NVO - ClearBridge International Growth EAFE Strategy Q2 2024 Commentary

2024-07-10 08:25:00 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 lagged slightly in a challenging quarter for growth stocks but was supported by our diversified health care exposure.
• International equities continued to see less of a lift from generative AI compared to their U.S. counterparts, which created performance headwinds as well as opportunities to enhance our technology exposure.
• Market downdrafts often present buying opportunities where market risk perceptions differ from our own. We see banks as such an area and took advantage of price weakness to add three new positions, highlighting an active period of repositioning.

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

Diversification Stands Up in Narrow Market'

Market Overview

International equities delivered mixed results in the second quarter, supported by initial interest rate cuts in the European Union and Canada that partially offset lingering concerns about inflation and economic growth in those regions. The benchmark MSCI EAFE Index declined 0.42% and the MSCI EAFE Small Cap Index fell 1.85%, while the MSCI Emerging Markets Index added 5.00%....

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