ClearBridge Canadian Small Cap Strategy Q4 2024 Commentary

2025-01-16 04:45:00 ET

Summary

• The ClearBridge Canadian Small Cap Strategy meaningfully outperformed its benchmark in the fourth quarter.
• The Strategy delivered strong absolute and relative returns during the fourth quarter, capping off a successful 2024.
• Stock selection in energy, utilities and materials were positive contributors to relative performance as were an energy overweight and materials underweight.
• We remained active during the quarter, trimming into strength in energy and buying into underperforming materials.

By Garey J. Aitken, CFA | Michael Richmond, CFA

Energy Reversal Concludes Strong 2024 - Fourth Quarter 2024

Market Overview

North American equity markets ended a strong 2024 on a high note. The S&P 500 and S&P/TSX Composite Indexes produced positive total returns of 9.1% (CAD) and 3.8% respectively in the fourth quarter of 2024. Both indexes again set all-time highs in December prior to fading into the holidays....

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