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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, ClearBridge Mid Cap Growth Strategy. This analysis is provided for institutional research purposes only and is not investment advice.
"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."
ClearBridge's Mid Cap Strategy outperformed its benchmark in Q4 2024, driven by strong stock selection in information technology and industrials. The quarter proved tumultuous for mid caps, which initially rallied post-election on expectations of deregulation and business-friendly policies, but then lagged as markets rotated back to large cap leadership amid concerns over slower Fed rate cuts and potentially reflationary Trump policies. Key contributors included AI beneficiaries AppLovin and Marvell Technology, which the managers view as the highest-quality AI plays in mid caps. The fund also benefited from CAE in industrials. Healthcare was the biggest detractor due to regulatory uncertainty and rate concerns affecting biotechnology names like ICON and Avantor. Portfolio changes included adding Archrock in energy infrastructure and International Paper as a materials turnaround story, while exiting Coterra Energy. Looking ahead, the managers believe several catalysts including relative valuations and forward earnings growth suggest 2025 may favor mid caps after two years of large cap dominance, positioning the portfolio in quality AI companies and cyclical recovery opportunities.
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