| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
ClearBridge Large Cap Value Strategy underperformed the Russell 1000 Value Index's 13.9% gain in Q2 2026, as two-thirds of benchmark returns came from a narrow group of commodity-sensitive memory semiconductor and optical/networking stocks the managers avoided. The managers maintain conviction in their quality-first approach, holding AI-exposed companies with durable franchises like Taiwan Semiconductor, Broadcom, and Intel while avoiding lower-quality commodity businesses they expect will face challenges when new supply comes online in 2027/2028. Extreme risk taking drove a selloff in the high-quality defensive stocks that form the portfolio backbone, which the managers are using as an opportunity to upgrade holdings at attractive valuations. Portfolio activity included adding Eaton for data center electrical equipment exposure and Apple for quality and balance sheet strength, while exiting American Tower due to interest rate sensitivity. Following significant Russell 1000 Value Index rebalancing, they added to Microsoft and Amazon at reasonable valuations. The managers are leaning into areas where valuation, balance sheet strength, and earnings durability are improving, including select life sciences tools, managed care, industrials, and AI-adjacent businesses with credible free cash flow, while maintaining discipline on portfolio inclusion criteria.
The managers maintain a quality-first approach focused on high-quality defensive stocks with durable competitive advantages, pricing power, strong balance sheets, and the ability to compound through the cycle, while selectively participating in AI-exposed companies with durable franchises and avoiding commodity-sensitive businesses in the AI supply chain that they believe will face significant challenges when new supply comes online in 2027/2028.
The managers view the opportunity ahead as using the reset in quality and defensive stocks to upgrade the portfolio while doing work on narrower AI supply-chain businesses where facts may have changed. They characterize this as an optimistic setup for their process because prospective returns have improved in the kinds of companies they generally want to own. They plan to be more aggressive because the starting point is better, while keeping the hurdle rate for portfolio inclusion high. The work ahead is to separate genuine franchise improvement from cyclical earnings momentum, add to quality businesses that have been indiscriminately sold, and only expand in AI supply-chain names where normalized returns justify the risk.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 14 2026 | 2026 Q2 | AAPL, AMT, AMZN, AVGO, BA, COP, CVS, ETN, HON, INTC, ITW, MCHP, MCK, MSFT, TSM | AI, Data centers, Defensive, industrials, Quality, semiconductors, technology, value | - | ClearBridge Large Cap Value underperformed in Q2 2026 by avoiding commodity-sensitive AI supply-chain stocks the managers believe will face challenges when new supply arrives in 2027/2028. They are using the selloff in high-quality defensive stocks to upgrade the portfolio, adding Eaton, Apple, Microsoft, and Amazon while maintaining focus on durable franchises with strong balance sheets and the ability to compound through cycles. |
| Mar 31 2026 | 2026 Q1 | AXP, BKNG, CMCSA, COF, DE, DIS, HON, JNJ, MSFT, OTIS, TMUS, XPO | AI, Cyclical, energy, industrials, large cap, Quality, value |
XPO DE JNJ MSFT COF AXP TMUS BKNG HON |
ClearBridge Large Cap Value outperformed as value leadership broadened with Russell 1000 Value up 2.1% versus growth. Strategy benefited from quality industrial holdings and energy overweight amid U.S.-Iran conflict. Active repositioning included initiating T-Mobile, exiting Disney and Comcast, buying Honeywell. Managers maintain focus on durable competitive moats through complex macro backdrop. |
| Nov 5 2025 | 2025 Q3 | AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC | AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value | - | ClearBridge Large Cap Value outperformed in Q3 2025 led by semiconductor holdings benefiting from AI spending surge. Managers neutralized momentum exposure and upgraded portfolio quality while maintaining focus on resilient, high-quality businesses. They remain cautiously optimistic as market breadth improves and capital flows shift toward overlooked value opportunities. |
| Jul 4 2025 | 2025 Q2 | AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, Cloud, diversification, growth, large cap, semiconductors, technology |
TSM AVGO MRVL NOW AIR FP LIN TGT ICLR ADBE |
