LVMHF - ClearBridge International Growth ACWI Ex-US Strategy Q1 2024 Commentary

2024-04-19 06:45:00 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 holdings in cyclical sectors including materials, information technology and industrials as well as the more defensive health care sector.
• We initiated 11 new positions while eliminating 10 others. These new purchases represent a mix of secular, structural and emerging growth companies reflecting a more balanced market environment.
• We believe international growth equities will remain in favor this year as rate cuts in Europe appear to be ahead of the Fed, credit flows in the eurozone are rising and corporate reform in Japan continues to make progress.

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

Repositioning for an International Revival - Market Overview

International 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 Ex-U.S. Index advanced 4.69%, while the MSCI Emerging Markets Index added 2.37% and the MSCI ACWI Ex-U.S. Small Cap Index gained 2.21%....

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