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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The ClearBridge All Cap Growth Strategy underperformed its Russell 3000 Growth Index benchmark in Q2 2025 despite the broad market's strong recovery from tariff-induced volatility. The benchmark returned 17.6% as mega cap AI leadership resumed, with hyperscalers demonstrating commitment to high AI capex levels. Microsoft, Meta Platforms and semiconductor companies like Nvidia and Broadcom benefited from solid earnings and renewed AI adoption expectations. The Strategy's more diversified positioning versus the concentrated benchmark created a headwind after serving as a tailwind in the turbulent first quarter. Health care holdings were the primary detractor, with UnitedHealth Group missing earnings and withdrawing guidance due to Medicare Advantage pressures, while Vertex Pharmaceuticals and Thermo Fisher Scientific faced execution challenges and tariff-related concerns. The team capitalized on volatility to initiate four new positions, adding Novo Nordisk, Alnylam Pharmaceuticals, Synopsys and Palantir Technologies while exiting Target, ICON and MongoDB. Looking forward, the managers expect continued macro uncertainty but believe their balanced portfolio of quality growth companies with pricing power is well-positioned across scenarios.
The ClearBridge All Cap Growth Strategy seeks to deliver an improved growth profile with better upside capture in risk-on markets and good downside capture through turbulent periods by owning a diversified portfolio of high-quality growth companies with strong market positions, pricing power and proven management teams capable of executing across economic scenarios.
The team expects the macroeconomic backdrop to remain bumpy but has positioned the portfolio to perform well in a variety of economic scenarios. With a balanced approach to growth, they own stocks with both offensive and defensive characteristics and strong management teams that have the proven ability to execute regardless of macro conditions. They feel confident that holdings with strong market positions, value-based offerings and pricing power are well-positioned to weather tariff-related cost inflation. The team is excited about the number of new ideas put to work in the Strategy in pursuit of improved growth profile with better upside capture in risk-on markets as well as good downside capture through turbulent periods.
As of Aug 14, 2026
ClearBridge Investments, LLC is a leading global equity manager operating as a wholly-owned subsidiary of Franklin Resources, Inc. (Franklin Templeton) while maintaining investment autonomy. Founded with origins tracing back over 60 years to 1962, the firm manages over $200 billion in assets under management as of September 2025. The company is headquartered in New York with global offices and employs 361 professionals including 74 portfolio managers. ClearBridge has been recognized by Pensions & Investments Magazine as a 'Best Place to Work in Money Management' for fourteen consecutive years.
Lead Portfolio Manager
Evan Bauman
Managing Partner
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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