ClearBridge Investments Mid Cap Growth Strategy

Investor Summary

The strategy is managed by a three-person team with extensive experience: Brian Angerame (32 years investment experience, 26 years at ClearBridge), Jeffrey Bailin (16 years experience, 11 years at firm), and Matthew Lilling (20 years experience, ClearBridge since 2010). Portfolio managers Angerame and Lilling have collaborated for over a decade, providing institutional continuity. The team manages a concentrated portfolio of 40-77 mid-cap growth companies selected through collaborative fundamental research supported by 54 research analysts across ClearBridge's platform.

Fund Strategy

ClearBridge's investment philosophy emphasizes investing as long-term, risk-aware business owners seeking consistency of process and performance across market cycles. The Mid Cap Growth Strategy follows a high-conviction, concentrated, low-turnover approach with bottom-up fundamental analysis, targeting mid-cap growth companies with capital to foster high-return R&D innovation spending that enables market disruption, share gains, and compounded growth across economic environments. The strategy employs rigorous valuation discipline and focuses on sustainable growth franchises, expecting to hold companies for many years to allow compounding of earnings and cash flows.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

ClearBridge Mid Cap Growth Strategy delivered strong absolute returns in Q2 2025 but underperformed its benchmark due to limited exposure to rally leaders including Palantir, Cloudflare, Axon and Roblox. The Russell Mid Cap Growth Index returned 18.2%, outpacing broader indices as AI demand and growth-led rally overcame earlier tariff-induced volatility. Key contributors included Rubrik benefiting from increased IT security spending, AppLovin solidifying AI-driven advertising leadership, MercadoLibre's transition to broader digital ecosystem, and Vistra positioned for AI power demand. The team actively deployed capital during market weakness, establishing positions in Carvana following its restructuring success and Hilton Worldwide for its asset-light lodging growth model. Despite ongoing geopolitical and trade uncertainties including tariff policies, Fed dovish signals, and macro volatility, the strategy maintains focus on quality compounders. Current emphasis centers on identifying AI investment cycle winners within IT sector while adhering to disciplined investment philosophy to capitalize on opportunities while avoiding potential losers in the rapidly evolving landscape.

Forward Outlook

Despite significant geopolitical, macro and trade uncertainty, the team remains steadfast in focus on high-quality companies with strong balance sheets, attractive cash flows and compelling growth prospects. Major area of current focus is within IT, determining relative winners of the AI investment cycle. The quickly evolving nature of AI makes adherence to investment philosophy and process even more important to capitalize on attractive opportunities while avoiding losers.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Aug 27 2025	2025 Q2	APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RBRK, RCL, TW, VST, WING	AI, consumer discretionary, financials, growth, industrials, mid cap, technology	PLTR AXON TW MELI VST CVNA	ClearBridge Mid Cap Growth delivered strong absolute returns but lagged benchmark due to underweights in AI rally leaders like Palantir and Roblox. Team actively deployed capital into quality names including Carvana and Hilton during volatility. Despite macro uncertainties from trade wars to Fed policy, focus remains on identifying long-term compounders, particularly AI winners within IT sector.
Mar 31 2025	2025 Q1	ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT	AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy	-	Mid cap growth strategy underperformed amid AI stock rotation and trade policy uncertainty, with tech holdings pressured despite strong fundamentals. Portfolio benefited from defensive names like Tradeweb and EQT. Managers actively refined holdings through new positions and swaps, viewing market volatility as opportunity to acquire quality companies at attractive prices given their balance sheet strength.
Dec 31 2024	2024 Q4	APP, AZPN, DKNG, HUBS, ICLR, IDXX, MELI, MPWR, MRVL, MTD, NTRA, NU, PLTR, RDDT, RUBK, VEEV	AI, gaming, growth, healthcare, mid cap, semiconductors, software, technology	APP MRVL RDDT PLTR	ClearBridge's Mid Cap Growth Strategy matched benchmark returns in Q4 as mid growth surged 8.14%. Technology led by AI names AppLovin and Marvell drove outperformance while healthcare detracted on regulatory concerns. Managers added Reddit and Palantir while exiting Lineage. They see continued opportunities in quality growth companies positioned for AI tailwinds or market digestion periods.
Sep 30 2024	2024 Q3	APP, APTV, AVTR, CCK, CPAY, DKNG, ETSY, FIVE, FRSH, ICLR, PFGC, PINS, RARE, RRX, SBAC, SUI, THC, VST, VYX, WK	healthcare, industrials, interest rates, mid cap, Quality, technology, Value rotation	-	ClearBridge's Mid Cap Strategy underperformed in Q3 despite benefiting from the rotation to smaller caps. Industrial destocking hurt Atkore and Ashland while AppLovin's AI-enabled platform drove IT outperformance. The managers added SBA Communications and Tenet Healthcare while exiting Five Below. They believe their refined focus on high-quality companies positions the Strategy for long-term outperformance despite near-term economic and political uncertainty.
Jul 18 2024	2024 Q2	ACGL, APP, ATKR, AVTR, CASY, CHWY, CLH, CSGP, DT, FRSH, HIG, MHK, PINS, RBRK, RRX, WK, WSC	AI, financials, industrials, mid cap, software, technology	CHWY RBK	ClearBridge's mid cap strategy underperformed as markets concentrated in AI beneficiaries while broader mid caps declined. Technology and industrials holdings hurt performance, offset by gains in consumer staples and financials. Managers see opportunity in oversold mid caps with strong fundamentals as destocking headwinds dissipate, believing their diversified approach will prove valuable amid market concentration concerns.
Apr 23 2024	2024 Q1	0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE, IDEXY, LVMUY, MNDY, NSRGY, NVO, PUBGY, RACE, SAF.PA, SANDX, SAP, SBGSY, SONY, SU, TSM	Automation, Europe, growth, healthcare, international, Japan, Luxury, technology	-	International growth strategy outperformed on AI semiconductor equipment, diabetes treatments, and luxury goods. Added Ferrari, Schneider Electric, and other secular growers while trimming weak performers. European equities trade at deep discounts to U.S. markets with improving rate environment and corporate reforms in Japan providing tailwinds for international growth investing.
Jan 13 2024	2023 Q4	ACGL, APIO, APTV, ARGX, CAE, CDW, COTY, ENTG, EVBG, EXPE, HAS, ICLR, KKR, MRVI, NATL, PFGC, PINS, SXT, VYX	consumer discretionary, growth, healthcare, industrials, mid cap, Quality, technology	-	ClearBridge's Mid Cap Strategy underperformed in Q4 2023 due to industrial and consumer discretionary stock selection challenges, though consumer staples provided positive contributions. The managers maintain their quality-focused approach, building portfolios of companies with strong balance sheets and predictable cash flows. They used the quarter for portfolio optimization and approach 2024 confidently despite acknowledging potential market sentiment volatility.
Nov 10 2023	2023 Q3	AZPN, BKI, CASY, CCK, CLH, DOCS, EDR, ETSY, KEYS, NE, PCTY, PINS, PXD, RE, RJF, SPLK, VRT, WSC	Data centers, energy, growth, industrials, mid cap, value	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC CASY AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU PINS	ClearBridge's Mid Cap Strategy outperformed on strong industrials and consumer staples selection, led by Vertiv's AI-driven data center growth. Added offshore driller Noble and social media platform Pinterest while maintaining focus on balance sheet quality over macro positioning. Rising rates and consumer pressures create headwinds, but managers continue finding compelling mid cap opportunities.
Jun 30 2023	2023 Q2	APTV, ARGX, ASH, ATS, AZPN, BSY, CAE, CSGP, EMN, EQT, ETSY, EVBG, ICLR, LYV, MRVL, SCI, STE, VRT	AI, Data centers, energy, healthcare, industrials, mid cap, Natural Gas	-	ClearBridge's Mid Cap Strategy outperformed in Q2 2023, driven by AI-beneficiary Vertiv, natural gas leader EQT, and commercial real estate data provider CoStar. Strong industrials and energy performance offset consumer discretionary weakness. Managers added aerospace training and funeral services exposure while maintaining focus on quality companies with competitive advantages despite ongoing recession uncertainty.
Mar 31 2023	2023 Q1	-	-	-	This is HTML website code from ClearBridge Investments, not an actual fund document. The text contains only technical web elements and JavaScript without any investment content, portfolio information, or market commentary. No fund analysis is possible from this technical code.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Aug 27 2025

