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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments International Growth ADR Strategy | 0.0% | 0.0% | 0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI | AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value | The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital. | HEI GR ROG SW NWG LN AZN LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||