ClearBridge's Large Cap Growth Strategy underperformed in Q2 as their diversified approach lagged the concentrated benchmark during the AI-driven rebound. The team added five new positions including Broadcom and Marvell to broaden semiconductor exposure while exiting Target and Adobe. They remain committed to balanced, risk-aware growth investing despite near-term benchmark headwinds. |
| Mar 31 2025 | 2025 Q1 | AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM | AI, defense, energy, financials, healthcare, large cap, Utilities, value | - | ClearBridge's value managers are capitalizing on the rotation from expensive growth stocks to reasonably valued defensive companies. They've repositioned the portfolio ahead of an overdue value reversion, selectively managing AI exposures while adding defensive positions in utilities, defense, and healthcare. Despite near-term volatility from geopolitical tensions, they see compelling opportunities in discounted quality franchises. |
| Dec 31 2024 | 2024 Q4 | AVGO, AXP, BAC, BDX, COF, CVS, DE, ELV, INTC, JPM, MCHP, MCK, ORCL, PEP, SRE, TMO, UNH, V, XPO | financials, healthcare, materials, Quality, technology, Utilities, value | - | ClearBridge's Large Cap Value Strategy outperformed in Q4 as market breadth began normalizing after a challenging 2024. Strong financials exposure and quality bias in materials/utilities drove performance, while healthcare and semiconductor holdings detracted. Managers added to defensive names at attractive valuations and expect a business-friendly environment to support market broadening and value opportunities. |
| Sep 30 2024 | 2024 Q3 | APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO | industrials, large cap, Quality, semiconductors, technology, Utilities, value |
INTC MCK SHW APD ORLY SBUX AVGO PH |
ClearBridge's Large Cap Value Strategy lagged in Q3 as markets favored deeper value over their high-quality franchise approach. Despite headwinds at Intel and McKesson, strong performers like Sherwin-Williams and Air Products demonstrated the durability of quality businesses. The team actively added four new positions while maintaining focus on long-term value creation through market dislocations. |
| Jun 30 2024 | 2024 Q2 | APD, BAC, CHTR, COP, CVS, GOOGL, INTC, MCK, MSI, NESN.SW, SHW, SRE, TRV, UPS, XPO | AI, financials, healthcare, industrials, large cap, technology, value | - | ClearBridge's value strategy underperformed in Q2 as AI concentration punished perceived losers while rewarding winners. The team sees this valuation divergence creating opportunities in underappreciated quality companies. Strong performance from Alphabet, Bank of America, and McKesson was offset by weakness in Intel and transportation holdings. Portfolio adjustments focused on contrarian positioning in temporarily out-of-favor names. |
| Jun 15 2024 | 2024 Q1 | AMZN, ETN, GOOGL, INTC, META, MSFT, NEE, NFLX, NVDA, PANW, PYPL, RTX, UBER | growth, inflation, large cap, Mega Cap, rates, technology | - | ClearBridge's large cap growth strategy faced rate-driven headwinds in April but made strategic moves, repurchasing Alphabet at attractive valuations and exiting Intel. Mega caps showed strong cloud and AI momentum despite market pressure. The team is balancing exposure to secular growth drivers while trimming expensive names for more reasonably priced alternatives with better cash flow support. |
| May 23 2023 | 2023 Q1 | AXP, BAC, BDX, COP, CVX, DISH, ELV, GOOGL, HON, JNJ, JPM, MCK, META, MSFT, MSI, PGR, SCHW, TEL, UNH, USB | Banking, financials, healthcare, large cap, Quality, technology, value |
SCHW AVGO|LLY|MRK|NVDA|ORCL|PGR ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO MCK |
ClearBridge's value strategy navigated Q1 2023 banking turmoil by favoring large, diversified banks while opportunistically adding to healthcare positions including McKesson and Becton Dickinson. Technology holdings Meta and TE Connectivity contributed positively, though AI competition prompted Alphabet trimming. Managers remain cautious on macro risks while focusing on quality companies with sustainable competitive advantages. |
| Feb 11 2022 | 2022 Q3 | COP, MLM | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe managers hold AI-exposed companies with durable franchises like Taiwan Semiconductor, Broadcom, and Intel. They are avoiding lower-quality commodity-sensitive AI supply-chain businesses in memory, optical, and electronic manufacturing services that have been repriced quickly. They are doing work on narrower AI supply-chain businesses to determine where facts may have changed and only expanding in names where normalized returns justify the risk. |
Semiconductors Data Centers Cloud Memory Foundries |
