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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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During Q1 2026, mid-cap equities delivered positive returns, outperforming large- and small-cap indices. The ClearBridge Mid Cap Strategy, however, underperformed its Russell Midcap Index benchmark due to weakness in IT, health care, and consumer discretionary sectors, which offset robust gains in industrials and consumer staples. The team was highly active during the quarter, restructuring exposure in the consumer discretionary sector by adding five new holdings and exiting one. They remain focused on finding companies that are long-term beneficiaries of secular AI and electrification trends while carefully managing risks associated with geopolitical uncertainty and AI-related business model disruption.
Grounding portfolio construction in selectivity and discipline by focusing on high-quality compounders with strong balance sheets, structural growth, and compelling risk-reward profiles that can perform across multiple economic scenarios.
The path of economic growth, the durability of a recovery across cyclical end markets, and the ultimate impact of AI on business models are all still taking shape, keeping the range of potential outcomes wide.
As of Mar 31, 2026
Brian Angerame is a seasoned Portfolio Manager at ClearBridge Investments in New York, with over 31 years of industry experience. He leads the Mid Cap, Mid Cap Growth, and SMID Cap Growth strategies, focusing primarily on consumer discretionary, consumer staples, health care, and cyclical sectors within mid- and SMID-cap U.S. equities. Angerame joined ClearBridge in 2000 as a Research Analyst before becoming a Portfolio Manager in 2005. Prior to ClearBridge, he worked at Prudential Investments as an Analyst and Assistant Portfolio Manager for the Prudential Real Estate Securities Fund. He holds a B.A. in government from Dartmouth College. Matthew Lilling is a Portfolio Manager and Managing Director at ClearBridge Investments with 15-20 years of investment experience. He co-manages the Mid Cap, Mid Cap Growth, and SMID Cap Growth portfolios. Matthew joined ClearBridge in 2010 and has served as a portfolio manager since June 30, 2020. Before portfolio management, he was a Senior Portfolio Analyst supporting small and mid-cap products. He holds an MBA from Columbia Business School and a BA in economics from Emory University.
The Mid Cap Strategy applies quantitative and fundamental research to a relatively inefficient segment of the U.S. market to identify high-quality, mispriced stocks. The strategy focuses on high-quality companies with strong balance sheets, high returns on capital, high free cash flow generation and sustainable competitive advantages. The approach owns a mix of growth and value stocks. While markets are efficient over the long term, individual stocks are mispriced at times, presenting exploitable inefficiencies. Through a combination of quantitative and fundamental analysis, these can be identified and capitalized on. The strategy seeks long-term growth of capital and consistently superior returns relative to the benchmark. Portfolio managers Brian Angerame and Matthew Lilling have worked together on the Strategy for over a decade. Mid cap stock prices may vary significantly from fair value, in the short run, due to the mispricing of risk in the market, the deluge of short-term data, lesser sell side coverage, and market illiquidity. The investment process emphasizes rigorous valuation discipline to find attractive stocks when no one wants them.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Growth Outlook
Market outlook remains moderate conviction: The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Risk Appetite
Risk appetite posture is above average conviction: The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Forward Guidance
Forward guidance signal: The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Language Signal
Tone analysis indicates above average conviction language: The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Time Horizon
Investment time horizon reflects a high conviction orientation. The ClearBridge Mid Cap Strategy underperformed its benchmark in Q1 2026 as AI-related disruption fears pressured IT and healthcare holdings, though the team capitalized on strengt...
Top Conviction Themes
Key Catalysts
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