2025 Q2

APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RBRK, RCL, TW, VST, WING

AI, consumer discretionary, financials, growth, industrials, mid cap, technology

PLTR
AXON
TW
MELI
VST
CVNA

ClearBridge Mid Cap Growth delivered strong absolute returns but lagged benchmark due to underweights in AI rally leaders like Palantir and Roblox. Team actively deployed capital into quality names including Carvana and Hilton during volatility. Despite macro uncertainties from trade wars to Fed policy, focus remains on identifying long-term compounders, particularly AI winners within IT sector.

Mar 31 2025

2025 Q1

ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT

AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy

Mid cap growth strategy underperformed amid AI stock rotation and trade policy uncertainty, with tech holdings pressured despite strong fundamentals. Portfolio benefited from defensive names like Tradeweb and EQT. Managers actively refined holdings through new positions and swaps, viewing market volatility as opportunity to acquire quality companies at attractive prices given their balance sheet strength.

Dec 31 2024

2024 Q4

APP, AZPN, DKNG, HUBS, ICLR, IDXX, MELI, MPWR, MRVL, MTD, NTRA, NU, PLTR, RDDT, RUBK, VEEV

AI, gaming, growth, healthcare, mid cap, semiconductors, software, technology

APP
MRVL
RDDT
PLTR

ClearBridge's Mid Cap Growth Strategy matched benchmark returns in Q4 as mid growth surged 8.14%. Technology led by AI names AppLovin and Marvell drove outperformance while healthcare detracted on regulatory concerns. Managers added Reddit and Palantir while exiting Lineage. They see continued opportunities in quality growth companies positioned for AI tailwinds or market digestion periods.

Sep 30 2024

2024 Q3

APP, APTV, AVTR, CCK, CPAY, DKNG, ETSY, FIVE, FRSH, ICLR, PFGC, PINS, RARE, RRX, SBAC, SUI, THC, VST, VYX, WK

healthcare, industrials, interest rates, mid cap, Quality, technology, Value rotation

ClearBridge's Mid Cap Strategy underperformed in Q3 despite benefiting from the rotation to smaller caps. Industrial destocking hurt Atkore and Ashland while AppLovin's AI-enabled platform drove IT outperformance. The managers added SBA Communications and Tenet Healthcare while exiting Five Below. They believe their refined focus on high-quality companies positions the Strategy for long-term outperformance despite near-term economic and political uncertainty.

Jul 18 2024

2024 Q2

ACGL, APP, ATKR, AVTR, CASY, CHWY, CLH, CSGP, DT, FRSH, HIG, MHK, PINS, RBRK, RRX, WK, WSC

AI, financials, industrials, mid cap, software, technology

CHWY
RBK

ClearBridge's mid cap strategy underperformed as markets concentrated in AI beneficiaries while broader mid caps declined. Technology and industrials holdings hurt performance, offset by gains in consumer staples and financials. Managers see opportunity in oversold mid caps with strong fundamentals as destocking headwinds dissipate, believing their diversified approach will prove valuable amid market concentration concerns.

