ClearBridge Mid Cap Growth Strategy

Investor Summary

The strategy is managed by a three-person team with extensive experience: Brian Angerame (32 years investment experience, 26 years at ClearBridge), Jeffrey Bailin (16 years experience, 11 years at firm), and Matthew Lilling (20 years experience, ClearBridge since 2010). Portfolio managers Angerame and Lilling have collaborated for over a decade, providing institutional continuity. The team manages a concentrated portfolio of 40-77 mid-cap growth companies selected through collaborative fundamental research supported by 54 research analysts across ClearBridge's platform.

Fund Strategy

ClearBridge's investment philosophy emphasizes investing as long-term, risk-aware business owners seeking consistency of process and performance across market cycles. The Mid Cap Growth Strategy follows a high-conviction, concentrated, low-turnover approach with bottom-up fundamental analysis, targeting mid-cap growth companies with capital to foster high-return R&D innovation spending that enables market disruption, share gains, and compounded growth across economic environments. The strategy employs rigorous valuation discipline and focuses on sustainable growth franchises, expecting to hold companies for many years to allow compounding of earnings and cash flows.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

ClearBridge Growth Strategy modestly underperformed its Russell Midcap Growth benchmark in Q1 2026 amid surging volatility driven by macro conditions and Middle East military conflict. The portfolio reflects a multi-year evolution toward more balanced growth expression, combining steady compounders for stability with disruptive growth businesses for upside participation. Performance was pressured by information technology and financials holdings, particularly software names like Autodesk, Shopify, and CrowdStrike, while industrials and communication services proved beneficial. The managers used market volatility to refine positioning, exiting HubSpot due to AI disruption concerns while initiating positions in Fastenal, Spotify, Viking Holdings, and Wayfair. Key contributors included L3Harris benefiting from defense spending trends and Vertiv capitalizing on data center buildout. The team maintains conviction in their disciplined approach, viewing current volatility as creating attractive opportunities for active investors. They expect continued macro uncertainty but believe their improved diversification and focus on high-quality businesses with strong balance sheets positions the strategy well for long-term value creation across various market environments.

Core Thesis

ClearBridge Growth Strategy maintains a disciplined, bottom-up investment approach focused on high-quality growth businesses with strong competitive advantages, emphasizing balance between offensive growth potential and defensive characteristics to navigate volatile macro conditions while capturing long-term upside opportunities.

Forward Outlook

The managers' outlook remains consistent: while macro uncertainty and volatility are likely to persist and may even increase as geopolitical developments evolve, these environments often create the most attractive opportunities for active, bottom-up investors. They believe the ongoing broadening of market leadership, particularly beyond mega cap technology, is a constructive development for their investment universe. After a prolonged period of concentration, a more balanced market should reward differentiated, high active share portfolios such as theirs.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 8 2026	2026 Q1	ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, HOOD, HUBG, JCI, LHX, META, MSGS, PINS, SHOP, SPOT, TJX, VIK, VRT, W, XPO	AI, defense, E-Commerce, growth, industrials, mid cap, technology, volatility	-	ClearBridge Growth Strategy modestly underperformed in Q1 2026 as macro volatility and Middle East conflict pressured growth equities. Managers used market dislocations to upgrade portfolio quality, adding Fastenal, Spotify, Viking Holdings, and Wayfair while exiting HubSpot. Defense and data center infrastructure holdings outperformed while software faced valuation compression. Team maintains disciplined bottom-up approach targeting long-term growth opportunities.
Jan 26 2026	2025 Q4	APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO	AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology	LNWO EXPE CHDN ARE CWST CPAY	Mid cap strategy underperformed in Q4 amid narrow market focus on AI themes and sentiment-driven moves. Technology and real estate detracted while gaming and travel contributed. Managers are reallocating toward underappreciated businesses with durable fundamentals as improving policy clarity and accommodative conditions create more constructive environment for active stock selection.
Oct 21 2025	2025 Q3	ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF	Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value	RBLX	ClearBridge Mid Cap Strategy outperformed through superior stock selection in consumer staples and health care, capitalizing on Fed rate cuts and easing policy uncertainty. Strong performance from Performance Food Group and biotechnology holdings offset weakness in consumer discretionary. New positions in QXO and Bio-Techne reflect nimble capital deployment toward quality growth opportunities in fragmented markets.
Aug 4 2025	2025 Q2	APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RCL, RUBK, TW, VST, WING	AI, consumer discretionary, growth, mid cap, Rate Cuts, tariffs, technology	-	ClearBridge Mid Cap Growth delivered strong absolute returns but lagged benchmark due to underweights in AI rally leaders Palantir and Roblox. Team actively deployed capital into consumer discretionary opportunities like Carvana and Hilton during market weakness. Focus remains on high-quality growth companies with strong fundamentals, particularly identifying AI investment cycle winners within technology sector.
Mar 31 2025	2025 Q1	APP, ASH, AVTR, AZPN, BKR, CASY, COTY, DTE, EQT, ES, HIG, IP, LNW, MCHP, MRVL, PPL, QRVO, RRX, TFX, WSC	AI, energy, industrials, mid cap, Natural Gas, semiconductors, tariffs, technology	-	ClearBridge Mid Cap underperformed in Q1 as tariff fears and AI rotation pressured industrials and tech holdings. Managers used weakness to add to high-conviction AI plays AppLovin and Marvell while natural gas producer EQT led contributions from winter demand. Strategy focuses on quality companies with pricing power and company-specific drivers to navigate tariff uncertainty and low earnings visibility ahead.
Dec 31 2024	2024 Q4	APP, ARE, AROC, ASH, AVTR, CAE, COIN, CTRA, EMN, EQT, ICLR, IP, MRVL, RBRK	AI, energy, growth, healthcare, industrials, materials, mid cap, technology	-	ClearBridge's Mid Cap Strategy outperformed in Q4 on strong AI and industrials stock selection, despite mid cap underperformance versus large caps. The fund is positioned in high-quality AI beneficiaries like AppLovin and Marvell, plus cyclical recovery plays. Managers expect 2025 to favor mid caps after two years of large cap dominance, driven by relative valuations and earnings growth catalysts.
Sep 30 2024	2024 Q3	AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST	AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology	APP DOCS CPRT LINE AME	ClearBridge's Mid Cap Growth Strategy outperformed in Q3, benefiting from Fed rate cuts that sparked rotation toward mid caps. Strong performance from AI beneficiary AppLovin and healthcare platform Doximity drove results. The team added positions in warehouse REIT Lineage and industrial instruments maker AMETEK while exiting West Pharmaceutical amid destocking concerns. Despite election uncertainty and industrial sector headwinds, they maintain their concentrated growth approach.
Jun 30 2024	2024 Q2	APP, ASH, AVTR, AZPN, BKR, CASY, COTY, DTE, EQT, ES, HIG, IP, LNW, MCHP, MRVL, PPL, QRVO, RRX, TFX, WSC	AI, energy, industrials, mid cap, Natural Gas, semiconductors, tariffs, technology	-	ClearBridge Mid Cap underperformed in Q1 as tariff threats pressured industrials holdings while AI stocks faced rotation concerns. Natural gas producer EQT led contributions from winter demand. Managers added to AI names during weakness and initiated new positions while maintaining focus on high-quality companies with pricing power to weather policy uncertainty.
Dec 31 2023	2023 Q4	MNDY, WST	-	-
Sep 30 2023	2023 Q3	BKI, CASY, CMG, FERG, KEYS, SWAV, XPO	-	-
Feb 11 2022	2022 Q3	AVLR, AZPN, CMG, ETSY, PCTY, TFX, WSC	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 8 2026

