ClearBridge Investments, an investment management firm, published its “Small Cap Value Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Small Cap Value Strategy underperformed its Russell 2000 Value Index benchmark during the third quarter. On an absolute basis, the Strategy had losses in eight out of 11 sectors in which it was invested during the quarter. The leading detractors were the IT and financial sectors while the energy, consumer staples, and healthcare sectors were the positive contributors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Small Cap Value Strategy mentioned RLJ Lodging Trust (NYSE:RLJ) and explained its insights for the company. Founded in 2000, RLJ Lodging Trust (NYSE:RLJ) is a Maryland-based real estate investment trust company with a $1.8 billion market capitalization. RLJ Lodging Trust (NYSE:RLJ) delivered a -18.81% return since the beginning of the year, while its 12-month returns are up by -25.15%. The stock closed at $11.06 per share on November 09, 2022.
Here is what ClearBridge Small Cap Value Strategy has to say about RLJ Lodging Trust (NYSE:RLJ) in its Q3 2022 investor letter:
“The Strategy benefited from its positioning in less interest-rate-sensitive companies within the real estate sector, where the aggressive increase in rates and hawkish outlook made it the benchmark’s second worst performing sector of the quarter. RLJ Lodging Trust (NYSE:RLJ), which specializes in premium-branded, high-margin hotels, benefited from its ability to adjust pricing to account for higher costs. Although the company saw their stock price decline during the period, they outperformed the broader real estate sector.”
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Our calculations show that RLJ Lodging Trust (NYSE:RLJ) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. RLJ Lodging Trust (NYSE:RLJ) was in 22 hedge fund portfolios at the end of the second quarter of 2022, compared to 23 funds in the previous quarter. RLJ Lodging Trust (NYSE:RLJ) delivered a -11.01% return in the past 3 months.
In October 2022, we published an article that includes RLJ Lodging Trust (NYSE:RLJ) in Top 5 REIT Stocks Under $10. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
Disclosure: None. This article is originally published at Insider Monkey.