| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The ClearBridge All Cap Growth Strategy underperformed its Russell 3000 Growth Index benchmark in Q4 2025, hurt by allocation differences among mega cap growth holdings and weak stock selection in communication services and health care. An underweight to Alphabet was a primary detractor despite the team consistently adding to the position since April 2024. The company's AI-supported digital advertising success and Google Gemini chatbot boosted shares over 25% for the quarter. Netflix fell due to uncertainty over its proposed $72 billion Warner Bros. Discovery acquisition. The team initiated three new positions during the quarter: Airbus, benefiting from long-term commercial aircraft demand; Linde, operating in the attractive industrial gas market; and Hilton, with its asset-light hospitality model. Looking forward, markets remain resilient but volatile as momentum-driven areas cooled. AI continues representing a powerful long-term opportunity, though early beneficiaries have seen significant gains. The strategy emphasizes balance, owning companies with both offensive growth potential and defensive characteristics including strong free cash flow and clean balance sheets.
The ClearBridge All Cap Growth Strategy focuses on disciplined stock selection and balanced portfolio construction in a volatile market environment, emphasizing companies with durable fundamentals, innovation-driven growth, and strong execution while maintaining exposure to long-term opportunities like AI and positioning for potential market leadership broadening.
Markets remain resilient, but volatility has increased as momentum-driven areas cooled and stock-level dispersion widened. AI continues to represent a powerful long-term opportunity, though early beneficiaries have already seen significant gains. The team emphasizes balance, owning companies with both offensive growth potential and defensive characteristics.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 5 2026 | 2025 Q4 | AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD | aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility | - | ClearBridge All Cap Growth underperformed in Q4 2025 due to underweights in outperforming Alphabet and Apple, plus Netflix weakness from acquisition uncertainty. The team added Airbus, Linde, and Hilton while maintaining balanced exposure to AI opportunities and defensive characteristics. Markets show resilience but increased volatility as momentum areas cooled and dispersion widened. |
| Nov 8 2025 | 2025 Q3 | AAPL, ACN, APP, AVGO, COST, CRM, GOOGL, HUBS, LLY, MSFT, NOW, NTRA, NVO, ORCL, PLTR, TEL, TSM, UNH, VST, WDAY | AI, Cloud, Data centers, growth, healthcare, semiconductors, software, technology | - | ClearBridge actively repositioned during Q3's AI-driven market divergence, upgrading exposure to AI winners like Broadcom and Oracle while trimming AI losers in application software. New positions in cloud infrastructure and data center power suppliers capitalize on AI infrastructure demand. Despite strong performance, managers maintain balanced positioning given elevated valuations and macro risks. |
| Jul 29 2025 | 2025 Q2 | AAPL, ALNY, AVGO, CRWD, ETN, ICLR, JCI, LLY, MDB, META, MSFT, NFLX, NVDA, NVO, PLTR, SNPS, TGT, TMO, UNH, VRTX | AI, Biotechnology, growth, healthcare, positioning, semiconductors, tariffs, technology |
LLY SNPS PLTR ICLR TGT NFLX AVGO NVO ALNY SNPS PLTR |
ClearBridge All Cap Growth underperformed in Q2 2025's risk-on rebound due to diversified positioning versus concentrated benchmark. Health care holdings weighed on performance while AI and streaming names contributed. Team initiated four new positions including Novo Nordisk, Alnylam, Synopsys, and Palantir while exiting Target and others. Portfolio positioned for various economic scenarios with balanced growth exposure. |
| Mar 31 2025 | 2025 Q1 | AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX | AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology |
APP ARES |
ClearBridge All Cap Growth outperformed in Q1 as tariff chaos and AI concerns pressured mega caps. Strong stock selection and Magnificent Seven underweight drove outperformance. Added AppLovin and Ares Management while trimming healthcare. Positioned for earnings growth broadening beyond tech to industrials and healthcare, though monitoring tariff risks on consumer spending. |
| Dec 31 2024 | 2024 Q4 | AMZN, AVGO, BIIB, CMCSA, CMG, ETSY, FCX, GOOGL, ICLR, ISRG, META, NFLX, NVDA, STX, TMO, TSLA, UBER, UNH, V, VRTX | AI, Biotechnology, growth, healthcare, large cap, momentum, technology |
ICLR CMG BIIB CMCSA |
ClearBridge's diversified all-cap growth strategy underperformed Q4's momentum market but used weakness to add healthcare and consumer discretionary exposure. After two years of strong large-cap growth returns, managers position defensively for inevitable turbulence while seeing opportunities in mid-cap growth names outside Magnificent Seven as market broadening continues. |