2026 Q1

ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, HOOD, HUBG, JCI, LHX, META, MSGS, PINS, SHOP, SPOT, TJX, VIK, VRT, W, XPO

AI, defense, E-Commerce, growth, industrials, mid cap, technology, volatility

ClearBridge Growth Strategy modestly underperformed in Q1 2026 as macro volatility and Middle East conflict pressured growth equities. Managers used market dislocations to upgrade portfolio quality, adding Fastenal, Spotify, Viking Holdings, and Wayfair while exiting HubSpot. Defense and data center infrastructure holdings outperformed while software faced valuation compression. Team maintains disciplined bottom-up approach targeting long-term growth opportunities.

Jan 26 2026

2025 Q4

APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO

AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology

LNWO
EXPE
CHDN
ARE
CWST
CPAY

Mid cap strategy underperformed in Q4 amid narrow market focus on AI themes and sentiment-driven moves. Technology and real estate detracted while gaming and travel contributed. Managers are reallocating toward underappreciated businesses with durable fundamentals as improving policy clarity and accommodative conditions create more constructive environment for active stock selection.

Oct 21 2025

2025 Q3

ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF

Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value

RBLX

ClearBridge Mid Cap Strategy outperformed through superior stock selection in consumer staples and health care, capitalizing on Fed rate cuts and easing policy uncertainty. Strong performance from Performance Food Group and biotechnology holdings offset weakness in consumer discretionary. New positions in QXO and Bio-Techne reflect nimble capital deployment toward quality growth opportunities in fragmented markets.

Aug 4 2025

2025 Q2

APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RCL, RUBK, TW, VST, WING

AI, consumer discretionary, growth, mid cap, Rate Cuts, tariffs, technology

ClearBridge Mid Cap Growth delivered strong absolute returns but lagged benchmark due to underweights in AI rally leaders Palantir and Roblox. Team actively deployed capital into consumer discretionary opportunities like Carvana and Hilton during market weakness. Focus remains on high-quality growth companies with strong fundamentals, particularly identifying AI investment cycle winners within technology sector.

Mar 31 2025

2025 Q1

APP, ASH, AVTR, AZPN, BKR, CASY, COTY, DTE, EQT, ES, HIG, IP, LNW, MCHP, MRVL, PPL, QRVO, RRX, TFX, WSC

AI, energy, industrials, mid cap, Natural Gas, semiconductors, tariffs, technology

ClearBridge Mid Cap underperformed in Q1 as tariff fears and AI rotation pressured industrials and tech holdings. Managers used weakness to add to high-conviction AI plays AppLovin and Marvell while natural gas producer EQT led contributions from winter demand. Strategy focuses on quality companies with pricing power and company-specific drivers to navigate tariff uncertainty and low earnings visibility ahead.

