| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The ClearBridge Mid Cap Growth Strategy outperformed its Russell Midcap Growth benchmark in Q2 2026, driven by strong stock selection in industrials and competitive IT results. The quarter reflected a healthier backdrop with performance led by AI infrastructure, hardware, memory and select cyclical beneficiaries. AI remained the dominant theme with leadership shifting from initial infrastructure winners to emerging bottlenecks like memory, data connectivity and power players. Industrial holdings United Rentals and WillScot benefited from improving infrastructure demand while software holdings Datadog, Fortinet and Rubrik recovered as investors recognized AI adoption increases security complexity. The Strategy added AI-related positions including Lumentum, Sterling Infrastructure and Astera Labs while also adding BWX Technologies and Insmed to balance exposure. Energy was a modest headwind as oil and gas names gave back gains on weaker commodity prices. The managers remain focused on identifying where durable economic value will accrue rather than chasing every emerging narrative, while seeing cautiously optimistic signs of broader cyclical recovery across industrials, health care and consumer sectors.
The Strategy focuses on identifying durable economic value creation in mid cap growth equities by balancing exposure to AI infrastructure beneficiaries with select industrial and health care opportunities that can compound through a broader cyclical recovery, while maintaining discipline around quality and fundamental differentiation.
The market is wrestling with an increasing pace of disruption amid a generational investment cycle with winners and losers being reassessed quickly. Volatility is expected to persist but the environment can create opportunities for active managers focused on fundamental differentiation. The managers see cautiously optimistic signs of a broader cyclical recovery in industrials, health care and the consumer. AI investment will likely remain robust but the market will need to distinguish between revenue growth and durable economic value creation. Opportunities are seen for AI users in transportation, biotechnology, health care providers and financial institutions where productivity gains may not yet be fully discounted.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 14 2026 | 2026 Q2 | ALAB, BKR, BWXT, CHWY, DDOG, EQT, FANG, FTNT, INSM, KTOS, LITE, MLM, MPWR, RBRK, ROIV, STRL, TECH, URI, VRT, WSC | AI, Biotechnology, Data centers, growth, industrials, infrastructure, mid cap, semiconductors | - | ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. |
| 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 Q2 |
AIAI remained the dominant market theme with leadership shifting from initial infrastructure winners to emerging bottlenecks like memory, data connectivity, power players, and GPUs. The Strategy added AI infrastructure beneficiaries including Lumentum for data connectivity, Sterling Infrastructure for data center construction, and Astera Labs late in the quarter. Debates continue around AI return on investment, tokenmaxxing, and where durable economic value will accrue. |
Data Centers Semiconductors Infrastructure Memory GPUs |
CybersecuritySoftware holdings in cybersecurity were rewarded after first-quarter selloff as investors recognized that AI adoption increases data, security, and infrastructure complexity. Fortinet and Rubrik benefited from this recognition and contributed positively to performance. |
Software Data Privacy Cloud | |
Data CentersData center infrastructure was a key focus with additions of Vertiv for power and cooling infrastructure and Monolithic Power Systems for power needs in AI server racks. The Strategy also added Lumentum for optical and laser products serving data connectivity needs in evolving AI data and server architectures. |
Power Equipment Infrastructure AI Networking | |
Infrastructure SpendingIndustrial holdings United Rentals and WillScot saw relief as investors grew more comfortable with the durability of infrastructure demand and improving general non-residential activity. Sterling Infrastructure was added for its national scale in complex excavation and megaproject execution for AI data center campuses. |
Construction Industrial Non-residential | |
Defense SpendingAerospace and defense holdings including Kratos Defense & Security Solutions fell out of favor amid concerns around the aerospace cycle following the Iranian conflict and a reversal in defense sentiment heading into the midterm election cycle, creating weakness in the sector. |
Defense Aerospace Geopolitical | |
BiotechnologyHealth care contributed positively with Bio-Techne acquired by Merck KGaA against a backdrop of improving demand. New position Roivant supported results as investors recognized its repeatable in-licensing and drug development model. Insmed was added for its multiple approved potential blockbuster drugs and attractive clinical pipeline. |
Biopharma M&A Pharmaceuticals Rare Diseases Respiratory | |
NuclearBWX Technologies was added as a sole-source provider of nuclear reactors for the U.S. Navy and manufacturer of commercial nuclear components, where steady naval nuclear demand and incremental commercial nuclear opportunities support a durable growth profile. |
Defense Energy Transition Power Equipment | |
Natural GasEnergy was a modest headwind as natural gas producer EQT, energy technology company Baker Hughes, and oil and gas producer Diamondback Energy gave back prior gains, largely tracking weaker oil and natural gas prices amid optimism for a potential détente in the Iran conflict. |
Oil Energy Trading Geopolitical | |
| 2026 Q1 |
AIThe 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 CentersVertiv, 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 SpendingDefense 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-commerceThe 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 | |
TravelViking 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 | |
LogisticsXPO, 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 |
AIAI 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 PolicyTrade 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 | |
CryptoThe 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 |
BiotechnologyHealth 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 DistributionConsumer 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 | |
GamingAppLovin, 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 ToolsThe 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 MaterialsThe 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 |
AIContinued 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-commerceMercadoLibre 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 | |
CybersecurityData 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 RetailCarvana 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 | |