Apr 23 2024

2024 Q1

0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE, IDEXY, LVMUY, MNDY, NSRGY, NVO, PUBGY, RACE, SAF.PA, SANDX, SAP, SBGSY, SONY, SU, TSM

Automation, Europe, growth, healthcare, international, Japan, Luxury, technology

International growth strategy outperformed on AI semiconductor equipment, diabetes treatments, and luxury goods. Added Ferrari, Schneider Electric, and other secular growers while trimming weak performers. European equities trade at deep discounts to U.S. markets with improving rate environment and corporate reforms in Japan providing tailwinds for international growth investing.

Jan 13 2024

2023 Q4

ACGL, APIO, APTV, ARGX, CAE, CDW, COTY, ENTG, EVBG, EXPE, HAS, ICLR, KKR, MRVI, NATL, PFGC, PINS, SXT, VYX

consumer discretionary, growth, healthcare, industrials, mid cap, Quality, technology

ClearBridge's Mid Cap Strategy underperformed in Q4 2023 due to industrial and consumer discretionary stock selection challenges, though consumer staples provided positive contributions. The managers maintain their quality-focused approach, building portfolios of companies with strong balance sheets and predictable cash flows. They used the quarter for portfolio optimization and approach 2024 confidently despite acknowledging potential market sentiment volatility.

Nov 10 2023

2023 Q3

AZPN, BKI, CASY, CCK, CLH, DOCS, EDR, ETSY, KEYS, NE, PCTY, PINS, PXD, RE, RJF, SPLK, VRT, WSC

Data centers, energy, growth, industrials, mid cap, value

ClearBridge's Mid Cap Strategy outperformed on strong industrials and consumer staples selection, led by Vertiv's AI-driven data center growth. Added offshore driller Noble and social media platform Pinterest while maintaining focus on balance sheet quality over macro positioning. Rising rates and consumer pressures create headwinds, but managers continue finding compelling mid cap opportunities.

Jun 30 2023

2023 Q2

APTV, ARGX, ASH, ATS, AZPN, BSY, CAE, CSGP, EMN, EQT, ETSY, EVBG, ICLR, LYV, MRVL, SCI, STE, VRT

AI, Data centers, energy, healthcare, industrials, mid cap, Natural Gas

ClearBridge's Mid Cap Strategy outperformed in Q2 2023, driven by AI-beneficiary Vertiv, natural gas leader EQT, and commercial real estate data provider CoStar. Strong industrials and energy performance offset consumer discretionary weakness. Managers added aerospace training and funeral services exposure while maintaining focus on quality companies with competitive advantages despite ongoing recession uncertainty.

Mar 31 2023

2023 Q1

This is HTML website code from ClearBridge Investments, not an actual fund document. The text contains only technical web elements and JavaScript without any investment content, portfolio information, or market commentary. No fund analysis is possible from this technical code.

