ClearBridge Investments, an investment management firm, has released its Q3 2022 investor letter “ClearBridge Global Infrastructure Value Strategy”. A copy of the letter can be downloaded here. In the third quarter, the strategy outperformed the S&P Global Infrastructure Index. Stock selection in the electricity, railways and renewable energy sectors contributed positively to the fund’s performance. Conversely, stock selection in the water and airports sectors detracted from performance. Plus, check out the fund’s top five holdings to learn about its top picks in 2022.
ClearBridge Investments highlighted stocks like PG&E Corporation (NYSE:PCG) in its Q3 2022 investor letter. Headquartered in San Jose, California, PG&E Corporation (NYSE:PCG) is a distributor of electricity and natural gas. On November 22, 2022, shares of PG&E Corporation (NYSE: PCG) closed at $15.12 per share. PG&E Corporation (NYSE:PCG) one-month return was -0.07% and its shares have gained 22.63% of their value over the past 52 weeks. PG&E Corporation (NYSE:PCG) has a market capitalization of $30.054 billion.
ClearBridge Investments made the following comment about PG&E Corporation (NYSE:PCG) in its Q3 2022 investor letter:
“PG&E Corporation (NYSE:PCG) is a regulated utility operating in central and northern California that serves 5.3 million electric customers and 4.4 million gas customers in 47 of the state’s 58 counties. PG&E outperformed during the quarter after the passage of two pieces of California legislation deemed constructive and supportive of the company’s investment plans. There was a further positive announcement at the end of the quarter when S&P agreed to add the company to the S&P 500 index, opening the door to broader ownership.”
pipelines, storage tanks and buildings of a refinery – industrial plant for the production of fuels
PG&E Corporation (NYSE:PCG) is not on our list of the 30 most popular stocks among hedge funds. According to our database, 46 hedge fund portfolios held PG&E Corporation (NYSE:PCG) at the end of the third quarter, up from 51 in the previous quarter.
We discussed PG&E Corporation (NYSE:PCG) in another article and shared the best stocks for beginners on a shoestring budget. Also, see our Q3 2022 Hedge Fund Investor Letters page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article was originally published on Insider Monkey.