QualityThe managers emphasize high-quality defensive stocks as the backbone of their portfolio. They are using the selloff in quality stocks to upgrade the portfolio and add to businesses trading below intrinsic value. They seek companies with durable competitive advantages, pricing power, strong balance sheets, and the ability to compound through the cycle. |
Defensive Balance Sheet Durability Competitive Advantage | |
Semiconductor CycleThe managers are cautious on commodity-sensitive semiconductor businesses in memory, optical, and electronic manufacturing services that posted negative profitability during the past downcycle. They expect these businesses will experience similar or worse fates as new supply comes online in 2027/2028. They trimmed Intel and Broadcom as market exuberance reflected potential cyclical peaks. |
Memory Cyclical Supply Downcycle | |
Data CentersThe managers added Eaton due to strong fundamentals and high demand from data centers for its electrical equipment. The company has a large backlog and is adding capacity, which should lift growth as capacity comes online over the medium term. |
Electrical Equipment Infrastructure Capacity Backlog | |
CloudThe managers added to Microsoft and Amazon following benchmark rebalancing at what they consider reasonable valuations. They like Microsoft's strong balance sheet and cloud exposure, and Amazon's competitive advantages in both e-commerce and cloud/AI. |
Microsoft Amazon E-commerce Balance Sheet | |
| 2026 Q1 |
ValueValue leadership broadened meaningfully with Russell 1000 Value Index positive and roughly 1,200 bps ahead of growth as markets rotated away from mega cap concentration. The strategy's anchoring in high-quality companies with durable moats was rewarded in the quarter's shift in market leadership. |
Value Quality Moats |
AIMicrosoft traded down on worries over higher-than-expected AI capex and delays in monetizing its AI backlog. Despite timing and perception issues, managers maintain strong conviction given accelerating AI workload monetization as capacity comes online and strengthening traction in higher-margin software offerings like M365 Copilot. |
AI Cloud Software | |
OilEnergy companies surged as the U.S.-Iran conflict pushed up oil prices. The portfolio benefited from overweights to energy with positive contributions from ConocoPhillips, Chevron, and Enterprise Products Partners LP. |
Oil Energy Geopolitical | |
IndustrialsIndustrials stocks got a boost from a return to positive territory for the ISM Manufacturing PMI. XPO benefited from ongoing improvements in service quality, mix and pricing. Deere delivered a 20% earnings beat with better than expected large agriculture orders suggesting this year may be the cyclical trough. |
Industrials Manufacturing Cyclical | |
TravelManagers redeployed capital into Booking, viewing it as a durable, high-quality travel platform with a strong competitive position. They believe its role in bookings, cancellations and customer service would remain hard to disintermediate, seeing an opportunity after valuations had been pressured by AI-related concerns. |
Travel Platforms Quality | |
| 2025 Q3 |
AIThe massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position. |
Semiconductors Hyperscalers Manufacturing Chips Technology |
SemiconductorsSemiconductor holdings led performance with Broadcom, Intel and Taiwan Semiconductor driving gains. Broadcom benefits from custom-designed chips gaining adoption with hyperscalers as complement to Nvidia's GPUs. Taiwan Semiconductor dominates advanced manufacturing in 3nm and 2nm nodes. Intel benefited from investments and partnerships providing confidence in capitalizing on domestic manufacturing needs. |
Manufacturing Technology AI Foundries Equipment | |
QualityThe Strategy focuses on high-quality companies with resilient, durable business models that can compound returns over time regardless of short-term macro or geopolitical noise. Managers upgraded quality by exiting U.S. Bancorp and initiating PNC position, believing PNC has greater ability to execute on revenues and expenses. Tighter underwriting implemented across portfolio with specific KPIs monitored. |
Durability Resilience Underwriting Execution Business Models | |
ValueThe current market regime offers significant value opportunities as overall market breadth improves and capital flows shift away from high-flying growth stocks toward overlooked, high-quality businesses. The Strategy sees the investment landscape shifting with inflation and interest rates structurally higher, creating opportunities in undervalued names. |
Opportunities Growth Breadth Flows Undervalued | |
| 2025 Q2 |
AIThe Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers. |
