TMUS - ClearBridge Global Growth Strategy Q1 2025 Commentary

2025-04-09 05:40:00 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.
• Global equities outside the U.S. delivered strong gains in the first quarter as increasing policy uncertainty under the new Trump administration spurred investors to look overseas for more predictable returns.
• While the Strategy underperformed the benchmark in a value-driven market, we were encouraged by our ability to mostly keep pace thanks to strong stock selection in consumer discretionary and financials.
• Increased fiscal spending and focus on capital markets in Europe, Japan and China, prompted by a rapid remake of the global trade landscape, has increased the attractiveness of the non-U.S. regions we target to diversify our U.S. exposure.

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

International Does Heavy Lifting For a Change

Market Overview

Led by a sharp revival in Europe, global equities outside the U.S. delivered strong gains in the first quarter as increasing policy uncertainty under the new Trump administration spurred investors to look overseas for more predictable returns. The benchmark MSCI All Country World Index declined 1.32%, but, in a reversal from the recent past, North America was the only region to experience losses and underperform. The United Kingdom and Europe Ex U.K. were by the far the strongest performers, while stocks in emerging markets, Japan and Asia Ex Japan also bested the index....

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