Dec 31 2024

2024 Q4

APP, ARE, AROC, ASH, AVTR, CAE, COIN, CTRA, EMN, EQT, ICLR, IP, MRVL, RBRK

AI, energy, growth, healthcare, industrials, materials, mid cap, technology

ClearBridge's Mid Cap Strategy outperformed in Q4 on strong AI and industrials stock selection, despite mid cap underperformance versus large caps. The fund is positioned in high-quality AI beneficiaries like AppLovin and Marvell, plus cyclical recovery plays. Managers expect 2025 to favor mid caps after two years of large cap dominance, driven by relative valuations and earnings growth catalysts.

Sep 30 2024

2024 Q3

AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST

AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology

APP
DOCS
CPRT
LINE
AME

ClearBridge's Mid Cap Growth Strategy outperformed in Q3, benefiting from Fed rate cuts that sparked rotation toward mid caps. Strong performance from AI beneficiary AppLovin and healthcare platform Doximity drove results. The team added positions in warehouse REIT Lineage and industrial instruments maker AMETEK while exiting West Pharmaceutical amid destocking concerns. Despite election uncertainty and industrial sector headwinds, they maintain their concentrated growth approach.

Jun 30 2024

2024 Q2

APP, ASH, AVTR, AZPN, BKR, CASY, COTY, DTE, EQT, ES, HIG, IP, LNW, MCHP, MRVL, PPL, QRVO, RRX, TFX, WSC

AI, energy, industrials, mid cap, Natural Gas, semiconductors, tariffs, technology

ClearBridge Mid Cap underperformed in Q1 as tariff threats pressured industrials holdings while AI stocks faced rotation concerns. Natural gas producer EQT led contributions from winter demand. Managers added to AI names during weakness and initiated new positions while maintaining focus on high-quality companies with pricing power to weather policy uncertainty.