| Sep 30 2024 | 2024 Q3 | AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF | AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value | - | ClearBridge's diversified all-cap growth strategy performed in line with benchmarks during volatile Q3, adding semiconductor and building materials exposure while exiting underperformers. The team maintains strategic underweight to Magnificent Seven, focusing on mid-cap growth opportunities and balancing cyclical exposure with defensive positioning to navigate uncertain macro environment and potential election outcomes. |
| Jul 31 2024 | 2024 Q2 | AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS | AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology |
ELF IDXX |
ClearBridge's diversified growth strategy underperformed in Q2 as markets concentrated in AI mega-caps. Economic slowing is evident with lower-income consumer stress and declining indicators. The team added e.l.f. Beauty and IDEXX while trimming underperformers, maintaining conviction in their diversified approach as market concentration risks increase and Fed rate cuts approach. |
| Apr 15 2024 | 2024 Q1 | AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY | AI, growth, healthcare, mid cap, risk management, technology |
MDB WDAY |
ClearBridge trimmed mega cap winners and redeployed into smaller, more attractively valued growth names during Q1. Healthcare weakness offset gains from AI-driven momentum. The strategy maintains underweight to Magnificent Seven, focusing on mid cap plus opportunities. Managers prepare for multiple scenarios, favoring early cyclicals if economy slows and cash-generative companies if rates stay higher. |
| Jan 13 2024 | 2023 Q4 | AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD | diversification, growth, large cap, software, technology, volatility |
CTAS AIR FP|ICLR|LIN|MRVL|NOW|TSM 0CUN LN |
ClearBridge's diversified growth strategy outperformed in Q4, adding ServiceNow and Cintas while maintaining overweights in Amazon and Meta. Managers expect broadening participation beyond Magnificent Seven to benefit their approach, though anticipate higher volatility from macro deceleration. Strategy focuses on cash flow-supported growth companies across technology, industrials, and consumer discretionary sectors. |
| Nov 10 2023 | 2023 Q3 | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology |
AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH ICLR|LLY|PLTR|SNPS|TGT SUNP IN SBUX |
ClearBridge repositioned into earnings reset names Target and Union Pacific while trimming AI leader Nvidia and selling Sea Limited. Rising yields pressured growth stocks despite strong tech selection. The team expects either recession or soft landing, positioning for a 2014-2016 scenario favoring organic growth companies with self-funding capabilities. |
| Jun 30 2023 | 2023 Q2 | ABBV, ABNB, AES, CLH, CP, CVS, EQT, GILD, META, MRVL, ORCL, PFE, SQ, VMC | AI, financials, Recession, small caps, technology, value |
AIR FP|ICLR|LIN|MRVL|NOW|TSM CLH |
ClearBridge All Cap Value outperformed by 400bps in Q2 despite value's underperformance versus growth. AI-fueled mega cap rally has pushed valuation spreads to 2021 highs, creating medium-term opportunity for value factor and smaller caps. Strategy holds higher cash for deployment during stress while adding quality names like Marvell Technology and Clean Harbors with defensive characteristics. |
| Mar 31 2023 | 2023 Q1 | AAP, AAPL, ACN, AMZN, ASML, CRM, CRWD, HUBS, INTC, JCI, LLY, LSXMK, META, MSFT, NVDA, PANW, SHW, TSLA, TXG, UNH | diversification, growth, healthcare, Quality, Recession, semiconductors, technology |
AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CRM AMZN HUBS ALLY ACN |
ClearBridge's growth strategy outperformed in Q1 2023's mega cap rally while positioning defensively for recession. Added quality compounders Eli Lilly and Accenture, benefited from AI momentum in Nvidia and cost-cutting at Meta/Salesforce. Maintains underweight to mega cap tech, emphasizes self-funding business models and diversification ahead of anticipated economic contraction. |
| Jan 26 2023 | 2022 Q4 | AMZN, AVGO, CRWD, DIS, EL, IMGN, MMC, NFLX, NKE, TEAM, TSLA, UNH, V, WOLF | - | - | |
| Feb 11 2022 | 2022 Q3 | BIIB, CMCSA, FIS, META, PATH, TEAM | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIArtificial intelligence enthusiasm supported large-cap growth companies and drove technology-led earnings growth. Much of today's technology-led earnings growth is supported by long-term capital investment in AI, energy, and infrastructure reflecting demographic pressures and labor scarcity. |
Artificial Intelligence Technology Investment Growth |
