ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Infrastructure rose in the second quarter but lagged behind global equities, as the strength in defensive sectors diminished towards the end of the quarter. The Strategy underperformed in the quarter relative to the S&P Global Infrastructure Index and on a U.S. dollar basis, mainly driven by the stock selection in the rails sector. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Global Infrastructure Value Strategy highlighted stocks like Public Service Enterprise Group Incorporated (NYSE:PEG), in the second quarter 2024 investor letter. Public Service Enterprise Group Incorporated (NYSE:PEG) operates in electric and gas utility business. The one-month return of Public Service Enterprise Group Incorporated (NYSE:PEG) was 9.11%, and its shares gained 54.82% of their value over the last 52 weeks. On September 26, 2024, Public Service Enterprise Group Incorporated (NYSE:PEG) stock closed at $87.42 per share with a market capitalization of $43.927 billion.
ClearBridge Global Infrastructure Value Strategy stated the following regarding Public Service Enterprise Group Incorporated (NYSE:PEG) in its Q2 2024 investor letter:
“Electric utilities were the top contributors for the quarter, with U.S. utilities NextEra Energy (NEE) and Public Service Enterprise Group Incorporated (NYSE:PEG) the lead performers. Public Services Enterprise Group operates the largest utility business (~90% of earnings) in New Jersey, along with a generation business (~10% of earnings) comprising nuclear assets. PEG’s share price benefited from the company’s potential to sign a data center deal where nuclear will provide power at a premium price.”
A close-up of an electrical power line with a bright blue sky in the background, highlighting the company’s selection of electricity and natural gas services.
Public Service Enterprise Group Incorporated (NYSE:PEG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Public Service Enterprise Group Incorporated (NYSE:PEG) at the end of the second quarter which was 35 in the previous quarter. In the second quarter, Public Service Enterprise Group Incorporated (NYSE:PEG) reported net income of $0.87 per share compared to net income of $1.18 per share for Q2 2023. While we acknowledge the potential of Public Service Enterprise Group Incorporated (NYSE:PEG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q2 2024 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.