Dec 31 2023

2023 Q4

MNDY, WST

Sep 30 2023

2023 Q3

BKI, CASY, CMG, FERG, KEYS, SWAV, XPO

Feb 11 2022

2022 Q3

AVLR, AZPN, CMG, ETSY, PCTY, TFX, WSC

QUARTER	THEMES	TAGS
2026 Q1	AI The portfolio reflects ongoing AI-driven disruption across software and technology holdings. Managers see AppLovin as an early adopter and longer-term beneficiary of AI, as greater gaming and application development should increase the need for discovery. However, AI disruption concerns weighed on some holdings like AppLovin amid fears of competitive displacement.	Software Gaming Discovery Disruption Competition
	Data Centers Vertiv, a manufacturer of power and precision cooling systems, continued to benefit from the buildout of data center and AI infrastructure. The company's positioning in critical infrastructure supporting the digital economy remains a key portfolio theme.	Infrastructure Power Cooling Buildout Technology
	Defense Spending Defense contractor L3Harris delivered solid performance amid sustained global defense spending trends. The geopolitical environment and military conflicts in the Middle East reinforce the importance of defense investments in the portfolio.	Contractors Global Geopolitical Military Spending
	E-commerce The managers initiated a position in Wayfair, seeing significant long-term opportunity as e-commerce penetration increases within the home furnishings category. The company's asset-light model and logistics infrastructure provide competitive advantages for margin leverage as revenue scales.	Penetration Logistics Margins Scaling Furnishings
	Travel Viking Holdings was added as a leading operator in river and luxury cruises. The company's focus on a more affluent customer base, combined with strong pricing power and high returns on invested capital, positions it well to benefit from continued growth in experiential travel demand.	Cruises Luxury Pricing Experiential Affluent
	Logistics XPO, the fourth-largest less-than-truckload carrier in North America, continued to benefit from initiatives under new leadership to improve service levels, pricing discipline and margins. The managers increased allocation to XPO, reflecting preference for companies with both self-help initiatives and cyclical upside.	Trucking Service Pricing Margins Cyclical
2025 Q4	AI AI continued as a major theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Oracle faced concerns about OpenAI backlog concentration risk and significant debt required for datacenter commitments.	Artificial Intelligence Data Centers Capital Spending Revenue Circularity Infrastructure
	Trade Policy Trade relations between the U.S. and China remained a key market focus with tensions flaring over tariff escalations and export controls. China dramatically expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping.	Tariffs China Export Controls Rare Earth Minerals Trade Relations
	Crypto The fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. Recent regulatory clarity from the GENIUS Act and anticipated CLARITY Act are expected to boost institutional adoption and trading volumes.	Cryptocurrency Regulatory Clarity Trading Volume Institutional Adoption
2025 Q3	Biotechnology Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance.	Autoimmune Pipeline Revenue
	Food Distribution Consumer staples proved a standout for the Strategy, led by Performance Food Group, a top U.S. foodservice distributor. The stock benefited from constructive activist engagement and news of exploring strategic combination with US Foods. The company's strong execution and steady earnings underscore its leadership in U.S. food distribution.	Foodservice Distribution Activist
	Gaming AppLovin, a mobile technology company specializing in gaming and e-commerce monetization, rallied on continued investor excitement about the launch of its e-commerce business. The company continues to deliver best-in-class AI demand generation to its customers with potential for incremental cash flow growth.	Mobile Monetization AI
	Life Science Tools The Strategy initiated a new position in Bio-Techne, a leading provider of life sciences tools and diagnostics used in biological research, clinical testing and biopharmaceutical manufacturing. The company's high-margin consumables and instrumentation portfolio provide durable recurring revenue streams with biopharma and academic exposure.	Diagnostics Consumables Recurring
	Building Materials The Strategy added QXO, a newly formed building materials distribution platform led by Brad Jacobs. The company is pursuing consolidation of the fragmented building materials industry by acquiring mid-size distributors and applying advanced technology, logistics and pricing systems to improve efficiency and profitability.	Distribution Consolidation Technology
2025 Q2	AI Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle.	Data Centers Power Security Growth
	E-commerce MercadoLibre demonstrated strong performance with its transition from e-commerce and fintech platform into a broader digital ecosystem. The company's digital advertising division Mercado Ads highlights this evolution beyond traditional online commerce.	Digital Advertising Fintech Latin America
	Cybersecurity Data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security. This reflects broader trends in cybersecurity investment priorities.	Data Protection IT Security Enterprise
	Auto Retail Carvana emerged from restructuring with return to strong growth and record profitability leading the legacy auto retail sector. The company targets dramatic scale-up from 500,000 to three million annual car sales over the next five to ten years.	Used Autos Online Disruption Scale
	Hotels Hilton Worldwide represents one of the largest and fastest-growing lodging companies with over 1.25 million rooms and a robust pipeline of 500,000 rooms in development supporting 6-7% annual growth targets.	Lodging Growth Asset Light Franchising
2025 Q1	AI AI beneficiaries like AppLovin faced pressure from short sellers amid broader tech retreat, but the manager believes AI-enabled advertising platforms remain among the best AI opportunities in mid cap. Data center companies like Marvell continue to benefit from hyperscaler buildouts despite DeepSeek concerns. SailPoint's AI integration has expanded its addressable market for identity security solutions.	Data Centers Advertising Identity Hyperscalers Software
	Trade Policy Potential tariffs under the Trump administration created market volatility and uncertainty, particularly pressuring industrial equipment manufacturers due to concerns about increased manufacturing input costs. The threat of more tariffs is driving focus toward companies with strong balance sheets and pricing power to weather economic storms.	Tariffs Manufacturing Industrials Policy Uncertainty
	Natural Gas Natural gas producers like EQT benefited from the coldest winter since 1988, spurring increased demand and higher prices. EQT continued capitalizing on strong operational performance while making progress on deleveraging goals and maintaining its position as the lowest-cost producer in the basin.	Winter Demand Pricing Production Deleveraging
	Semiconductors Semiconductor companies faced pressure following the DeepSeek announcement, with networking and storage companies like Marvell pulling back despite strong fundamentals. The manager believes hyperscalers will continue building data centers regardless of more efficient AI models, providing long-term opportunities for preferred semiconductor partners.	Data Centers Networking Storage Hyperscalers AI
2024 Q4	AI The fund holds high-quality AI beneficiaries like AppLovin and Marvell Technology in the mid cap market. AppLovin's proprietary AI targeting engine Axon powers its mobile advertising platform, while Marvell supplies custom silicon solutions for hyperscale data centers and AI infrastructure. The managers believe competitive differentiation will become more important as AI investment evolves.	Artificial Intelligence Data Centers Semiconductors Mobile Advertising Custom Silicon
	Energy The fund initiated a position in Archrock, a natural gas compression equipment provider, believing the company is well-positioned to capture growing outsourcing demand. They exited Coterra Energy due to acquisitions that prioritized size over operational efficiency. Energy sector returned 10.33% in Q4 on optimism over Chinese demand and winter weather forecasts.	Natural Gas Energy Infrastructure Compression Equipment Oil Gas Producers
	Materials The fund added International Paper as a turnaround story under new CEO leadership, expecting optimization of manufacturing footprint and improved margins. Materials was the worst-performing sector at -10.50% due to uncertain outlook and continued pushout of recovery expectations, but managers see favorable supply/demand balance supporting pricing power.	Paper Packaging Manufacturing Turnaround Pricing Power
2024 Q3	AI AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.	Machine Learning Platform Mobile Gaming Advertising
	Rates The Fed's decision to cut interest rates by 50 basis points in September proved a boon to interest rate sensitive sectors. Access to cheaper financing helped lift growth companies and acted as a tailwind to the rotation toward rate-sensitive sectors and small and mid cap stocks. The likelihood of further cuts and access to cheaper financing also supported the rotation away from generative AI beneficiaries.	Federal Reserve Interest Rates Financing Monetary Policy Rate Cuts
2024 Q2	AI The strategy holds AI beneficiaries like AppLovin and Marvell Technology. Despite short-term pressure from DeepSeek concerns, the managers believe AI-enabled advertising platforms and data center infrastructure remain compelling long-term opportunities in the mid cap space.	Data Centers Advertising Semiconductors Software Infrastructure
	Trade Policy Tariff threats and trade policy uncertainty under the new Trump administration created significant market volatility. The managers are positioning for potential increased manufacturing costs and economic uncertainty from expanded tariff policies.	Tariffs Manufacturing Policy Uncertainty Costs
	Natural Gas EQT, North America's largest natural gas producer, was the top contributor as the coldest winter since 1988 drove demand higher. The company continues operational improvements and deleveraging while maintaining its position as the lowest-cost producer.	Winter Demand Production Pricing Weather

QUARTER

THEMES

AI

The portfolio reflects ongoing AI-driven disruption across software and technology holdings. Managers see AppLovin as an early adopter and longer-term beneficiary of AI, as greater gaming and application development should increase the need for discovery. However, AI disruption concerns weighed on some holdings like AppLovin amid fears of competitive displacement.

