The ClearBridge Value Strategy underperformed in its Russell 1000 Value Index benchmark in the third quarter, despite positive contributions from six out of the 11 sectors in which it was invested.
The ClearBridge Value Strategy, in its fund letter, highlighted that Healthcare (XLV) and Utilities (XLU) sector were the leading contributors, while Financial sector (XLF) detracted the most.
The fund added new positions in Amazon.com (NASDAQ:AMZN), stating that the company is trading at an absolute valuation discount given its positioning as a potential AI beneficiary.
ClearBridge Value Strategy also initiated new positions in Keurig Dr Pepper (NASDAQ:KDP), Taiwan Semiconductor Manufacturing (NYSE:TSM) and Salesforce (NYSE:CRM), TG Therapeutics (NASDAQ:TGTX), Becton Dickinson (NYSE:BDX), International Flavors & Fragrances (NYSE:IFF), Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) and Chevron (NYSE:CVX).
After capturing profits, the fund exited its position in online travel company Expedia (NASDAQ:EXPE), due to increasing concerns about how the development and build out of AI travel agents could pose a medium- to long-term threat to Expedia’s business model.
The fund exited positions in Atlas Energy Solutions (NYSE:AESI) and Hess, Globant (NYSE:GLOB) Intel (NASDAQ:INTC), AbbVie (NYSE:ABBV) and Constellation Brands (NYSE:STZ).