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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges."
The ClearBridge All Cap Growth Strategy underperformed its Russell 3000 Growth Index benchmark in Q2 2025 despite the broad market's strong recovery from tariff-induced volatility. The benchmark returned 17.6% as mega cap AI leadership resumed, with hyperscalers demonstrating commitment to high AI capex levels. Microsoft, Meta Platforms and semiconductor companies like Nvidia and Broadcom benefited from solid earnings and renewed AI adoption expectations. The Strategy's more diversified positioning versus the concentrated benchmark created a headwind after serving as a tailwind in the turbulent first quarter. Health care holdings were the primary detractor, with UnitedHealth Group missing earnings and withdrawing guidance due to Medicare Advantage pressures, while Vertex Pharmaceuticals and Thermo Fisher Scientific faced execution challenges and tariff-related concerns. The team capitalized on volatility to initiate four new positions, adding Novo Nordisk, Alnylam Pharmaceuticals, Synopsys and Palantir Technologies while exiting Target, ICON and MongoDB. Looking forward, the managers expect continued macro uncertainty but believe their balanced portfolio of quality growth companies with pricing power is well-positioned across scenarios.
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