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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"ClearBridge Value Strategy underperformed in Q2 despite solid absolute returns as AI-led growth rebounded, but value retained a substantial YTD lead. Strong selection in Alphabet, CVS, Micron and Taiwan Semi was offset by energy weakness."
The ClearBridge Value Strategy generated solid absolute returns in Q2 2026 but underperformed its Russell 1000 Value Index benchmark as AI-led growth stocks rebounded sharply. Value retained a substantial year-to-date lead, with the Russell 1000 Value Index returning 16.3% versus 10.3% for the broader index and 5.3% for growth, as investors continued rewarding cash flow durability and balance sheet strength. The Strategy benefited from strong stock selection in communication services, health care and IT, led by Alphabet, CVS Health, Micron Technology and Taiwan Semiconductor. Energy detracted as easing Middle East tensions drove oil prices lower, pressuring ConocoPhillips and Chevron. The managers used volatility to add exposure to AI enablers including Broadcom and AMD, low-cost energy producers like Diamondback Energy, and dislocated financials such as Blackstone. They exited Charles Schwab due to competitive pressures on float monetization and PG&E on lack of utility reform progress. Looking ahead, the managers emphasize selectivity, focusing on resilient balance sheets, visible cash generation and companies capable of compounding value across macro outcomes, while noting that elevated valuations and large infrastructure capital needs could increase market sensitivity to flows and risk appetite.
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