Semiconductors Custom Silicon GPUs Networking Interconnect |
SemiconductorsThe portfolio was active in semiconductor positioning, trimming Taiwan Semiconductor due to geopolitical tensions and adding Broadcom and Marvell Technology. The managers focused on companies designing chips for AI computing and networking equipment. Marvell's valuation has compressed significantly and now trades at a growth-adjusted discount to AI semiconductor peers, providing an attractive entry point. |
AI Custom Silicon Networking Valuation Geopolitical Risk | |
CloudServiceNow was added as a new position, providing an end-to-end software-as-a-service platform to help enterprise customers automate business processes. The company has a monetizable generative AI product being adopted by customers. Broadcom's cloud infrastructure software business is expected to continue growing given its entrenched position within enterprises. |
SaaS Enterprise Software Automation Generative AI Infrastructure | |
| 2025 Q1 |
ValueThe managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue. |
Value Valuations Growth Defensive |
AIThe managers remain very selective with AI exposures, believing some market froth is likely to fade. They exited Oracle due to stretched valuations and exposure to unprofitable AI startups, while maintaining Broadcom for its AI-focused custom ASIC solutions. |
AI Technology Semiconductors Cloud Valuations | |
UtilitiesThe managers increased exposure to utilities due to rising electricity demand, highly stable cash flows and attractive valuations. However, holdings in Edison International and Sempra were negatively impacted by Southern California wildfires and regulatory changes. |
Utilities Electricity Regulated Defensive | |
DefenseDefense names RTX and Northrop Grumman led performance as geopolitical tensions remained elevated. Both companies have moved away from fixed-price contracts and should see margin expansion. European defense spending increases should benefit U.S. defense primes. |
Defense Geopolitical Margins Spending | |
GLP1The managers initiated a position in Novo Nordisk, seeing a buying opportunity after a significant pullback. They believe the GLP-1 market remains vast and that Novo alongside Eli Lilly is well-positioned to maintain a duopolistic structure for years to come. |
GLP1 Diabetes Obesity Pharmaceuticals | |
| 2024 Q4 |
ValueThe Strategy follows a diversified, valuation-sensitive approach investing in high-quality franchises within durable, growing markets at reasonable valuations. The managers saw a large valuation divergence in 2024 that provided opportunities as high-quality companies weren't attracting capital. They maintained valuation discipline by trimming positions in American Express and JPMorgan Chase due to strong performance. |
Valuation Quality Franchises Discipline |
FinancialsThe Strategy maintained an overweight in financials with focus on payments and consumer finance companies like Visa, Capital One and American Express. These firms, along with banks such as JPMorgan Chase and Bank of America, gained from economic resilience, robust consumer spending, yield curve normalization and anticipated reduction in regulatory pressures from the incoming administration. |
Banks Payments Consumer Finance Regulatory | |
Semiconductor CycleThe embedded semiconductor industry is experiencing a significant cyclical downturn as customers deplete inventories they had stockpiled during the COVID-era chip shortages. This negatively impacted Microchip Technology's near-term financials, but the managers believe its large customer base and sticky products will allow it to maintain pricing and market share once recovery materializes. |
Semiconductors Inventory Cyclical Recovery | |
| 2024 Q3 |
QualityThe strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets. |
Franchise Returns Sustainable Defensive Moats |
ValueThe fund seeks dislocations between stock prices and underlying franchise values created by volatile markets. Recent market performance has created attractive entry points in high-quality companies the managers prefer. |
Dislocation Undervalued Entry Points Discount Fair Value | |
SemiconductorsIntel faces pressure from softness in PC and server markets and competitive concerns, but the manager expects improved product positioning and market share gains in 2025. The fund also added Broadcom for its custom silicon business and VMware acquisition benefits. |
Intel Broadcom Custom Silicon Product Cycle Market Share | |
| 2024 Q2 |