Software Gaming Discovery Disruption Competition

Data Centers

Vertiv, a manufacturer of power and precision cooling systems, continued to benefit from the buildout of data center and AI infrastructure. The company's positioning in critical infrastructure supporting the digital economy remains a key portfolio theme.

Infrastructure Power Cooling Buildout Technology

Defense Spending

Defense contractor L3Harris delivered solid performance amid sustained global defense spending trends. The geopolitical environment and military conflicts in the Middle East reinforce the importance of defense investments in the portfolio.

Contractors Global Geopolitical Military Spending

E-commerce

The managers initiated a position in Wayfair, seeing significant long-term opportunity as e-commerce penetration increases within the home furnishings category. The company's asset-light model and logistics infrastructure provide competitive advantages for margin leverage as revenue scales.

Penetration Logistics Margins Scaling Furnishings

Travel

Viking Holdings was added as a leading operator in river and luxury cruises. The company's focus on a more affluent customer base, combined with strong pricing power and high returns on invested capital, positions it well to benefit from continued growth in experiential travel demand.

Cruises Luxury Pricing Experiential Affluent

Logistics

XPO, the fourth-largest less-than-truckload carrier in North America, continued to benefit from initiatives under new leadership to improve service levels, pricing discipline and margins. The managers increased allocation to XPO, reflecting preference for companies with both self-help initiatives and cyclical upside.

Trucking Service Pricing Margins Cyclical

2025 Q4

AI

AI continued as a major theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Oracle faced concerns about OpenAI backlog concentration risk and significant debt required for datacenter commitments.

Artificial Intelligence Data Centers Capital Spending Revenue Circularity Infrastructure

Trade Policy

Trade relations between the U.S. and China remained a key market focus with tensions flaring over tariff escalations and export controls. China dramatically expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping.

Tariffs China Export Controls Rare Earth Minerals Trade Relations

Crypto

The fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. Recent regulatory clarity from the GENIUS Act and anticipated CLARITY Act are expected to boost institutional adoption and trading volumes.

Cryptocurrency Regulatory Clarity Trading Volume Institutional Adoption

2025 Q3

Biotechnology

Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance.

Autoimmune Pipeline Revenue

Food Distribution

Consumer staples proved a standout for the Strategy, led by Performance Food Group, a top U.S. foodservice distributor. The stock benefited from constructive activist engagement and news of exploring strategic combination with US Foods. The company's strong execution and steady earnings underscore its leadership in U.S. food distribution.

Foodservice Distribution Activist

Gaming

AppLovin, a mobile technology company specializing in gaming and e-commerce monetization, rallied on continued investor excitement about the launch of its e-commerce business. The company continues to deliver best-in-class AI demand generation to its customers with potential for incremental cash flow growth.

Mobile Monetization AI

Life Science Tools

The Strategy initiated a new position in Bio-Techne, a leading provider of life sciences tools and diagnostics used in biological research, clinical testing and biopharmaceutical manufacturing. The company's high-margin consumables and instrumentation portfolio provide durable recurring revenue streams with biopharma and academic exposure.

Diagnostics Consumables Recurring

Building Materials

The Strategy added QXO, a newly formed building materials distribution platform led by Brad Jacobs. The company is pursuing consolidation of the fragmented building materials industry by acquiring mid-size distributors and applying advanced technology, logistics and pricing systems to improve efficiency and profitability.

Distribution Consolidation Technology

2025 Q2

AI

Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle.

Data Centers Power Security Growth

E-commerce

MercadoLibre demonstrated strong performance with its transition from e-commerce and fintech platform into a broader digital ecosystem. The company's digital advertising division Mercado Ads highlights this evolution beyond traditional online commerce.

Digital Advertising Fintech Latin America

Cybersecurity

Data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security. This reflects broader trends in cybersecurity investment priorities.

Data Protection IT Security Enterprise

Auto Retail

Carvana emerged from restructuring with return to strong growth and record profitability leading the legacy auto retail sector. The company targets dramatic scale-up from 500,000 to three million annual car sales over the next five to ten years.

Used Autos Online Disruption Scale

Hotels

Hilton Worldwide represents one of the largest and fastest-growing lodging companies with over 1.25 million rooms and a robust pipeline of 500,000 rooms in development supporting 6-7% annual growth targets.

Lodging Growth Asset Light Franchising

2025 Q1

AI

AI beneficiaries like AppLovin faced pressure from short sellers amid broader tech retreat, but the manager believes AI-enabled advertising platforms remain among the best AI opportunities in mid cap. Data center companies like Marvell continue to benefit from hyperscaler buildouts despite DeepSeek concerns. SailPoint's AI integration has expanded its addressable market for identity security solutions.