ValuationsEquity valuations remain elevated with the S&P 500 trading near 23x forward earnings, well above its long-term average of roughly 15.6x. Elevated valuations do not imply an imminent market downturn but tend to constrain longer-term returns and may increase market sensitivity to earnings disappointments. |
Valuations Earnings Risk Markets | |
EarningsStrong corporate earnings, particularly within technology and communication services, drove market gains. Current valuation levels suggest returns will depend more on earnings durability and cash-flow generation than on further multiple expansion. |
Earnings Corporate Technology Growth | |
DollarA weaker U.S. dollar, down 9.4% in 2025, provided a notable tailwind for foreign assets and helped international equities meaningfully outperform U.S. markets for the first time in several years. |
Dollar Currency International Performance | |
RatesThe Federal Reserve cut rates by 25 basis points in December, bringing the policy rate to 3.5%-3.75%. The Fed cut rates three times in 2025 and currently expects one more cut in 2026, while markets are pricing in roughly two additional cuts. |
Federal Reserve Interest Rates Monetary Policy | |
| 2025 Q3 |
AIThe growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners consisting primarily of cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The Strategy was active in upgrading exposure to perceived AI winners while scaling back weighting in AI losers. |
Cloud Semiconductors Software Data Centers Infrastructure |
CloudOracle was initiated as a new position running an emerging cloud infrastructure platform to run generative AI workloads, gaining share among hyperscalers due to its lower-cost data center architecture well-suited for large-scale AI training workloads. The managers believe Oracle's market share will continue to grow with profitability underappreciated by the market. |
AI Data Centers Infrastructure Hyperscalers | |
Data CentersVistra was added as a new position to benefit as a power supplier to data centers run by hyperscalers. The company is the largest competitive power generator in the U.S. with a 41 GW fleet positioned to benefit from continued tightening in primary PJM and ERCOT markets, with pending regulatory clarity potentially enabling additional power purchase agreements. |
Energy Power Infrastructure Utilities | |
SemiconductorsBroadcom stood out after announcing a fourth customer for its specialized XPU chips geared to AI workloads, underscoring leadership in custom silicon for AI applications seeing robust demand. Taiwan Semiconductor also contributed as a contract manufacturer of high-end chips from Nvidia and other leading designers. |
AI Chips Manufacturing Technology | |
| 2025 Q2 |
AIMega cap AI market leadership returned with hyperscalers showing commitment to high levels of AI-driven capex. Microsoft and Meta Platforms outperformed as both they and semiconductor companies including Nvidia and Broadcom were boosted by solid earnings and renewed expectations of widespread AI adoption. Broadcom maintained strong execution in development of custom silicon chips for AI computing and is well-positioned for continued healthy investment in AI. |
Hyperscalers Capex Custom Silicon GPUs Computing |
GLP1The team replaced Eli Lilly with Novo Nordisk in the GLP-1 space. Novo's Wegovy drug was first to market among the new generation of obesity drugs but lost market share to Lilly due to production delays. With Novo's enhanced CagriSema weight loss treatment and improved supply position, the company is poised to better compete with attractive valuation given large secular growth trends behind the diabesity market. |
Obesity Diabetes Weight Loss Wegovy CagriSema | |
BiotechnologyAdded Alnylam Pharmaceuticals, a commercial stage biotechnology company and world leader in RNA interference technology that selectively shuts off protein production at the genetic level. The company's platform of five approved drugs can treat a broad array of rare and common diseases and consistently generate new drug candidates. The market does not appreciate the potential value of Alnylam's core Amvuttra franchise. |
RNA Interference Rare Diseases Gene Therapy Amvuttra Pipeline | |
SemiconductorsAdded Synopsys, a leader in electronic design automation software and custom chip designs operating in a duopoly market with multiple growth avenues driven by increased semiconductor chip complexity. The company's EDA software and tools are mission critical and difficult to replicate, providing defense to its high-margin business model. |
EDA Chip Design Duopoly Mission Critical High Margin | |
Data CentersJohnson Controls has a leading position in commercial HVAC for data centers, with its data center business exceeding the next two largest competitors combined. The company benefited from stocks tied to power and electrification trends. |
HVAC Commercial Power Electrification Infrastructure | |