QUARTER	THEMES	TAGS
2025 Q2	AI Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle.	Data Centers Power Security Growth
	E-commerce MercadoLibre demonstrated strong performance with its transition from e-commerce and fintech platform into a broader digital ecosystem. The company's digital advertising division Mercado Ads highlights this evolution beyond traditional e-commerce.	Digital Advertising Fintech Latin America
	Cybersecurity Data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security. This reflects broader trends in cybersecurity investment priorities.	Data Protection IT Security Enterprise
	Auto Retail Carvana emerged from restructuring with return to strong growth and record profitability leading the legacy auto retail sector. The company targets dramatic scale-up from 500,000 to three million annual car sales over the next five to ten years.	Used Autos Online Disruption Scale
	Hotels Hilton Worldwide represents one of the largest and fastest-growing lodging companies with over 1.25 million rooms and robust pipeline of 500,000 rooms in development. The asset-light franchising model provides high-margin fees and strong operating margins.	Lodging Franchising Growth Asset Light
2025 Q1	AI The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv.	Data Centers Semiconductors Cloud Infrastructure Machine Learning Hyperscalers
	Data Centers Data center investments faced pressure from DeepSeek concerns, affecting holdings like Marvell Technology and Vertiv. However, managers maintain conviction that hyperscalers will continue building new and more intensive data centers, creating sustained demand for thermal management systems and networking solutions.	Cloud Infrastructure Thermal Management Networking Storage AI Infrastructure
	Natural Gas EQT, North America's largest natural gas producer, continued strong performance as the U.S. endured its coldest winter since 1988, increasing demand. The company capitalized on operational excellence while making progress on deleveraging goals and extending its lead as the lowest-cost producer in the basin.	Energy Production Winter Demand Cost Leadership Operational Excellence Deleveraging
	Biotechnology The portfolio refined healthcare exposure by swapping Sarepta Therapeutics for Alnylam Pharmaceuticals, a biopharmaceutical company focused on RNA interference therapeutics for genetic diseases. Managers like Alnylam's broad, robust drug development process and the anticipated 2025 launch of a heart failure treatment in an underpenetrated market.	RNA Interference Genetic Diseases Drug Development Heart Failure Pipeline
2024 Q4	AI The fund is positioned in AI beneficiaries including AppLovin with its proprietary AI targeting engine for mobile advertising and Marvell as a key supplier of custom silicon solutions for hyperscale data centers and AI infrastructure. Palantir's AI-powered operating system connects data to existing customer applications across government and commercial markets.	Artificial Intelligence Data Centers Semiconductors Software Infrastructure
	Gaming AppLovin is highlighted as the world's leading mobile game and app advertising platform, providing software for marketing and monetization. The managers see opportunity for continued expansion and market share growth in mobile app marketing as mobile gaming ad spend recovers from a higher-rate-driven trough.	Mobile Gaming Advertising Monetization App Marketing Digital Entertainment
2024 Q3	AI AppLovin represents one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions, with mobile games representing only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.	AI Platform Mobile Gaming Ad Tech Machine Learning Monetization
	Social Media Pinterest operates a social media platform where users express interests and discover ideas through images they pin to their pages. The company is implementing internal initiatives to increase user monetization and become a better value-added advertiser to customers, despite near-term headwinds from economic uncertainty affecting advertiser spending.	User Monetization Digital Advertising Platform Content Discovery
	Healthcare Avantor is a leading global provider of services to customers in biopharmaceutical, healthcare, education and government industries. The company has demonstrated solid execution through a weaker life sciences spending environment and continues making progress on expanding margins, with signs of research and development spending stabilizing.	Life Sciences Biopharma Research Tools Margin Expansion
	Wireless Infrastructure SBA Communications is a leading owner and operator of wireless communications infrastructure including cellular towers. Consistent growth in demand for cellular data and devices allows greater pricing power and high customer retention, with continued 5G device rollout expected to drive customer spending rebound over the long term.	Cell Towers 5G Telecom Infrastructure Data Demand
2024 Q2	AI The letter discusses how AI integration is affecting client spending patterns and software companies. Management notes that AI development and rollout will create tailwinds for companies like Freshworks, and Rubrik has introduced new AI data security products as an additional revenue source.	Software Integration Security Revenue
	Software Software holdings were hurt by constrained client spending and focus on AI integration benefits. The portfolio includes companies like Freshworks, Workiva, and Dynatrace, with managers discussing the transition from legacy solutions to cloud-based offerings and enterprise software solutions.	SaaS Enterprise Cloud Compliance Observability
2024 Q1	AI Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout in this theme.	Semiconductors GPUs Software Equipment Technology
	GLP1 Diabesity represents a large and growing opportunity where Novo Nordisk, a leading developer of GLP-1 pharmaceutical treatments for diabetes and obesity conditions, continues to execute well. Emerging biotechnology company Zealand Pharma is making progress in clinical trials for new therapeutic treatments for liver disease and obesity with promising results.	Diabetes Obesity Pharmaceuticals Biotechnology Healthcare
	Luxury Consumer spending on luxury goods is favored over auto makers due to less operational volatility over economic cycles. The strategy saw resurgent results from high-end apparel and spirits group LVMH and iconic auto maker Ferrari, targeting ultra wealthy buyers less sensitive to price and more focused on investment value.	Consumer Premium Brands Apparel Automotive
	Automation French electrical and industrial automation supplier Schneider Electric is well-positioned to participate in several secular demand drivers including reshoring of supply chains, energy and power management needs to support AI and cloud growth, and accelerating demand for electrification across economies.	Industrial Electrical Infrastructure Manufacturing Electrification
2023 Q4	Travel Expedia was the top performing holding as negative investor sentiment and recession fears gave way to soft landing optimism. The company's completion of integrating multiple brands under the same technology and marketing infrastructure has helped bolster its ability to capture additional market share.	Online Travel Consumer Discretionary Market Share Technology Integration
	Beauty Coty, the global beauty company with market-leading prestige fragrance and mass cosmetic businesses, reported strong quarterly earnings with outperformance across all geographic regions and operating segments. The continued strength of the prestige fragrance market globally supports improved fundamentals.	Prestige Fragrance Cosmetics Global Markets Consumer Staples
	Biotechnology The managers added to argenx, which develops therapies for autoimmune diseases, despite lackluster phase 3 trial data due to trial design issues. They remain optimistic about the company's long-term prospects given its strong balance sheet and potential to expand their platform to treat dozens of similar autoimmune conditions.	Autoimmune Drug Development Clinical Trials Healthcare
	Electric Vehicles Aptiv, a Tier 1 automotive parts supplier, faced pressure from the United Auto Workers strike and a lull in electric vehicle orders. However, the managers view these as transitory issues and believe the company is exceptionally well-positioned as a long-term beneficiary of EV growth.	Auto Parts EV Components Automotive Supply Chain
2023 Q3	Data Centers Vertiv, a leader in power and thermal management for data centers, was the top performer driven by strong AI-related demand. The company benefits from improved margins and strong free cash flow generation, with long-term prospects enhanced by AI buildouts increasing demand for liquid-cooling products.	AI Cooling Infrastructure Power Thermal
	Onshoring Industrial holdings continue to benefit from reshoring tailwinds alongside company-specific growth initiatives and economic resiliency. This trend supports strong backlog conversion and performance in the industrial sector.	Manufacturing Supply Chain Industrial Domestic Reshoring
	Energy Added Noble, an offshore drilling contractor, benefiting from consolidation and underinvestment that depleted available drilling ships. Rising day rates and growing offshore oil drilling demand provide pricing power and cash flow generation opportunities.	Offshore Drilling Oil Consolidation Pricing
2023 Q2	AI AI development drove surge in investor demand for large tech companies and benefited portfolio holdings like Vertiv. Deploying AI applications will necessitate substantial investment in new data centers and upgrading existing facilities, creating opportunities for data center infrastructure providers.	Data Centers Technology Infrastructure Growth
	Data Centers Vertiv, which produces power and thermal management tools for data centers, was the top individual performing holding. AI deployment will require substantial investment in new data centers and facility upgrades, driving demand for data center infrastructure.	AI Infrastructure Power Technology Growth
	Natural Gas EQT, North America's leading natural gas provider, rebounded as recessionary fears gave way to optimism and prospects for greater energy demand. Global energy demand, especially in Europe, along with EQT's leadership position make it a strong long-term compounder.	Energy Commodities Europe Demand
	Commercial Real Estate CoStar provides information, analytics and online marketplace services to the commercial real estate market. The downturn in commercial real estate has created a more competitive landscape for brokers, making CoStar's data and marketplace services a countercyclical tailwind.	Real Estate Data Analytics Services

QUARTER

THEMES

AI

Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle.

