WCN - ClearBridge Global Growth Strategy Q1 2024 Portfolio Manager Commentary

2024-04-26 12:15:00 ET

Summary

• ClearBridge is a leading global asset manager committed to active management. Research-based stock selection guides our investment approach, with our strategies reflecting the highest-conviction ideas of our portfolio managers.
• The Strategy outperformed, led by U.S. mega cap exposure as well as holdings in cyclical sectors and the more defensive health care sector.
• We initiated 11 new positions while eliminating 13 others. These new purchases represent a mix of secular, structural and emerging growth companies reflecting a more balanced market environment.
• We believe global growth equities will remain in favor this year as rate cuts appear likely across the U.S. and Europe, credit flows in the eurozone are rising and corporate reform in Japan continues to make progress.

By Elisa Mazen, Michael Testorf, CFA, & Pawel Wroblewski, CFA

Broadening Global Markets Complement Megatrends - Market Overview

Global equities continued to climb in the first quarter, supported by improving investor sentiment, better economic data in the U.S., rate cuts beginning in Europe and confidence in a Japanese economy that is seeing improved corporate governance. The benchmark MSCI All Country World Index advanced 8.20%, led by strength in the U.S. with the S&P 500 Index advancing 10.56% while the MSCI EAFE Index added 5.79%....

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