StreamingNetflix saw shares rise due to continued robust execution with double-digit revenue growth driven by a balance of subscriber growth and pricing, as well as continued margin expansion. The team took some profits but remains confident in the company's long-term strategy, strong market position and attractiveness of the global streaming market. |
Subscriber Growth Pricing Margin Expansion Global Market Content | |
| 2025 Q1 |
Trade PolicyTrump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability. |
Tariffs Trade GDP Supply Chain Consumer |
AIThe surprise emergence of DeepSeek, a Chinese large language model with capabilities similar to the best LLMs but built with inferior chips at lower cost, caused investors to question whether massive capex devoted to Gen AI would continue. This impacted Nvidia despite the company continuing to deliver record financial results amid strong Blackwell GPU rollout. |
DeepSeek LLM Capex GPU Nvidia | |
Private CreditAres Management was added as a new position, representing a leading player in private credit, a large and growing market supported by secular tailwinds such as increased bank regulation, rising retail penetration and migration of insurance assets. Scaled players like Ares should take outsize share of industry asset growth. |
Alternative Assets Bank Regulation Insurance Fee Income Credit Cycle | |
| 2024 Q4 |
AINvidia continued to ride momentum as the key supplier of chips for AI applications, rising more than 170% in 2024. The team is targeting disruptors leveraging generative AI and rapidly taking market shares in the fastest-growing parts of the economy. Innovation is accelerating beyond technology-related businesses, including medical devices where Intuitive Surgical is making significant strides in providing feedback to surgeons using robotic instruments. |
Semiconductors Generative AI Medical Devices Innovation Robotics |
BiotechnologyHealth care holdings suffered from clinical setbacks for Vertex Pharmaceuticals in trials for suzetrigine in chronic pain, and sluggish biotechnology R&D spending negatively impacted Thermo Fisher Scientific. The team established a new position in ICON, a leading contract research organization, believing the CRO industry has experienced multiple compression due to slowing pharma and biotech spending, creating a meaningful dislocation. |
CRO & CDMO Pharmaceuticals Clinical Labs R&D Biotech | |
| 2024 Q3 |
AIAI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows. |
Semiconductors Data Centers Nvidia Technology Growth |
SemiconductorsAdded Taiwan Semiconductor as out-of-benchmark name, the world's fabrication production provider of choice. TSM powers all leading edge fabless global semiconductor companies including Apple, Nvidia, Qualcomm, AMD and Broadcom. Half of company's business positioned for recovery as PCs and handsets at cycle lows. |
Foundries Manufacturing Taiwan Recovery Cyclical | |
Building MaterialsAdded Builders FirstSource, the largest U.S. distributor of building products and prefabricated components. Organic share gainer with opportunity to consolidate share in fragmented distribution market. Investments in digital capabilities provide competitive advantage over smaller competitors. |
Distribution Consolidation Digital Construction Market Share | |
| 2024 Q2 |
AIAI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets. |
Technology Data Centers Enterprise Software Semiconductors Nvidia |
BeautyAdded e.l.f. Beauty as the third-largest mass cosmetics brand in the U.S. The company's consumer value proposition, innovation pipeline, and ability to bring prestige-like products to mass consumers positions it to outgrow the global market. Significant opportunity exists to transform from an emerging U.S. color cosmetics brand to a global beauty stalwart. |
Cosmetics Consumer Staples Innovation Global Expansion | |
SemiconductorsBoosted by Nvidia and a handful of other semiconductor stocks riding the momentum of generative AI demand. Semiconductor companies were among the leading contributors to performance, with Nvidia and Broadcom specifically mentioned as top performers during the quarter. |
Nvidia Broadcom AI Technology Growth | |
| 2024 Q1 |
AIContinued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications. |
Artificial Intelligence Vector Search Generative AI |
GrowthGrowth stocks maintained premium over value stocks with Russell 3000 Growth Index rising 11.23% and outperforming value by 261 basis points. The likelihood of slowing economic growth and more palatable rate environment enabled growth stocks to maintain leadership. |
Growth Stocks Value Premium Rate Environment | |
Small CapsStrategy has been trimming larger cap outperformers and redeploying into more attractively valued smaller cap names. The mid cap plus segment from upper end of mid cap to lower end of large cap is considered ripe for investment and merits inclusion in portfolios. |