Data Centers Power Security Growth

E-commerce

MercadoLibre demonstrated strong performance with its transition from e-commerce and fintech platform into a broader digital ecosystem. The company's digital advertising division Mercado Ads highlights this evolution beyond traditional e-commerce.

Digital Advertising Fintech Latin America

Cybersecurity

Data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security. This reflects broader trends in cybersecurity investment priorities.

Data Protection IT Security Enterprise

Auto Retail

Carvana emerged from restructuring with return to strong growth and record profitability leading the legacy auto retail sector. The company targets dramatic scale-up from 500,000 to three million annual car sales over the next five to ten years.

Used Autos Online Disruption Scale

Hotels

Hilton Worldwide represents one of the largest and fastest-growing lodging companies with over 1.25 million rooms and robust pipeline of 500,000 rooms in development. The asset-light franchising model provides high-margin fees and strong operating margins.

Lodging Franchising Growth Asset Light

2025 Q1

AI

The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv.

Data Centers Semiconductors Cloud Infrastructure Machine Learning Hyperscalers

Data Centers

Data center investments faced pressure from DeepSeek concerns, affecting holdings like Marvell Technology and Vertiv. However, managers maintain conviction that hyperscalers will continue building new and more intensive data centers, creating sustained demand for thermal management systems and networking solutions.

Cloud Infrastructure Thermal Management Networking Storage AI Infrastructure

Natural Gas

EQT, North America's largest natural gas producer, continued strong performance as the U.S. endured its coldest winter since 1988, increasing demand. The company capitalized on operational excellence while making progress on deleveraging goals and extending its lead as the lowest-cost producer in the basin.

Energy Production Winter Demand Cost Leadership Operational Excellence Deleveraging

Biotechnology

The portfolio refined healthcare exposure by swapping Sarepta Therapeutics for Alnylam Pharmaceuticals, a biopharmaceutical company focused on RNA interference therapeutics for genetic diseases. Managers like Alnylam's broad, robust drug development process and the anticipated 2025 launch of a heart failure treatment in an underpenetrated market.

RNA Interference Genetic Diseases Drug Development Heart Failure Pipeline

2024 Q4

AI

The fund is positioned in AI beneficiaries including AppLovin with its proprietary AI targeting engine for mobile advertising and Marvell as a key supplier of custom silicon solutions for hyperscale data centers and AI infrastructure. Palantir's AI-powered operating system connects data to existing customer applications across government and commercial markets.

Artificial Intelligence Data Centers Semiconductors Software Infrastructure

Gaming

AppLovin is highlighted as the world's leading mobile game and app advertising platform, providing software for marketing and monetization. The managers see opportunity for continued expansion and market share growth in mobile app marketing as mobile gaming ad spend recovers from a higher-rate-driven trough.

Mobile Gaming Advertising Monetization App Marketing Digital Entertainment

2024 Q3

AI

AppLovin represents one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions, with mobile games representing only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.

AI Platform Mobile Gaming Ad Tech Machine Learning Monetization

Social Media

Pinterest operates a social media platform where users express interests and discover ideas through images they pin to their pages. The company is implementing internal initiatives to increase user monetization and become a better value-added advertiser to customers, despite near-term headwinds from economic uncertainty affecting advertiser spending.

User Monetization Digital Advertising Platform Content Discovery

Healthcare

Avantor is a leading global provider of services to customers in biopharmaceutical, healthcare, education and government industries. The company has demonstrated solid execution through a weaker life sciences spending environment and continues making progress on expanding margins, with signs of research and development spending stabilizing.

Life Sciences Biopharma Research Tools Margin Expansion

Wireless Infrastructure

SBA Communications is a leading owner and operator of wireless communications infrastructure including cellular towers. Consistent growth in demand for cellular data and devices allows greater pricing power and high customer retention, with continued 5G device rollout expected to drive customer spending rebound over the long term.

Cell Towers 5G Telecom Infrastructure Data Demand

2024 Q2

AI

The letter discusses how AI integration is affecting client spending patterns and software companies. Management notes that AI development and rollout will create tailwinds for companies like Freshworks, and Rubrik has introduced new AI data security products as an additional revenue source.

Software Integration Security Revenue

Software

Software holdings were hurt by constrained client spending and focus on AI integration benefits. The portfolio includes companies like Freshworks, Workiva, and Dynatrace, with managers discussing the transition from legacy solutions to cloud-based offerings and enterprise software solutions.

SaaS Enterprise Cloud Compliance Observability

2024 Q1

AI

Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout in this theme.

Semiconductors GPUs Software Equipment Technology

GLP1

Diabesity represents a large and growing opportunity where Novo Nordisk, a leading developer of GLP-1 pharmaceutical treatments for diabetes and obesity conditions, continues to execute well. Emerging biotechnology company Zealand Pharma is making progress in clinical trials for new therapeutic treatments for liver disease and obesity with promising results.

Diabetes Obesity Pharmaceuticals Biotechnology Healthcare

Luxury

Consumer spending on luxury goods is favored over auto makers due to less operational volatility over economic cycles. The strategy saw resurgent results from high-end apparel and spirits group LVMH and iconic auto maker Ferrari, targeting ultra wealthy buyers less sensitive to price and more focused on investment value.