AIThe massive ramp up in AI spending has crowded out spending in other technology verticals, creating a market where AI winners enjoy strong multiple expansion while perceived AI losers are severely punished. The divergence in valuations between perceived AI winners and losers has created attractive opportunities where high-quality companies are being underappreciated. |
Data Centers Technology Semiconductors Infrastructure Valuations |
GLP1McKesson is benefiting from the growth of GLP-1 medications for diabetes and obesity, with revenues from GLP-1s making up a sizable portion of recent growth in its U.S. pharmaceutical segment, albeit at relatively low profitability. |
Pharmaceuticals Diabetes Medical Distribution Healthcare | |
HydrogenAir Products signed a 15-year agreement to supply TotalEnergies' European refineries with 70,000 tons of green hydrogen annually starting in 2030. The deal represents an important step as APD executes on a large backlog of major hydrogen projects that can provide commercial scale green hydrogen to decarbonize heavy industry. |
Energy Transition Decarbonization Industrial Gases Green Energy | |
SemiconductorsCore PC and server markets remain depressed due to AI spending crowding out traditional enterprise infrastructure. However, aging infrastructure and ongoing growth of IT workloads should lead to a cyclical recovery in both markets, particularly benefiting Intel despite current headwinds. |
Semiconductor Cycle PCs Servers Technology Infrastructure | |
| 2024 Q1 |
AIAmazon and Microsoft both saw acceleration in cloud revenues and communicated increasing run rates for their AI-driven services. Meta is focusing on high-return AI investments while maintaining cost discipline. |
Cloud Services Investment Revenue Growth |
CloudCloud revenues accelerated at both Amazon and Microsoft during the quarter. The secular growth drivers for cloud services remain intact despite higher interest rate pressures. |
Revenue Growth Services Infrastructure Computing | |
| 2023 Q1 |
Regional BanksThe banking crisis in March highlighted risks in less diversified banks with concentrated deposit bases. The strategy's bias toward larger banks with strong deposit bases provided defensive positioning during the selloff. |
Banking Deposits Credit Financials Crisis |
AIMicrosoft's launch of Bing AI targeted directly at Alphabet's core search business prompted position trimming. The rapid adoption of ChatGPT and other generative AI products requires close monitoring and active position management. |
Technology Search Innovation Disruption | |
Medical DevicesThe selloff in healthcare provided opportunities to add to Becton Dickinson, which maintains strong hospital customer positioning with differentiated consumable offerings and regulatory hurdles protecting existing solutions. |
Healthcare Hospitals Equipment Consumables | |
PharmaceuticalsInitiated new position in McKesson, the leading distributor of pharmaceuticals with the largest specialty drug and oncology business in the US. Expects low double-digit earnings growth from operations, acquisitions, and share repurchases. |
Healthcare Distribution Specialty Oncology |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 1, 1970 | Fund Letters | ClearBridge Investments Large Cap Value | SCHW | Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bear | NASDAQ | asset-liability mismatch, Brokerage, Cash Sorting, Duration risk, FDIC Insured, fee income, investment banking, regulatory scrutiny | Login |
| Jan 1, 1970 | Fund Letters | ClearBridge Investments Large Cap Value | AVGO|LLY|MRK|NVDA|ORCL|PGR | Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, Conservative Portfolio, Data Analytics, market share gains, Pricing power, Property & Casualty Insurance, Telematics, underwriting | Login |
| Jan 1, 1970 | Fund Letters | ClearBridge Investments Large Cap Value | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | cost discipline, Interactive Media, monetization, Platform Ecosystem, Scale Advantages, social media, strong balance sheet, user engagement | Login |
| Jan 1, 1970 | Fund Letters | ClearBridge Investments Large Cap Value | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Becton Dickinson and Company | Health Care | Health Care Equipment | Bull | NYSE | Acquisitions Integration, Healthcare Equipment, Hospital Customers, margin expansion, Medical devices, Pricing power, regulatory barriers, supply chain | Login |
