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 The Goodyear Tire & Rubber Company (NASDAQ:GT) and explained its insights for the company. Founded in 1898, The Goodyear Tire & Rubber Company (NASDAQ:GT) is an Akron, Ohio-based multinational tire manufacturing company with a $2.8 billion market capitalization. The Goodyear Tire & Rubber Company (NASDAQ:GT) delivered a -53.61% return since the beginning of the year, while its 12-month returns are down by -57.13%. The stock closed at $9.89 per share on November 09, 2022.
Here is what ClearBridge Small Cap Value Strategy has to say about The Goodyear Tire & Rubber Company (NASDAQ:GT) in its Q3 2022 investor letter:
“We exited a number of stocks during the period, including Goodyear Tire & Rubber (NASDAQ:GT). We sold our position in Goodyear due to the cavalcade of concerns including the company’s elevated debt levels, inflationary pressures from higher input prices, continued manufacturing challenges in the auto industry and complications with the company’s manufacturing volume. With substantial exposure to the automotive industry through other portfolio holdings, we elected to consolidate our exposure within those higher-conviction holdings.
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Our calculations show that The Goodyear Tire & Rubber Company (NASDAQ:GT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. The Goodyear Tire & Rubber Company (NASDAQ:GT) was in 30 hedge fund portfolios at the end of the second quarter of 2022, compared to 33 funds in the previous quarter. The Goodyear Tire & Rubber Company (NASDAQ:GT) delivered a -29.26% return in the past 3 months.
In October 2022, we published an article that includes The Goodyear Tire & Rubber Company (NASDAQ:GT) in 11 Best Cheap Stocks To Buy According To Billionaire Dalio. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.