Consumer Premium Brands Apparel Automotive

Automation

French electrical and industrial automation supplier Schneider Electric is well-positioned to participate in several secular demand drivers including reshoring of supply chains, energy and power management needs to support AI and cloud growth, and accelerating demand for electrification across economies.

Industrial Electrical Infrastructure Manufacturing Electrification

2023 Q4

Travel

Expedia was the top performing holding as negative investor sentiment and recession fears gave way to soft landing optimism. The company's completion of integrating multiple brands under the same technology and marketing infrastructure has helped bolster its ability to capture additional market share.

Online Travel Consumer Discretionary Market Share Technology Integration

Beauty

Coty, the global beauty company with market-leading prestige fragrance and mass cosmetic businesses, reported strong quarterly earnings with outperformance across all geographic regions and operating segments. The continued strength of the prestige fragrance market globally supports improved fundamentals.

Prestige Fragrance Cosmetics Global Markets Consumer Staples

Biotechnology

The managers added to argenx, which develops therapies for autoimmune diseases, despite lackluster phase 3 trial data due to trial design issues. They remain optimistic about the company's long-term prospects given its strong balance sheet and potential to expand their platform to treat dozens of similar autoimmune conditions.

Autoimmune Drug Development Clinical Trials Healthcare

Electric Vehicles

Aptiv, a Tier 1 automotive parts supplier, faced pressure from the United Auto Workers strike and a lull in electric vehicle orders. However, the managers view these as transitory issues and believe the company is exceptionally well-positioned as a long-term beneficiary of EV growth.

Auto Parts EV Components Automotive Supply Chain

2023 Q3

Data Centers

Vertiv, a leader in power and thermal management for data centers, was the top performer driven by strong AI-related demand. The company benefits from improved margins and strong free cash flow generation, with long-term prospects enhanced by AI buildouts increasing demand for liquid-cooling products.

AI Cooling Infrastructure Power Thermal

Onshoring

Industrial holdings continue to benefit from reshoring tailwinds alongside company-specific growth initiatives and economic resiliency. This trend supports strong backlog conversion and performance in the industrial sector.

Manufacturing Supply Chain Industrial Domestic Reshoring

Energy

Added Noble, an offshore drilling contractor, benefiting from consolidation and underinvestment that depleted available drilling ships. Rising day rates and growing offshore oil drilling demand provide pricing power and cash flow generation opportunities.

Offshore Drilling Oil Consolidation Pricing

2023 Q2

AI

AI development drove surge in investor demand for large tech companies and benefited portfolio holdings like Vertiv. Deploying AI applications will necessitate substantial investment in new data centers and upgrading existing facilities, creating opportunities for data center infrastructure providers.

Data Centers Technology Infrastructure Growth

Data Centers

Vertiv, which produces power and thermal management tools for data centers, was the top individual performing holding. AI deployment will require substantial investment in new data centers and facility upgrades, driving demand for data center infrastructure.

AI Infrastructure Power Technology Growth

Natural Gas

EQT, North America's leading natural gas provider, rebounded as recessionary fears gave way to optimism and prospects for greater energy demand. Global energy demand, especially in Europe, along with EQT's leadership position make it a strong long-term compounder.

Energy Commodities Europe Demand

Commercial Real Estate

CoStar provides information, analytics and online marketplace services to the commercial real estate market. The downturn in commercial real estate has created a more competitive landscape for brokers, making CoStar's data and marketplace services a countercyclical tailwind.

Real Estate Data Analytics Services

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Aug 27, 2025	Fund Letters	Brian Angerame	AXON	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	growth, Margins, Publicsafety, Software, Subscriptions	Login
Aug 27, 2025	Fund Letters	Brian Angerame	TW	Tradeweb Markets Inc.	Financials	Financial Exchanges & Data	Bear	NASDAQ	Execution, Expectations, Liquidity, valuation, Volumes	Login
Aug 27, 2025	Fund Letters	Brian Angerame	MELI	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	ADS, ecommerce, Fintech, ROIC, scale	Login
Aug 27, 2025	Fund Letters	Brian Angerame	VST	Vistra Corp.	Utilities	Independent Power Producers & Energy Traders	Bull	NYSE	AI, Capacity, Electricity, Power, Pricing	Login
Aug 27, 2025	Fund Letters	Brian Angerame	CVNA	Carvana Co.	Consumer Discretionary	Automotive Retail	Bull	NYSE	Auto, ecommerce, growth, Margins, restructuring	Login
Aug 27, 2025	Fund Letters	Brian Angerame	PLTR	Palantir Technologies Inc.	Information Technology	Systems Software	Bear	NYSE	Adoption, AI, Sentiment, valuation, Volatility	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	MRVL	Marvell Technology Inc	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, custom silicon, data centers, hyperscale, Networking, semiconductors, Storage	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	CHWY	Chewy Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	Customer service, e-commerce, growth, Pet Products, Private-label, retail, turnaround, warehouse automation	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	APP	AppLovin Corporation	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI platform, e-commerce, Free Cash Flow, Gaming, Mobile Advertising, monetization, SaaS	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	PLTR	Palantir Technologies Inc	Information Technology	Software	Bull	NYSE	AI platform, Commercial Software, Data-integration, government contracts, high margins, rapid growth, Real-time Analytics	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU	Noble Corporation plc	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	cash flow generation, Cyclical Recovery, Day-rates, Energy Services, offshore drilling, oil and gas, Supply Shortage	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	PINS	Pinterest Inc	Communication Services	Interactive Media & Services	Bull	NYSE	advertising, e-commerce, monetization, social media, turnaround, user engagement, Visual Discovery	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	Vertiv Holdings Co	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NYSE	AI infrastructure, data centers, growth, liquid cooling, Power management, technology hardware, thermal management	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	CASY	Casey's General Stores Inc	Consumer Staples	Food & Staples Retailing	Bull	NASDAQ	consumer staples, convenience stores, defensive, margin expansion, Pricing power, Private-label, Rural Markets	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	RDDT	Reddit Inc	Communication Services	Interactive Media & Services	Bull	NYSE	advertising, AI Training Data, Community Platform, Data licensing, Early Stage Monetization, social media, User growth	Login
-	Fund Letters	ClearBridge Investments Mid Cap Growth Strategy	RBK	Rubrik Inc	Information Technology	Systems Software	Bull	NYSE	AI, Cloud computing, Data Security, data storage, Enterprise software, growth, SaaS, subscription revenue	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Aug 27, 2025