| Jan 1, 1970 | Fund Letters | ClearBridge Investments Large Cap Value | MCK | McKesson Corporation | Health Care | Health Care Distributors | Bull | NYSE | cash flow generation, Healthcare Distributors, oligopoly, Oncology, Pharmaceutical Distribution, share repurchases, Specialty Drugs, Technology Services | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | XPO | XPO Logistics | Trucking | Ground Transportation | Bull | New York Stock Exchange | Industrials, Logistics, Ltl, manufacturing, Transportation | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | DE | Deere & Company | Farm & Heavy Construction Machinery | Agricultural & Farm Machinery | Bull | New York Stock Exchange | Agricultural Equipment, Construction Equipment, Cyclical Recovery, heavy machinery, manufacturing | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | JNJ | Johnson & Johnson | Drug Manufacturers - General | Pharmaceuticals | Bull | New York Stock Exchange | cancer treatment, healthcare, Inflammation, Patent cliff, pharmaceuticals | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, SaaS, Software | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | COF | Capital One Financial Corporation | Credit Services | Consumer Finance | Bull | New York Stock Exchange | banking, consumer finance, credit cards, Cyclical, financial services | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | AXP | American Express Company | Credit Services | Consumer Finance | Bull | New York Stock Exchange | consumer finance, Credit Underwriting, High quality, Payments, premium cards | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | TMUS | T-Mobile US Inc | Telecom Services | Wireless Telecommunication Services | Bull | NASDAQ | essential services, Network Quality, recurring revenue, telecommunications, Wireless | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | BKNG | Booking Holdings Inc | Travel Services | Hotels, Restaurants & Leisure | Bull | NASDAQ | Consumer Discretionary, network effects, Online Travel, platform, Travel Booking | Login |
| Mar 31, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | HON | Honeywell International Inc | Conglomerates | Industrial Conglomerates | Bull | NASDAQ | Aerospace, Automation, Corporate Transformation, industrial conglomerate, Quantum Computing | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bear | NYSE | CapEx, Concentration, Geopolitics, Risk, semiconductors | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cashflow, Pricing, semiconductors, Software | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | MRVL | Marvell Technology, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, growth, Interconnect, Networking, valuation | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | NOW | ServiceNow, Inc. | Information Technology | Systems Software | Bull | NYSE | Automation, enterprise, Margins, SaaS, Workflows | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | AIR FP | Airbus SE | Industrials | Aerospace & Defense | Bull | Euronext Stock Exchange | Aerospace, backlog, cashflow, Defense, Travel | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | LIN | Linde plc | Materials | Industrial Gases | Bull | NYSE | cashflow, Contracts, Gases, Industrial, Pricing | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | TGT | Target Corporation | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Demand, Discretionary, Margins, retail, tariffs | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Funding, Normalization, Outsourcing, Pipelines, visibility | Login |
| Jul 4, 2025 | Fund Letters | Robert Feitler | ADBE | Adobe Inc. | Information Technology | Application Software | Bear | NASDAQ | AI, Competition, Penetration, Pricing, Software | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | INTC | Intel Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Cyclical, market share, P&C, Product Positioning, Refresh Cycle, semiconductors, Server, turnaround, Value | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | MCK | McKesson Corporation | Health Care | Health Care Distributors | Bull | NYSE | defensive, Drug Distribution, healthcare, Low Economic Sensitivity, Medical-Surgical, Oncology, Optum Contract, Pharmaceutical, Post-COVID Normalization | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | SHW | The Sherwin-Williams Company | Materials | Specialty Chemicals | Bull | NYSE | Best-in-Class Operator, High-Quality Franchise, Housing, market share gains, Paint, Pricing power, Raw Material Deflation, specialty chemicals | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | APD | Air Products and Chemicals, Inc. | Materials | Industrial Gases | Bull | NYSE | asset divestitures, capital allocation, China exposure, Green Hydrogen, Industrial Gases, NEOM Project, operational focus, Succession Planning | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | ORLY | O'Reilly Automotive, Inc. | Consumer Discretionary | Automotive Retail | Bull | NASDAQ | Auto parts, Automotive Retail, Best-in-Class Operator, Consumer Discretionary, Counter-cyclical, high-ROIC, market share gains, Reasonable Valuation | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Breakfast Consumption, Brian Niccol, Coffee, customer experience, Global Brand, Normalized Basis, operational expertise, Restaurants, turnaround | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, custom silicon, Durable Growth, Low-20s P/E, Mid-Teens EPS Growth, semiconductors, Subscription-Based, VMware Acquisition | Login |