Data Centers Advertising Identity Hyperscalers Software

Trade Policy

Potential tariffs under the Trump administration created market volatility and uncertainty, particularly pressuring industrial equipment manufacturers due to concerns about increased manufacturing input costs. The threat of more tariffs is driving focus toward companies with strong balance sheets and pricing power to weather economic storms.

Tariffs Manufacturing Industrials Policy Uncertainty

Natural Gas

Natural gas producers like EQT benefited from the coldest winter since 1988, spurring increased demand and higher prices. EQT continued capitalizing on strong operational performance while making progress on deleveraging goals and maintaining its position as the lowest-cost producer in the basin.

Winter Demand Pricing Production Deleveraging

Semiconductors

Semiconductor companies faced pressure following the DeepSeek announcement, with networking and storage companies like Marvell pulling back despite strong fundamentals. The manager believes hyperscalers will continue building data centers regardless of more efficient AI models, providing long-term opportunities for preferred semiconductor partners.

Data Centers Networking Storage Hyperscalers AI

2024 Q4

AI

The fund holds high-quality AI beneficiaries like AppLovin and Marvell Technology in the mid cap market. AppLovin's proprietary AI targeting engine Axon powers its mobile advertising platform, while Marvell supplies custom silicon solutions for hyperscale data centers and AI infrastructure. The managers believe competitive differentiation will become more important as AI investment evolves.

Artificial Intelligence Data Centers Semiconductors Mobile Advertising Custom Silicon

Energy

The fund initiated a position in Archrock, a natural gas compression equipment provider, believing the company is well-positioned to capture growing outsourcing demand. They exited Coterra Energy due to acquisitions that prioritized size over operational efficiency. Energy sector returned 10.33% in Q4 on optimism over Chinese demand and winter weather forecasts.

Natural Gas Energy Infrastructure Compression Equipment Oil Gas Producers

Materials

The fund added International Paper as a turnaround story under new CEO leadership, expecting optimization of manufacturing footprint and improved margins. Materials was the worst-performing sector at -10.50% due to uncertain outlook and continued pushout of recovery expectations, but managers see favorable supply/demand balance supporting pricing power.

Paper Packaging Manufacturing Turnaround Pricing Power

2024 Q3

AI

AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.

Machine Learning Platform Mobile Gaming Advertising

Rates

The Fed's decision to cut interest rates by 50 basis points in September proved a boon to interest rate sensitive sectors. Access to cheaper financing helped lift growth companies and acted as a tailwind to the rotation toward rate-sensitive sectors and small and mid cap stocks. The likelihood of further cuts and access to cheaper financing also supported the rotation away from generative AI beneficiaries.

Federal Reserve Interest Rates Financing Monetary Policy Rate Cuts

2024 Q2

AI

The strategy holds AI beneficiaries like AppLovin and Marvell Technology. Despite short-term pressure from DeepSeek concerns, the managers believe AI-enabled advertising platforms and data center infrastructure remain compelling long-term opportunities in the mid cap space.

Data Centers Advertising Semiconductors Software Infrastructure

Trade Policy

Tariff threats and trade policy uncertainty under the new Trump administration created significant market volatility. The managers are positioning for potential increased manufacturing costs and economic uncertainty from expanded tariff policies.

Tariffs Manufacturing Policy Uncertainty Costs

Natural Gas

EQT, North America's largest natural gas producer, was the top contributor as the coldest winter since 1988 drove demand higher. The company continues operational improvements and deleveraging while maintaining its position as the lowest-cost producer.

Winter Demand Production Pricing Weather

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 26, 2026	Fund Letters	Brian Angerame	LNWO	Light & Wonder, Inc.	Consumer Discretionary	Casinos & Gaming	Bull	NASDAQ	entertainment, Gaming, recurring revenue, Technicals, valuation	Login
Jan 26, 2026	Fund Letters	Brian Angerame	EXPE	Expedia Group, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	consumer, Execution, Margins, Platforms, Travel	Login
Jan 26, 2026	Fund Letters	Brian Angerame	CHDN	Churchill Downs Incorporated	Consumer Discretionary	Casinos & Gaming	Bull	NASDAQ	assets, cashflow, entertainment, Gaming, Normalization	Login
Jan 26, 2026	Fund Letters	Brian Angerame	ARE	Alexandria Real Estate Equities, Inc.	Real Estate	Office REITs	Neutral	New York Stock Exchange	dividends, headwinds, Leasing, lifesciences, realestate	Login
Jan 26, 2026	Fund Letters	Brian Angerame	CWST	Casella Waste Systems, Inc.	Industrials	Environmental & Facilities Services	Bull	NASDAQ	cashflow, consolidation, Defensiveness, Pricingpower, Wastemanagement	Login
Jan 26, 2026	Fund Letters	Brian Angerame	CPAY	Corpay, Inc.	Financials	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Automation, cashflow, Margins, Payments, recurring revenue	Login
Oct 21, 2025	Fund Letters	Brian Angerame	RBLX	Roblox Corporation	Communication Services	Interactive Home Entertainment	Bull	NYSE	advertising, Creator economy, Engagement, growth, monetization, network effects, UGC	Login
Oct 31, 2024	Fund Letters	ClearBridge Mid Cap Growth Strategy	APP	AppLovin Corporation	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising platform, AI, Gaming, growth, Mobile Apps, SaaS, technology	Login
Oct 31, 2024	Fund Letters	ClearBridge Mid Cap Growth Strategy	DOCS	Doximity Inc	Health Care	Health Care Technology	Bull	NYSE	digital platform, Healthcare services, Healthcare Technology, Medical Professionals, SaaS, telehealth	Login
Oct 31, 2024	Fund Letters	ClearBridge Mid Cap Growth Strategy	CPRT	Copart Inc	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Automotive Auctions, dominant market position, Global, Industrials, Online Platform, Remarketing Services	Login
Oct 31, 2024	Fund Letters	ClearBridge Mid Cap Growth Strategy	LINE	Lineage Inc	Real Estate	Specialized REITs	Bull	NASDAQ	cold storage, frozen foods, infrastructure, Logistics, Real Estate, REIT, Temperature-Controlled Warehouses	Login
Oct 31, 2024	Fund Letters	ClearBridge Mid Cap Growth Strategy	AME	AMETEK Inc	Industrials	Electrical Equipment	Bull	NYSE	Acquisitions, Aerospace, Electronic Instruments, Healthcare Equipment, Industrials, Marine Instrumentation, Niche markets	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 26, 2026

