ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like McKesson Corporation (NYSE:MCK) in the second quarter 2023 investor letter. Headquartered in Irving, Texas, McKesson Corporation (NYSE:MCK) offers healthcare services. On October 10, 2023, McKesson Corporation (NYSE:MCK) stock closed at $454.51 per share. One-month return of McKesson Corporation (NYSE:MCK) was 7.50%, and its shares gained 30.87% of their value over the last 52 weeks. McKesson Corporation (NYSE:MCK) has a market capitalization of $60.894 billion.
ClearBridge Large Cap Value Strategy made the following comment about McKesson Corporation (NYSE:MCK) in its Q3 2023 investor letter:
“Though only a marginal contributor for the quarter, our other recent portfolio addition McKesson Corporation (NYSE:MCK) continues to execute well, leveraging its strong competitive position, rising usage of specialty pharmaceuticals and rational industry structure to continue to deliver strong profitable growth.”
A medical professional guiding a robotic tool placing pedicle screws in a patient’s spinal column. Editorial photo for a financial news article. 8k. –ar 16:9
McKesson Corporation (NYSE:MCK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held McKesson Corporation (NYSE:MCK) at the end of second quarter which was 60 in the previous quarter.
We discussed McKesson Corporation (NYSE:MCK) in another article and shared the list of most innovative companies in the world in 2023. 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.