| - | Fund Letters | ClearBridge Investments Large Cap Value | PH | Parker-Hannifin Corporation | Industrials | Industrial Machinery | Bull | NYSE | Aerospace, Defense, Diversified Industrial, High-Quality Franchise, industrial machinery, Longer-Cycle Business, Motion Control Technologies, Peer Discount | Login |
| TICKER | COMMENTARY |
|---|---|
| TSM | Taiwan Semiconductor and Broadcom were both positive contributors as their technologies remain best in class and demand continues to exceed supply. |
| AVGO | Taiwan Semiconductor and Broadcom were both positive contributors as their technologies remain best in class and demand continues to exceed supply. Meanwhile, we trimmed our positions in Intel and Broadcom as market exuberance reflected what could be cyclical peaks for their industry. |
| INTC | Intel also continues to prove out its turnaround plan as its foundry business appears poised to gain new customers as soon as 2027, and its leading server CPU business is sold out as agentic AI drives more demand for general purpose compute. Meanwhile, we trimmed our positions in Intel and Broadcom as market exuberance reflected what could be cyclical peaks for their industry. |
| ETN | In industrials, Eaton is enjoying strong fundamentals and high demand from data centers for its electrical equipment; it has a large backlog for which it keeps adding capacity. Shares have been sluggish in the past year, but we believe capacity coming online should lift top- and bottom-line growth for the company, benefiting stock over the medium term. |
| BA | We funded the purchase of Eaton with sales of Boeing (a marginal position after a previous trim to fund our purchase of Honeywell International earlier in the year). |
| HON | We funded the purchase of Eaton with sales of Boeing (a marginal position after a previous trim to fund our purchase of Honeywell International earlier in the year). |
| ITW | We funded the purchase of Eaton with sales of Boeing (a marginal position after a previous trim to fund our purchase of Honeywell International earlier in the year) and Illinois Tool Works, compared to which we prefer Eaton's higher growth in the industrial recovery. |
| AAPL | We also added Apple: the stock was added to the Russell 1000 Value Index in a rebalancing that was more impactful than usual. Apple is a high-quality, durable franchise with strong free cash flows and a robust balance sheet, and the addition helps our efforts to upgrade portfolio quality and lower balance sheet leverage in an environment of inflation and interest rate concerns. |
| AMT | Interest rate sensitivity drove our decision to exit American Tower in the quarter, for example, as the communications tower operator's high leverage becomes a risk amid persistent inflation. |
| MSFT | Both Microsoft and Amazon became major constituents in the value benchmark as a result of June 26th rebalancing. As a matter of fact, the rebalancing resulted in over 20% turnover in the benchmark: one of, if not the, highest instances on record. Sticking to our disciplined, fundamentals-first process, we added to both these holdings at what we consider reasonable valuations; we like Microsoft's strong balance sheet and cloud exposure. |
| AMZN | Both Microsoft and Amazon became major constituents in the value benchmark as a result of June 26th rebalancing. Sticking to our disciplined, fundamentals-first process, we added to both these holdings at what we consider reasonable valuations; we like Microsoft's strong balance sheet and cloud exposure and Amazon's competitive advantages in both e-commerce and cloud/AI. |
| CVS | On an individual stock basis, the biggest relative contributors during the quarter were Intel, Taiwan Semiconductor, CVS Health, Microchip Technology and not owning Walmart. |
| MCHP | On an individual stock basis, the biggest relative contributors during the quarter were Intel, Taiwan Semiconductor, CVS Health, Microchip Technology and not owning Walmart. |
| COP | The biggest detractors were ConocoPhillips, McKesson and not owning Micron Technology, SanDisk and Advanced Micro Devices. |
| MCK | The biggest detractors were ConocoPhillips, McKesson and not owning Micron Technology, SanDisk and Advanced Micro Devices. |
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