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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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 strength in industrials and actively rotated into resilient consumer discretionary names."
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.
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