 2022, Sanofi (NASDAQ:SNY) stock closed at $45.87 per share. One-month return of Sanofi (NASDAQ:SNY) was 7.07% and its shares lost 3.82% of their value over the last 52 weeks. Sanofi (NASDAQ:SNY) has a market capitalization of $116.28 billion.
ClearBridge Investments made the following comment about Sanofi (NASDAQ:SNY) in its Q3 2022 investor letter:
“Health care proved to be the most challenging sector to navigate during the quarter, as several companies were subjected to elevated risk aversion due to possible litigation implications. Two of our top five largest individual detractors for the period were in the health care sector: Sanofi (NASDAQ:SNY) and Bayer (OTCPK:BAYZF). Sanofi, a French pharmaceutical and health care company, saw its share price fall after it was named as a co-defendant in a class action lawsuit alleging that Sanofi and other sellers of the heartburn medication Zantac failed to warn of the drug’s risk of containing a possible carcinogen.”
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Sanofi (NASDAQ:SNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Sanofi (NASDAQ:SNY) at the end of the third quarter which was 28 in the previous quarter.
We discussed Sanofi (NASDAQ:SNY) in another article and shared the list of the biggest European pharmaceutical companies. 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.