Fund Letters

Brian Angerame

LNWO

Light & Wonder, Inc.

Consumer Discretionary

Casinos & Gaming

Bull

NASDAQ

entertainment, Gaming, recurring revenue, Technicals, valuation

Jan 26, 2026

Fund Letters

Brian Angerame

EXPE

Expedia Group, Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

consumer, Execution, Margins, Platforms, Travel

Jan 26, 2026

Fund Letters

Brian Angerame

CHDN

Churchill Downs Incorporated

Consumer Discretionary

Casinos & Gaming

Bull

NASDAQ

assets, cashflow, entertainment, Gaming, Normalization

Jan 26, 2026

Fund Letters

Brian Angerame

ARE

Alexandria Real Estate Equities, Inc.

Real Estate

Office REITs

Neutral

New York Stock Exchange

dividends, headwinds, Leasing, lifesciences, realestate

Jan 26, 2026

Fund Letters

Brian Angerame

CWST

Casella Waste Systems, Inc.

Industrials

Environmental & Facilities Services

Bull

NASDAQ

cashflow, consolidation, Defensiveness, Pricingpower, Wastemanagement

Jan 26, 2026

Fund Letters

Brian Angerame

CPAY

Corpay, Inc.

Financials

Transaction & Payment Processing Services

Bull

New York Stock Exchange

Automation, cashflow, Margins, Payments, recurring revenue

Oct 21, 2025

Fund Letters

Brian Angerame

RBLX

Roblox Corporation

Communication Services

Interactive Home Entertainment

Bull

NYSE

advertising, Creator economy, Engagement, growth, monetization, network effects, UGC

Oct 31, 2024

Fund Letters

ClearBridge Mid Cap Growth Strategy

APP

AppLovin Corporation

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising platform, AI, Gaming, growth, Mobile Apps, SaaS, technology

Oct 31, 2024

Fund Letters

ClearBridge Mid Cap Growth Strategy

DOCS

Doximity Inc

Health Care

Health Care Technology

Bull

NYSE

digital platform, Healthcare services, Healthcare Technology, Medical Professionals, SaaS, telehealth

Oct 31, 2024

Fund Letters

ClearBridge Mid Cap Growth Strategy

CPRT

Copart Inc

Industrials

Commercial Services & Supplies

Bull

NASDAQ

Automotive Auctions, dominant market position, Global, Industrials, Online Platform, Remarketing Services

Oct 31, 2024

Fund Letters

ClearBridge Mid Cap Growth Strategy

LINE

Lineage Inc

Real Estate

Specialized REITs

Bull

NASDAQ

cold storage, frozen foods, infrastructure, Logistics, Real Estate, REIT, Temperature-Controlled Warehouses

Oct 31, 2024

Fund Letters

ClearBridge Mid Cap Growth Strategy

AME

AMETEK Inc

Industrials

Electrical Equipment

Bull

NYSE

Acquisitions, Aerospace, Electronic Instruments, Healthcare Equipment, Industrials, Marine Instrumentation, Niche markets

