ClearBridge Investments, an investment management firm, published its “Large Cap Value ESG Strategy” second quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Large Cap Value ESG Strategy underperformed its Russell 1000 Value Index benchmark during the second quarter. The Russell 1000 Value Index declined 12.21%, outperforming its growth counterpart by over 800 basis points. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, ClearBridge Large Cap Value ESG Fund mentioned PepsiCo, Inc. (NYSE:PEP) and explained its insights for the company. Founded in 1965, PepsiCo, Inc. (NYSE:PEP) is a Harrison, New York-based multinational food, snack, and beverage corporation with a $246.1 billion market capitalization. PepsiCo, Inc. (NYSE:PEP) delivered a 2.68% return since the beginning of the year, while its 12-month returns are up by 14.42%. The stock closed at $178.37 per share on August 23, 2022.
Here is what ClearBridge Large Cap Value ESG Fund has to say about PepsiCo, Inc. (NYSE:PEP) in its Q2 2022 investor letter:
“Also in the stable and predictable cash flow camp, though with a very different business model, global food and beverage company PepsiCo (NYSE:PEP) reported very strong organic growth in the first quarter, driven by healthy price/mix, and raised revenue guidance, while holding EPS guidance. Notably, its beverage business showed expanding margins.”
Our calculations show that PepsiCo, Inc. (NYSE:PEP) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. PepsiCo, Inc. (NYSE:PEP) was in 65 hedge fund portfolios at the end of the second quarter of 2022, compared to 62 funds in the previous quarter. PepsiCo, Inc. (NYSE:PEP) delivered a 6.29% return in the past 3 months.