Here’s Why ClearBridge Investments Sold its TJX Shares

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the strategy underperformed its Russell 1000 Value benchmark Index. The second quarter was highly volatile due to changes in interest rates, fears of recession, and the war. The health care and real estate sectors contributed positively to the fund’s performance, whereas the financials, IT, and industrials sectors underperformed. For more information on the fund’s top picks in 2022, please check its top five holdings.

In the second quarter investor letter, ClearBridge Investments discussed the performance of its ClearBridge Large Cap Value Strategy portfolio. The letter discussed stocks like The TJX Companies, Inc. (NYSE:TJX). The TJX Companies, Inc. (NYSE:TJX) is a home fashion and apparel retailer headquartered in Framingham, Massachusetts, and has a market capitalization of $73.462 billion. The stock of The TJX Companies, Inc. (NYSE:TJX) closed at $62.70 per share on August 9, 2022. One-month return of The TJX Companies, Inc. (NYSE:TJX) rose to 6.13%, and its 12-month return declined to -12.56%.

Here’s how ClearBridge Investments mentioned The TJX Companies, Inc. (NYSE:TJX) in the Q2, 2022 investor letter:

“In anticipation of a more challenging economic environment, over the past year we have positioned the Strategy more defensively, lowering our consumer exposure, most recently through the sale of The TJX Companies, Inc. (NYSE:TJX), as well as reducing our financials weighting. At the same time, we have added to health care, and continue to look for attractive opportunities there, as well as the consumer staples sector, where we remain underweight. Although we do not have a crystal ball, amid large economic and geopolitical uncertainties it is more important than ever to be investing in high[1]quality, defensible franchises that can weather periods of uncertainty and take advantage of weakness as they come out on the other side of a downturn.”

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The TJX Companies, Inc. (NYSE:TJX) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, The TJX Companies, Inc. (NYSE:TJX) was held by 55 hedge fund portfolios at the end of the first quarter, which was 56 in the previous quarter.

We discussed The TJX Companies, Inc. (NYSE:TJX) in another article and shared the ClearBridge Investments’ views about the company in the previous quarter. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.

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