YLDE - ClearBridge Large Cap Growth ESG Strategy Q2 2024 Commentary
2024-07-18 21:30:00 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.
- In a market that continues to become more concentrated in a select few growth names seen as AI beneficiaries, the Strategy underperformed due to a combination of our mega cap allocation and stock selection.
- We upgraded our exposure to semiconductors and generative AI adoption during the quarter with three purchases and consolidated our industrials holdings, remaining vigilant for opportunities tied to a global consumer recovery.
- Many ClearBridge holdings contribute to the circular economy as they execute on best practices or make improvements in recycling, reducing or improving the sustainability of packaging and reducing landfill waste.
By Peter Bourbeau & Margaret Vitrano
Consolidating in High Conviction as Economy Slows
Market Overview
Equity leadership narrowed considerably in the second quarter, with mega cap growth stocks reasserting their influence and obscuring weakness across most of the market. The S&P 500 Index ( SP500 , SPX ) rose 4.28% for the period, while the NASDAQ Composite ( COMP:IND ) advanced 8.26%. By comparison, the small cap Russell 2000 Index ( RTY ) was down 3.28% for the quarter....
ClearBridge Large Cap Growth ESG Strategy Q2 2024 Commentary