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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
During Q3 2026, value equities maintained their year-to-date leadership over growth, with the Russell 1000 Value Index returning 2.6% compared to 0.9% for the Russell 1000 Growth Index. Against this backdrop, the ClearBridge Value Strategy generated positive absolute performance but underperformed the benchmark. Performance suffered notably from stock selection in health care (e.g., CVS Health) and an underweight to information technology, where sharp appreciation in Apple and Microsoft drove relative benchmark gains before full portfolio participation. Industrials holdings like Contemporary Amperex Technology and FedEx Freight also detracted. Conversely, an overweight allocation to energy (led by ConocoPhillips and Chevron), selection in materials (Newmont), and strength in Intercontinental Exchange provided key positive offsets. To manage relative benchmark risk and capitalize on idiosyncratic opportunities, ClearBridge reallocated capital following the June Russell reconstitution. The managers initiated positions in Microsoft, Apple, and Celestica to balance IT exposure, while establishing positions in L3Harris Technologies, Honeywell Aerospace, Marsh & McLennan, Reddit, and Danaher. In turn, they eliminated positions in Globant, Broadcom, Thermo Fisher Scientific, Gilead Sciences, Elanco Animal Health, Nestle, Celsius, GXO Logistics, WESCO International, and Teck Resources. The portfolio continues to emphasize high cash flow visibility and disciplined capital allocation.
The strategy centers on investing in high-conviction companies with visible cash generation, robust balance sheets, and tangible earnings power capable of compounding intrinsic value across diverse macroeconomic outcomes. Rather than chasing crowded momentum or capital-intensive artificial intelligence trades, the managers selectively own AI enablers while taking advantage of index reconstitution dynamics, defense spending tailwinds, and structurally supported energy cash flows underpinned by tight supply and capital discipline.
Management anticipates equity markets will remain sensitive to capital flows, funding costs, and volatile energy prices amid heightened geopolitical tensions in the Middle East. They expect depleted inventories, energy security mandates, and strict capital discipline to continue driving strong free cash flow for well-capitalized oil and gas producers. With megacap tech companies occupying a greater weight in the value benchmark following reconstitution, the team remains disciplined in managing benchmark relative risk while remaining skeptical of the returns on aggressive AI capital expenditures, prioritizing businesses with resilient balance sheets and sustainable cash returns.
As of Oct 7, 2026
Sam Peters, CFA, serves as Portfolio Manager for the ClearBridge Value Strategy with 33 years of experience at ClearBridge Investments. The firm is led by CEO Terrence Murphy and employs approximately 285 people as of 2024. ClearBridge Investments, LLC operates under SEC CRD #137028 and is headquartered in New York. The firm has been recognized by Pensions & Investments Magazine as a 'Best Place to Work in Money Management' in all nine years of the survey, reflecting strong institutional culture and employee satisfaction.
The ClearBridge Value Strategy takes an active, opportunistic approach to finding and exploiting price-value gaps among stocks across market capitalizations. The strategy employs a valuation-disciplined, probability-driven investment process, focusing on free cash flow generation, strong balance sheets, lower-volatility stocks, and overweighting real assets. Portfolio managers rely on rigorous valuation discipline to find attractive stocks when no one wants them, combining markets' potential energy of undervalued assets with the kinetic energy of selective momentum to create a differentiated, diversified portfolio designed to compound returns despite short-term capital flow distortions. The approach emphasizes 'We like growth, we just don't like to pay for it' and operates under the Inelastic Market Hypothesis framework.
Lead Portfolio Manager
Neutral / Balanced
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