Mid Cap Plus Small Cap Redeployment | |
| 2023 Q4 |
AIAI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks. |
Artificial Intelligence Technology Automation Innovation |
CloudServiceNow is positioned as a key enabler of modernization and digital transformation through workflow automation software. Enterprises are converging on single platform solutions, creating opportunities for cloud-based workflow providers. |
Digital Transformation Workflow Automation Enterprise Software Platform Solutions | |
CybersecurityCrowdStrike was among leading contributors to performance and represents the managers' successful approach to application software disruptors. The cybersecurity sector continues to benefit from enterprise security needs. |
Security Software Enterprise Protection Application Software Disruptors | |
| 2023 Q3 |
AINvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. |
GPUs Semiconductors Machine Learning |
GLP1Positive clinical trials showing cardiovascular benefits for GLP-1 diabetes and obesity therapeutic semaglutide boosted Eli Lilly shares. However, this raised risks for Insulet due to potential lower utilization of insulin patch pumps, though financial impact is expected to be restrained. |
Diabetes Obesity Therapeutics | |
CybersecurityCybersecurity software maker CrowdStrike was a notable contributor to performance during the quarter, helping offset weakness in other areas of the technology sector. |
Software Security Enterprise | |
OnshoringUnion Pacific provides exposure to reshoring trends as an efficient way to transport goods with networks extending from Mexico through the U.S. to Canada. The freight rail industry is positioned to benefit from reshoring activities. |
Rail Transportation Supply Chain | |
| 2023 Q2 |
AIArtificial intelligence furor and speculation that benefits will accrue to mega cap incumbents explains much of the tech rally. Time will tell whether AI aids mega cap tech or helps unseat them, but market indicators point to a harder road for their outperformance going forward. |
Artificial Intelligence Data Centers Technology Semiconductors Mega Cap |
ValueValuation spreads have reverted to levels last seen during the height of speculative growth stock mania in 2021. History strongly suggests current valuation spreads will help drive outperformance of value as a factor over the medium term. |
Valuation Spreads Growth vs Value Factor Investing Market Cycles | |
Small CapsThe Strategy has a smaller average market cap than its index, and managers expect that the eventual reversion higher in smaller cap stocks will benefit performance. Analysis continues to highlight compelling opportunities outside of mega caps. |
Small Cap Market Cap Concentration Opportunity Set | |
| 2023 Q1 |
AIPositive sentiment around generative AI highlighted opportunities for Nvidia among data center and hyperscale cloud providers reliant on GPUs to empower digital transformation and new AI applications. The secular drivers in certain parts of the semiconductor industry outweigh cyclical risks. |
Generative AI GPUs Data Centers Digital Transformation Semiconductors |
CloudCloud software maker Salesforce rose as management followed through on a leaner operating strategy. Amazon benefited from consolidation efforts which should help offset slowing growth in its AWS cloud business. Accenture provides exposure to rising cloud migration and digital transformation. |
Cloud Software AWS Cloud Migration Digital Infrastructure SaaS | |
CybersecurityInformation security providers Palo Alto Networks and CrowdStrike rebounded on improved execution and success expanding their product suites into adjacent security markets. Cybersecurity represents a secular growth driver for professional services companies. |
Information Security Security Software Product Expansion Adjacent Markets Cyber Security | |
GLP1Eli Lilly's diabetes-obesity treatment Mounjaro represents a blockbuster opportunity in massive and growing markets that the U.S. payer system has a vested interest in treating. Positive clinical readouts could expand indications to include sleep apnea, cardiovascular and other conditions. |
Diabetes Obesity Mounjaro Clinical Readouts Blockbuster |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 29, 2025 | Fund Letters | Evan Bauman | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bear | NYSE | Competition, Obesity, pharmaceuticals, Pipelines, valuation | Login |
| Jul 29, 2025 | Fund Letters | Evan Bauman | SNPS | Synopsys, Inc. | Information Technology | Application Software | Bull | NASDAQ | duopoly, Margins, Pricing, semiconductors, Software | Login |
| Jul 29, 2025 | Fund Letters | Evan Bauman | PLTR | Palantir Technologies, Inc. | Information Technology | Application Software | Bull | NYSE | AI, analytics, growth, Margins, Software | Login |