HotelsHilton 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 |
AIAI 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 PolicyPotential 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 GasNatural 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 | |
SemiconductorsSemiconductor 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 |
AIThe 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 |
EnergyThe 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 | |
MaterialsThe 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 |
AIAppLovin 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 |
RatesThe 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 |
AIThe 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 PolicyTariff 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 GasEQT, 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 |
| TICKER | COMMENTARY |
|---|---|
| URI | Within industrials, long-standing holdings United Rentals, an equipment rental company, and WillScot, a provider of modular space and storage solutions, saw relief as investors grew more comfortable with the durability of infrastructure demand and improving general non-residential activity. |
| WSC | Within industrials, long-standing holdings United Rentals, an equipment rental company, and WillScot, a provider of modular space and storage solutions, saw relief as investors grew more comfortable with the durability of infrastructure demand and improving general non-residential activity. |
| KTOS | This strength was partially offset by weakness in select aerospace and defense holdings, including Kratos Defense & Security Solutions, as the group fell out of favor amid concerns around the aerospace cycle following the Iranian conflict and a reversal in defense sentiment heading into the midterm election cycle. |
| DDOG | Patience in select software holdings was rewarded after the first-quarter selloff, as Datadog, a cloud observability platform, Fortinet, a cybersecurity company, and Rubrik, a data security and cloud data management provider, benefited from greater recognition that AI adoption can increase data, security and infrastructure complexity. |
| FTNT | Patience in select software holdings was rewarded after the first-quarter selloff, as Datadog, a cloud observability platform, Fortinet, a cybersecurity company, and Rubrik, a data security and cloud data management provider, benefited from greater recognition that AI adoption can increase data, security and infrastructure complexity. |
| RBRK | Patience in select software holdings was rewarded after the first-quarter selloff, as Datadog, a cloud observability platform, Fortinet, a cybersecurity company, and Rubrik, a data security and cloud data management provider, benefited from greater recognition that AI adoption can increase data, security and infrastructure complexity. |
| MPWR | These gains were supported by contributions from Monolithic Power Systems, a semiconductor company benefiting from rising power needs in AI server racks, and Vertiv, a provider of power and cooling infrastructure for data centers, helped offset relative headwinds from the robust performance of some of the benchmark's fastest-moving AI beneficiaries like Astera Labs, a maker of high speed networking and connectivity chips used in data centers. |
| VRT | These gains were supported by contributions from Monolithic Power Systems, a semiconductor company benefiting from rising power needs in AI server racks, and Vertiv, a provider of power and cooling infrastructure for data centers, helped offset relative headwinds from the robust performance of some of the benchmark's fastest-moving AI beneficiaries like Astera Labs, a maker of high speed networking and connectivity chips used in data centers. |
| ALAB | These gains were supported by contributions from Monolithic Power Systems, a semiconductor company benefiting from rising power needs in AI server racks, and Vertiv, a provider of power and cooling infrastructure for data centers, helped offset relative headwinds from the robust performance of some of the benchmark's fastest-moving AI beneficiaries like Astera Labs, a maker of high speed networking and connectivity chips used in data centers. We added the name late in the quarter but missed most of its 300% plus performance. |
| TECH | Bio-Techne, a life sciences tools company, was acquired by Merck KGaA against a backdrop of improving demand, while new position Roivant, a biotechnology company developing therapies across a range of conditions, also supported results as investors recognized its repeatable in-licensing and drug development model. |
| ROIV | Bio-Techne, a life sciences tools company, was acquired by Merck KGaA against a backdrop of improving demand, while new position Roivant, a biotechnology company developing therapies across a range of conditions, also supported results as investors recognized its repeatable in-licensing and drug development model. |
| EQT | Energy was a modest headwind, as natural gas producer EQT, energy technology company Baker Hughes and oil and gas producer Diamondback Energy gave back prior gains, largely tracking weaker oil and natural gas prices amid optimism for a potential détente in the Iran conflict. |
| BKR | Energy was a modest headwind, as natural gas producer EQT, energy technology company Baker Hughes and oil and gas producer Diamondback Energy gave back prior gains, largely tracking weaker oil and natural gas prices amid optimism for a potential détente in the Iran conflict. |
| FANG | Energy was a modest headwind, as natural gas producer EQT, energy technology company Baker Hughes and oil and gas producer Diamondback Energy gave back prior gains, largely tracking weaker oil and natural gas prices amid optimism for a potential détente in the Iran conflict. |
| LITE | On the AI-related side, we added Lumentum, a scaled provider of optical and laser products, where valuable capacity in tight areas of data connectivity should benefit from evolving AI data and server architectures. |
| STRL | We also added Sterling Infrastructure, a construction and site-preparation company, whose national scale should be increasingly valuable as AI data center campuses require complex excavation and megaproject execution. |
| BWXT | Outside of AI infrastructure, we added BWX Technologies, a sole-source provider of nuclear reactors for the U.S. Navy and manufacturer of commercial nuclear components, where steady naval nuclear demand and incremental commercial nuclear opportunities support a durable growth profile. |
| INSM | We also added Insmed, a biotechnology company focused on respiratory diseases, where multiple approved potential blockbuster drugs and an attractive clinical pipeline create meaningful long-term growth potential at an attractive price. |
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