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ClearBridge Investments, an funding administration firm, launched its “ClearBridge Worth Fairness Technique” second quarter 2022 investor letter. A duplicate of the identical could be downloaded right here. Within the second quarter, the fund underperformed its Russell 1000 Worth Index. The fund confronted losses from all of the 11 sectors through which it was invested. For extra info on the fund’s prime picks in 2022, please verify its prime 5 holdings.
Within the second quarter investor letter, ClearBridge Investments mentioned its ClearBridge Worth Fairness Technique portfolio. Through the quarter, the fund added shares like Intercontinental Change, Inc. (NYSE:ICE). Intercontinental Change, Inc. (NYSE:ICE), based in 2000, operates in exchanges, clearinghouses, and gives itemizing and mortgage providers. It’s headquartered in Atlanta, Georgia. The inventory of Intercontinental Change, Inc. (NYSE:ICE) closed at $104.30 per share on August 8, 2022, and has a market capitalization of $58.247 billion. One month’s return of Intercontinental Change, Inc. (NYSE:ICE) rose to 11.74% and its shares misplaced 12.79% of their worth during the last 52 weeks.
Here’s what ClearBridge Investments particularly mentioned about Intercontinental Change, Inc. (NYSE:ICE) in its Q2, 2022 investor letter:
“Intercontinental Change, Inc. (NYSE:ICE) operates world monetary exchanges and clearing homes, which we imagine is a resilient enterprise at valuation. One among our key techniques in a possible recessionary atmosphere is to concentrate on shares the place earnings and money move will maintain up higher than the market. ICE suits the invoice because it advantages instantly from volatility in monetary markets, together with in commodities the place we’re seeing main value swings. Through the first half, ICE earnings estimates got here up modestly, however its valuation a number of fell over 30%. A few of this weak point is because of ICE’s deliberate acquisition of Black Knight (BKI), which we predict makes strategic sense. Nevertheless, it’s being performed as Black Knight’s enterprise is projected to sluggish as housing exercise cools on greater mortgage charges, and the deal can also face regulatory scrutiny. Regardless, the current weak point within the inventory gave us a value under our estimate of long-term enterprise worth for a stable and resilient enterprise and we acted accordingly.”
Though ClearBridge Investments invested in Intercontinental Change, Inc. (NYSE:ICE), it isn’t on the listing of 30 Most Well-liked Shares Amongst Hedge Funds. As per our database, 60 hedge fund portfolios held Intercontinental Change, Inc. (NYSE:ICE) on the finish of the primary quarter which was 56 within the earlier quarter.
We mentioned Intercontinental Change, Inc. (NYSE:ICE) in one other article and shared Kerr Neilson’s Platinum Asset Administration’s views on the inventory. You may take a look at our hedge fund investor letters Q2 2022 web page for extra investor letters from hedge funds and different outstanding traders.
Disclosure: None. This text is initially printed at Insider Monkey.
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