TICKER	COMMENTARY
ADSK	Despite solid quarterly results, holdings such as Autodesk, Shopify and CrowdStrike declined as investors questioned growth durability and valuation levels across the subsector.
SHOP	Despite solid quarterly results, holdings such as Autodesk, Shopify and CrowdStrike declined as investors questioned growth durability and valuation levels across the subsector.
CRWD	Despite solid quarterly results, holdings such as Autodesk, Shopify and CrowdStrike declined as investors questioned growth durability and valuation levels across the subsector.
APP	AppLovin, which operates a software platform for advertisers to enhance the marketing and monetization of their content — particularly within mobile apps — was also a notable detractor, on fears of AI disruption and rising competition from Meta. We see AppLovin as an early adopter and longer-term beneficiary of AI, as greater gaming and application development should increase the need for discovery. We also believe recent competitive concerns are overblown as the company has successfully competed against Meta for years and there are no signs it is being displaced, particularly as it relates to AppLovin's higher-value impressions.
META	AppLovin was a notable detractor on fears of AI disruption and rising competition from Meta. We also believe recent competitive concerns are overblown as the company has successfully competed against Meta for years and there are no signs it is being displaced.
HOOD	In financials, Robinhood Markets detracted from performance due to a pullback in retail trading volumes and bitcoin pricing following a strong 2025. While near-term cryptocurrency trends have moderated, we continue to see long-term potential in the platform's ability to expand its ecosystem and capture share across a broader set of financial services offerings.
VRT	In industrials, Vertiv, a manufacturer of power and precision cooling systems, continued to benefit from the buildout of data center and AI infrastructure.
LHX	defense contractor L3Harris delivered solid performance amid sustained global defense spending trends.
XPO	Relatively new addition XPO, the fourth-largest less-than-truckload carrier in North America, continued to benefit from initiatives under its new leadership to improve service levels, pricing discipline and margins. we increased our allocation to XPO, reflecting a preference for companies with both self-help initiatives and cyclical upside, particularly in an environment where macro conditions remain uncertain.
MSGS	Holdings in the communication services and consumer discretionary sectors were also key contributors, led by Madison Square Garden Sports, which is exploring a separation of the New York Knicks and Rangers into two standalone public companies, enhancing strategic flexibility.
TJX	TJX, which put up better than expected same-store sales growth despite a more constrained consumer spending environment.
HUBG	Our exit from HubSpot is representative of this discipline: while the company maintains a strong competitive position in the mid-market customer relationship management space, rising concerns around AI-driven disintermediation, particularly in the less complex and more price-sensitive small and medium business segment of the market, led us to reallocate capital toward higher-conviction opportunities.
FAST	In industrials, we initiated a position in Fastenal, a high-quality compounder with a differentiated onsite distribution model and structural advantages in scale and supply chain. We believe the company is well-positioned as a share gainer in a fragmented market to drive durable growth through the business cycle, offering offensive characteristics in the event of an industrial recovery as well as the ability to outgrow end markets amid a weaker environment.
SPOT	In communication services, we initiated a position in Spotify, a global audio streaming platform with more than 750 million monthly active users. We were attracted to Spotify's durable, subscription-led growth and improving pricing power and profitability. We took advantage of the recent selloff to initiate a position.
VIK	Finally, in consumer discretionary, we added Viking Holdings, a leading operator in river and luxury cruises. The company's focus on a more affluent customer base, combined with strong pricing power and high returns on invested capital, positions it well to benefit from continued growth in experiential travel demand.
W	We also initiated a position in Wayfair, where we see significant long-term opportunity as e-commerce penetration increases within the home furnishings category. The company's asset-light model and logistics infrastructure provide a competitive advantage and should allow for meaningful margin leverages as revenue scales, particularly if housing activity and big-ticket spending normalizes over time.
CAVA	as well as to fast-casual restaurant CAVA, which continues to expand its location footprint and explore new menu innovations as it transitions from a newly public company to a large-scale sustainable growth franchise.
FCX	On an individual stock basis, the biggest contributors to relative returns were L3Harris Technologies, Madison Square Garden Sports, Vertiv, Freeport-McMoRan and Johnson Controls International.
JCI	On an individual stock basis, the biggest contributors to relative returns were L3Harris Technologies, Madison Square Garden Sports, Vertiv, Freeport-McMoRan and Johnson Controls International.
CMG	In addition to the transactions listed above, the Strategy exited positions in Chipotle Mexican Grill in the consumer discretionary sector.
PINS	the Strategy exited positions in Pinterest in the communication services sector.

TICKER

COMMENTARY

ADSK

Despite solid quarterly results, holdings such as Autodesk, Shopify and CrowdStrike declined as investors questioned growth durability and valuation levels across the subsector.

SHOP

Despite solid quarterly results, holdings such as Autodesk, Shopify and CrowdStrike declined as investors questioned growth durability and valuation levels across the subsector.

CRWD

Despite solid quarterly results, holdings such as Autodesk, Shopify and CrowdStrike declined as investors questioned growth durability and valuation levels across the subsector.

APP

AppLovin, which operates a software platform for advertisers to enhance the marketing and monetization of their content — particularly within mobile apps — was also a notable detractor, on fears of AI disruption and rising competition from Meta. We see AppLovin as an early adopter and longer-term beneficiary of AI, as greater gaming and application development should increase the need for discovery. We also believe recent competitive concerns are overblown as the company has successfully competed against Meta for years and there are no signs it is being displaced, particularly as it relates to AppLovin's higher-value impressions.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Data Centers

Defense Spending

E-commerce

Travel

Logistics

AI

Trade Policy

Crypto

Biotechnology

Food Distribution

Gaming

Life Science Tools

Building Materials

AI

E-commerce

Cybersecurity

Auto Retail

Hotels

AI

Trade Policy

Natural Gas

Semiconductors

AI

Energy

Materials

AI

Rates

AI

Trade Policy

Natural Gas

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian Angerame Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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ClearBridge Mid Cap Growth Strategy