ClearBridge Investments, an investment management company, released its “ClearBridge Dividend Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its S&P 500 Index benchmark in the third quarter. The strategy gained from three of the eleven sectors it invested in during the quarter on an absolute basis. Stock selection detracted while sector allocation contributed positively on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Dividend Strategy highlighted stocks like Enbridge Inc. (NYSE:ENB) in the third quarter 2023 investor letter. Headquartered in Calgary, Canada, Enbridge Inc. (NYSE:ENB) is an energy infrastructure company. On October 10, 2023, Enbridge Inc. (NYSE:ENB) stock closed at $32.42 per share. One-month return of Enbridge Inc. (NYSE:ENB) was -5.54%, and its shares lost 8.98% of their value over the last 52 weeks. Enbridge Inc. (NYSE:ENB) has a market capitalization of $68.911 billion.
ClearBridge Dividend Strategy made the following comment about Enbridge Inc. (NYSE:ENB) in its Q3 2023 investor letter:
“The financials sector was our best contributor and the industrials sector our biggest detractor, each dominated by one stock. Our energy overweight was also a help, though this was offset by negative effects from our underexposure within energy to commodity-sensitive exploration and production companies, and by our holding Enbridge Inc. (NYSE:ENB), which sold off after announcing a large acquisition in the quarter.”
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Enbridge Inc. (NYSE:ENB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Enbridge Inc. (NYSE:ENB) at the end of the second quarter, which was 25 in the previous quarter.
We discussed Enbridge Inc. (NYSE:ENB) in another article and shared Goldman Sachs top solar and green energy stocks. In addition, please check out our hedge fund investor letters Q3 2023 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.