ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the fourth quarter. On an absolute basis, the strategy has gained ten out of eleven sectors in which it was invested during the quarter. The financials and industrials sectors were the leading contributors while the energy sector detracted. Overall stock selection contributed to returns but sector allocation effects detracted on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Value Equity Strategy featured stocks like Wells Fargo & Company (NYSE:WFC) in the fourth quarter 2023 investor letter. Headquartered in San Francisco, California, Wells Fargo & Company (NYSE:WFC) is a financial services company. On March 22, 2024, Wells Fargo & Company (NYSE:WFC) stock closed at $57.13 per share. One-month return of Wells Fargo & Company (NYSE:WFC) was 5.54%, and its shares gained 52.47% of their value over the last 52 weeks. Wells Fargo & Company (NYSE:WFC) has a market capitalization of $202.263 billion.
ClearBridge Value Equity Strategy stated the following regarding Wells Fargo & Company (NYSE:WFC) in its fourth quarter 2023 investor letter:
“Stock selection in the financials sector proved to be the largest contributor to relative outperformance. Banking stocks such as Wells Fargo & Company (NYSE:WFC) saw their share price rise during the quarter as investors anticipated Fed rate cuts that would reduce deposit costs while retaining economic strength and minimizing the risk of credit losses.”
A team of bankers in suits, discussing the success of the company’s banking products.
Wells Fargo & Company (NYSE:WFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Wells Fargo & Company (NYSE:WFC) was held by 72 hedge fund portfolios, compared to 77 in the previous quarter, according to our database.
We discussed Wells Fargo & Company (NYSE:WFC) in another article and shared list of best diversified bank stocks to invest in. In addition, please check out our hedge fund investor letters Q4 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.