APP - ClearBridge Select Strategy Q4 2024 Commentary

2025-01-22 11:00:00 ET

Summary

• The Strategy outperformed in a narrow, momentum-driven market as our small and mid cap growth holdings exhibited continued strength.
• We added six new positions in the quarter while exiting four others.
• Buying was balanced across the portfolio, highlighted by a disruptor in communication services and durable compounders in financials and health care.
• The Trump administration should support lighter regulation and improved M&A activity, conditions particularly beneficial to companies down the market cap spectrum.

By Aram Green

Disruptors Thrive as Conditions Set to Improve - Market Overview

A market broadening in the fourth quarter sparked by Donald Trump's election victory and further interest rate cuts from the Federal Reserve proved momentum-driven with relatively narrow leadership. The S&P 500 Index advanced 2.41% in the quarter to finish 2024 up 25.02%, completing the best back-to-back years for the index since 1998, while the benchmark Russell 3000 Index rose 2.63% for the quarter and 23.81% for the year....

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