| Jul 29, 2025 | Fund Letters | Evan Bauman | ICLR | ICON, plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Funding, Outsourcing, Pipelines, valuation, visibility | Login |
| Jul 29, 2025 | Fund Letters | Evan Bauman | TGT | Target Corporation | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Competition, Discretionary, Margins, retail, tariffs | Login |
| Mar 31, 2025 | Fund Letters | ClearBridge Investments All Cap Growth | APP | AppLovin Corporation | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, digital marketing, Free Cash Flow, Gaming, growth, Mobile Advertising, SaaS | Login |
| Mar 31, 2025 | Fund Letters | ClearBridge Investments All Cap Growth | ARES | Ares Management Corporation | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, Credit cycle, Defensive growth, fee-based revenue, financials, Private Credit | Login |
| Dec 31, 2024 | Fund Letters | ClearBridge Investments All Cap Growth | CMCSA | Comcast Corporation | Communication Services | Media | Bear | NASDAQ | broadband, Cable TV, Competitive pressure, Market Saturation, Media Conglomerate, Pricing power, secular decline, Subscriber Losses | Login |
| Dec 31, 2024 | Fund Letters | ClearBridge Investments All Cap Growth | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, Clinical trials, contract research, Cro, Cyclical Recovery, healthcare, Multiple compression, Pharmaceutical Services | Login |
| Dec 31, 2024 | Fund Letters | ClearBridge Investments All Cap Growth | CMG | Chipotle Mexican Grill Inc | Consumer Discretionary | Restaurants | Bull | NYSE | Consumer Discretionary, Fast casual, margin expansion, Mobile Ordering, Restaurant Chain, store expansion, technology integration, Unit economics | Login |
| Dec 31, 2024 | Fund Letters | ClearBridge Investments All Cap Growth | BIIB | Biogen Inc | Health Care | Biotechnology | Bear | NASDAQ | Acquisition Risk, Alzheimer's disease, biotechnology, Drug launch, multiple sclerosis, neurological disorders, patent expiration, Pricing pressure | Login |
| Jun 30, 2024 | Fund Letters | ClearBridge Investments All Cap Growth | ELF | e.l.f. Beauty | Consumer Staples | Personal Products | Bull | NYSE | Beauty, consumer staples, Cosmetics, growth, innovation, international expansion, Mass market, Skincare | Login |
| Jun 30, 2024 | Fund Letters | ClearBridge Investments All Cap Growth | IDXX | IDEXX Laboratories | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Animal Health, Companion Animal, Consumables, diagnostics, Healthcare Equipment, Livestock, market penetration, Veterinary | Login |
| Sep 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | AAPL|MSFT|NFLX|NVDA|UNH | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Gpu, growth, risk management, semiconductors, technology | Login |
| Sep 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | ICLR|LLY|PLTR|SNPS|TGT | Target Corporation | Consumer Discretionary | Multiline Retail | Bull | NYSE | Consumer Discretionary, dividend, Early Cycle, retail, turnaround, Value | Login |
| Sep 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | SUNP IN | Union Pacific Corporation | Industrials | Road & Rail | Bull | NYSE | Cyclical, Industrials, Rail, Reshoring, Transportation, turnaround | Login |
| Sep 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | SBUX | Starbucks Corporation | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | Coffee, consumer staples, Free Cash Flow, Global, growth, Restaurant | Login |
| Sep 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | AAPL|MSFT|NFLX|NVDA|UNH | Netflix Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad-supported, ARPU, Content, media, Streaming, Subscription | Login |
| Jun 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | AIR FP|ICLR|LIN|MRVL|NOW|TSM | Marvell Technology | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 5G, AI infrastructure, automotive, data center, Networking, semiconductors, Storage, technology, Value | Login |
| Jun 30, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | CLH | Clean Harbors | Industrials | Environmental & Facilities Services | Bull | NYSE | defensive, environmental services, Free Cash Flow, Hazardous Waste, industrial services, industry consolidation, Regulatory Moat | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, Cost management, e-commerce, Fulfillment Centers, operational efficiency | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | HUBS | HubSpot Inc | Information Technology | Software | Bull | NYSE | cash flow, Cost management, cross-selling, Customer Revenue, Marketing automation, SaaS | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | ALLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | NYSE | Alzheimer’s, blockbuster drug, Clinical trials, Diabetes, Mounjaro, Obesity, pharmaceuticals | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | ACN | Accenture plc | Information Technology | IT Services | Bull | NYSE | Artificial Intelligence, cloud migration, Consulting, cybersecurity, Digital transformation, IT services, professional services | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | AAPL|MSFT|NFLX|NVDA|UNH | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced computing, Artificial Intelligence, Cloud computing, data centers, Digital transformation, Graphics Processing Units, semiconductors | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | capital allocation, cash flow, cost-cutting, Instagram, operational efficiency, social media, turnaround | Login |
