John Baldi serves as Managing Director and Portfolio Manager with 28 years of total experience and 22 years at ClearBridge, joining the firm in 2004. He brings extensive experience managing dividend-focused strategies and co-manages both the Dividend Strategy and Canadian Dividend Plus Strategy. Michael Clarfeld, CFA, is Managing Director and Portfolio Manager with 26 years of experience in dividend-focused strategies. Both managers emphasize long tenure and consistent application of investment philosophy, with an average management tenure of 11.6 years. The management team operates within ClearBridge's broader leadership structure including CEO Terrence Murphy (37 years experience, 26 at ClearBridge) and CIO Scott Glasser (35 years experience, 33 at ClearBridge), providing institutional stability and continuity. The managers demonstrate adaptability while maintaining discipline, as evidenced by elevated 2025 portfolio turnover of 29% to capitalize on market opportunities while maintaining core investment principles.

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The Strategy focuses exclusively on dominant, well-run businesses that pay a dividend or have the potential to do so. The investment approach targets high current income, income growth, and capital preservation through a flexible approach to dividends that distinguishes the strategy from peers. Portfolio managers employ rigorous valuation discipline, gravitating toward securities with asymmetric risk-reward profiles based on free cash flow yields. The strategy maintains traditional diversification principles, limiting individual holdings to 3-5% and capping sector exposures to manage concentration risk. The managers emphasize avoiding anchoring expectations and rely on disciplined valuation to find attractive stocks when market sentiment is negative. Dividend growers are viewed as perfect all-weather investments that cushion market volatility, provide income, and preserve purchasing power. The strategy maintains a quality-first approach focusing on companies with predictable revenues, strong margins, and sustainable dividend growth potential while avoiding deep cyclicals and turnarounds.

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