JHIUF - ClearBridge International Growth ADR Strategy Q1 2024 Commentary

2024-04-10 12:30:00 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.
• 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.
• Positions tied to generative AI and diabesity, two growth themes that have dominated global markets over the last 15 months, drove performance for the second straight quarter.
• We initiated five new positions while eliminating six others. These new purchases represent a mix of secular, structural and emerging growth companies reflecting a more balanced market environment.

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

Secular Growth Themes Catching On Outside U.S.

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 EAFE Index advanced 5.79%, while the MSCI Emerging Markets Index added 2.37% and the MSCI EAFE Small Cap Index gained 2.40%....

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