Fund Letters

Brian Angerame

AXON

Axon Enterprise, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

growth, Margins, Publicsafety, Software, Subscriptions

Aug 27, 2025

Fund Letters

Brian Angerame

Tradeweb Markets Inc.

Financials

Financial Exchanges & Data

Bear

NASDAQ

Execution, Expectations, Liquidity, valuation, Volumes

Aug 27, 2025

Fund Letters

Brian Angerame

MELI

MercadoLibre, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

ADS, ecommerce, Fintech, ROIC, scale

Aug 27, 2025

Fund Letters

Brian Angerame

VST

Vistra Corp.

Utilities

Independent Power Producers & Energy Traders

Bull

NYSE

AI, Capacity, Electricity, Power, Pricing

Aug 27, 2025

Fund Letters

Brian Angerame

CVNA

Carvana Co.

Consumer Discretionary

Automotive Retail

Bull

NYSE

Auto, ecommerce, growth, Margins, restructuring

Aug 27, 2025

Fund Letters

Brian Angerame

PLTR

Palantir Technologies Inc.

Information Technology

Systems Software

Bear

NYSE

Adoption, AI, Sentiment, valuation, Volatility

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

MRVL

Marvell Technology Inc

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, custom silicon, data centers, hyperscale, Networking, semiconductors, Storage

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

CHWY

Chewy Inc

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

Customer service, e-commerce, growth, Pet Products, Private-label, retail, turnaround, warehouse automation

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

APP

AppLovin Corporation

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI platform, e-commerce, Free Cash Flow, Gaming, Mobile Advertising, monetization, SaaS

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

PLTR

Palantir Technologies Inc

Information Technology

Software

Bull

NYSE

AI platform, Commercial Software, Data-integration, government contracts, high margins, rapid growth, Real-time Analytics

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

Noble Corporation plc

Energy

Oil, Gas & Consumable Fuels

Bull

NYSE

cash flow generation, Cyclical Recovery, Day-rates, Energy Services, offshore drilling, oil and gas, Supply Shortage

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

PINS

Pinterest Inc

Communication Services

Interactive Media & Services

Bull

NYSE

advertising, e-commerce, monetization, social media, turnaround, user engagement, Visual Discovery

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

Vertiv Holdings Co

Information Technology

Technology Hardware, Storage & Peripherals

Bull

NYSE

AI infrastructure, data centers, growth, liquid cooling, Power management, technology hardware, thermal management

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

CASY

Casey's General Stores Inc

Consumer Staples

Food & Staples Retailing

Bull

NASDAQ

consumer staples, convenience stores, defensive, margin expansion, Pricing power, Private-label, Rural Markets

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

RDDT

Reddit Inc

Communication Services

Interactive Media & Services

Bull

NYSE

advertising, AI Training Data, Community Platform, Data licensing, Early Stage Monetization, social media, User growth

Fund Letters

ClearBridge Investments Mid Cap Growth Strategy

RBK

Rubrik Inc

Information Technology

Systems Software

Bull

NYSE

AI, Cloud computing, Data Security, data storage, Enterprise software, growth, SaaS, subscription revenue