| Mar 31, 2023 | Fund Letters | ClearBridge Investments All Cap Growth | CRM | Salesforce Inc | Information Technology | Software | Bull | NYSE | Cloud software, CRM, Expense Management, operational efficiency, SaaS, shareholder returns | Login |
| - | Fund Letters | ClearBridge Investments All Cap Growth | CTAS | Cintas Corporation | Commercial & Professional Services | Commercial Services & Supplies | Bull | NASDAQ | Commercial Services, Facilities Services, margin expansion, market leader, Route Density, Scale Economics, Uniform Rental | Login |
| - | Fund Letters | ClearBridge Investments All Cap Growth | SNPS | Synopsys Inc | Information Technology | Software | Bull | NASDAQ | Design Automation, duopoly, Eda, high-margin, semiconductors, Software | Login |
| - | Fund Letters | ClearBridge Investments All Cap Growth | PLTR | Palantir Technologies Inc | Information Technology | Software | Bull | NYSE | AI, Commercial, Data Analytics, Government, platform, SaaS | Login |
| - | Fund Letters | ClearBridge Investments All Cap Growth | ALNY | Alnylam Pharmaceuticals Inc | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Commercial Stage, pipeline, Platform Technology, rare diseases, RNA Interference | Login |
| - | Fund Letters | ClearBridge Investments All Cap Growth | MDB | MongoDB Inc | Information Technology | Systems Software | Bull | NASDAQ | AI applications, Database Software, IT Sector, margin expansion, Modern Applications, Non-GAAP Profitability, SaaS, Vector Search | Login |
| - | Fund Letters | ClearBridge Investments All Cap Growth | NFLX | Netflix Inc | Communication Services | Entertainment | Bull | NASDAQ | entertainment, Global, growth, SaaS, Streaming, Subscription | Login |
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| - | Fund Letters | ClearBridge Investments All Cap Growth | AIR FP|ICLR|LIN|MRVL|NOW|TSM | ServiceNow Inc | Software & Services | Application Software | Bull | NYSE | Application Software, Digital transformation, Enterprise software, operating leverage, Platform Solution, wallet share, workflow automation | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AIR.PA | We initiated three positions during the quarter, the largest being European aerospace and defense contractor Airbus. The long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. With the A320 family providing a durable and scalable platform, Airbus is entering a favorable period for free cash flow growth before it needs to invest in a next-generation aircraft. |
| FCX | Freeport McMoRan was able to recover the share price drawdown seen in September following a major mudflow event at their Grasberg mine, which resulted in a full suspension of production and a material cut to guidance. The share price finished 2025 at its high. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| HLT | New position in global hospitality company Hilton. |
| LIN | While the company remains a high-quality global leader in industrial gases, shares of Linde plc declined nearly 10% in Q4 due to a persistent industrial gas volume recession, softer guidance and global macroeconomic concerns. From a macro standpoint, the company continues to struggle with negative base volumes in its core industrial segments. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| NTRA | Not owning Natera, Inc. (NTRA) detracted from performance. The stock rose after its earnings announcement, signaling a strong revenue beat. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| TMO | Thermo Fisher Scientific was a strong contributor with 8.69% ending weight and 1.47% contribution. |
| VRTX | Top gainers in the Fund this quarter included Vertex Pharmaceuticals (+16%) |
| WBD | Warner Bros Discovery (WBD) was the top contributor during the quarter. The U.S.-headquartered media company's stock price surged as multiple parties submitted offers to acquire all or part of the business. Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix, while spinning the Global Networks business to shareholders. Paramount Skydance subsequently made a direct $30 per share offer to shareholders for the entire company. We are pleased with the steps the WBD board has taken thus far to unlock shareholder value. We will continue to closely monitor developments as this bidding war unfolds. |
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