2024-04-17 06:15:00 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 delivered solid absolute returns and outperformed its benchmark in the first quarter.
- Stock selection in IT, health care and consumer discretionary was the primary driver of relative performance. An underweight in materials, particularly precious metals, partially offset these results.
- The Strategy continued to high-grade holdings and build cash for dry powder, with the elimination of three holdings over the period where risk/reward assessments no longer merited inclusion.
By Garey J. Aitken, CFA, & Michael Richmond, CFA
Upgrading Portfolio Quality into Strength - market Overview
After nearly two years of managing through steadily higher policy rates and regular prognostications of economic troubles, investors clearly expected 2024 to be a transition year. Rather than a change, the first quarter of 2024 looked much like 2023. The widely held expectations of further disinflation, a softer real economy and lower policy rates have proven largely misplaced: inflation has remained sticky and above central bank targets, the economy has been robust and forecasts for lower policy rates have been continually pushed later into the year and 2025....
Read the full article on Seeking Alpha
For further details see:
ClearBridge Canadian Small Cap Strategy Q1 2024 Portfolio Manager Commentary