TICKER	COMMENTARY
PLTR	Palantir, which has been a highly controversial stock due to excessive valuation and strong retail participation, rose 55% during the quarter, driven by the AI and growth-led rally and heightened attention to security. This proved a significant headwind for relative Strategy performance, but it could have been several times that amount had the team not initiated a modest position as a risk management strategy. We exited Palantir as it left the benchmark at the end of the quarter.
NET	Despite strong absolute returns, the ClearBridge Mid Cap Growth Strategy failed to keep pace with its benchmark in the second quarter due to limited exposure to several of the rally's leading participants — Palantir Technologies and Cloudflare in information technology (IT).
AXON	We also initiated a new position in Axon — a leading provider of public safety software solutions and hardware including TASER devices and body cameras. Axon saw strong performance as it continued to innovate and broaden its safety and productivity offerings, actions which are driving greater adoption and strong growth in a large total addressable market. With an installed base of over one million software subscribers, Axon is increasingly positioned as the premier operating system for public safety.
RBLX	Meanwhile, Roblox, which we do not own stemming from our concerns about children's safety on the platform and the company only just now starting to compound cash flow, rose 80% in the quarter and also acted as a relative performance headwind in communication services.
TW	Stock selection in the financials sector also weighed on performance, largely stemming from declines from marketplace operator Tradeweb Markets. Tradeweb, one of our top performers in the first quarter, took a breather as investor enthusiasm and growth expectations outpaced fundamentals. Despite reporting strong first-quarter earnings, the company's performance did not meet the growth and profitability improvements that many investors had priced into the stock, resulting in a share price pullback even as the business remains solid.
RBRK	In IT, data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security.
APP	AI-enabled advertising platform operator AppLovin delivered strong quarterly earnings and solidified its leadership within AI-driven performance marketing.
MELI	MercadoLibre, which operates online e-commerce platforms targeted to Latin American consumers, rose on strong financial performance and operating margins. Additionally, strong returns driven by its digital advertising division — Mercado Ads — highlights the company's transition from mere e-commerce and fintech platform into a broader digital ecosystem.
VST	Finally, merchant power producer and utility company Vistra made gains following a string of better-than-anticipated results by leading AI developers and IT stocks, easing investors' concerns about a potential slowdown in AI demand and data center buildouts and pointing to continued increases in power demand as they come online. Ultimately the AI ecosystem remains short power and Vistra is among the best positioned to deliver it at a meaningful premium to prevailing prices.
CVNA	We re-established a position in Carvana, the leading online used vehicle retailer. Carvana has emerged from a challenging restructuring period with a return to strong growth, record profitability that leads the legacy auto retail sector, and a clear long-term vision to disrupt the large and highly fragmented auto market. The company is targeting a dramatic scale-up from approximately 500,000 annual car sales today to three million over the next five to 10 years, leveraging its existing infrastructure and the Adesa acquisition to support this expansion.
HLT	Also in the consumer discretionary sector, we established a position in Hilton Worldwide, one of the largest and fastest-growing lodging companies with over 1.25 million rooms today. The company has a robust pipeline of 500,000 rooms in development and supporting its 6%–7% annual growth target. With high-margin fees from its asset-light franchising and management contracts, strong operating margins and a history of returning capital to shareholders through share buybacks, Hilton's scale, brand strength and resilient business model position it for solid long-term growth.

TICKER

COMMENTARY

PLTR

Palantir, which has been a highly controversial stock due to excessive valuation and strong retail participation, rose 55% during the quarter, driven by the AI and growth-led rally and heightened attention to security. This proved a significant headwind for relative Strategy performance, but it could have been several times that amount had the team not initiated a modest position as a risk management strategy. We exited Palantir as it left the benchmark at the end of the quarter.

NET

Despite strong absolute returns, the ClearBridge Mid Cap Growth Strategy failed to keep pace with its benchmark in the second quarter due to limited exposure to several of the rally's leading participants — Palantir Technologies and Cloudflare in information technology (IT).

AXON

We also initiated a new position in Axon — a leading provider of public safety software solutions and hardware including TASER devices and body cameras. Axon saw strong performance as it continued to innovate and broaden its safety and productivity offerings, actions which are driving greater adoption and strong growth in a large total addressable market. With an installed base of over one million software subscribers, Axon is increasingly positioned as the premier operating system for public safety.

RBLX

Meanwhile, Roblox, which we do not own stemming from our concerns about children's safety on the platform and the company only just now starting to compound cash flow, rose 80% in the quarter and also acted as a relative performance headwind in communication services.

Stock selection in the financials sector also weighed on performance, largely stemming from declines from marketplace operator Tradeweb Markets. Tradeweb, one of our top performers in the first quarter, took a breather as investor enthusiasm and growth expectations outpaced fundamentals. Despite reporting strong first-quarter earnings, the company's performance did not meet the growth and profitability improvements that many investors had priced into the stock, resulting in a share price pullback even as the business remains solid.

RBRK

In IT, data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security.

APP

AI-enabled advertising platform operator AppLovin delivered strong quarterly earnings and solidified its leadership within AI-driven performance marketing.

MELI

MercadoLibre, which operates online e-commerce platforms targeted to Latin American consumers, rose on strong financial performance and operating margins. Additionally, strong returns driven by its digital advertising division — Mercado Ads — highlights the company's transition from mere e-commerce and fintech platform into a broader digital ecosystem.

VST

Finally, merchant power producer and utility company Vistra made gains following a string of better-than-anticipated results by leading AI developers and IT stocks, easing investors' concerns about a potential slowdown in AI demand and data center buildouts and pointing to continued increases in power demand as they come online. Ultimately the AI ecosystem remains short power and Vistra is among the best positioned to deliver it at a meaningful premium to prevailing prices.

CVNA

We re-established a position in Carvana, the leading online used vehicle retailer. Carvana has emerged from a challenging restructuring period with a return to strong growth, record profitability that leads the legacy auto retail sector, and a clear long-term vision to disrupt the large and highly fragmented auto market. The company is targeting a dramatic scale-up from approximately 500,000 annual car sales today to three million over the next five to 10 years, leveraging its existing infrastructure and the Adesa acquisition to support this expansion.

HLT

Also in the consumer discretionary sector, we established a position in Hilton Worldwide, one of the largest and fastest-growing lodging companies with over 1.25 million rooms today. The company has a robust pipeline of 500,000 rooms in development and supporting its 6%–7% annual growth target. With high-margin fees from its asset-light franchising and management contracts, strong operating margins and a history of returning capital to shareholders through share buybacks, Hilton's scale, brand strength and resilient business model position it for solid long-term growth.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

E-commerce

Cybersecurity

Auto Retail

Hotels

AI

Data Centers

Natural Gas

Biotechnology

AI

Gaming

AI

Social Media

Healthcare

Wireless Infrastructure

AI

Software

AI

GLP1

Luxury

Automation

Travel

Beauty

Biotechnology

Electric Vehicles

Data Centers

Onshoring

Energy

AI

Data Centers

Natural Gas

Commercial Real Estate

Investor Pitches

Current Portfolio as of ( 30th June 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian Angerame Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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ClearBridge Investments Mid Cap Growth Strategy