2024-04-18 12:10:00 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.
- International markets generated positive returns due to optimism over a soft landing, improving economic data, the prospect of rate cuts and continued improvements in Japan.
- The Strategy performed in-line with its benchmark, overcoming headwinds from a growth-led market, as strong performance in the financials and materials sectors offset detractors in IT.
- We believe the markets should begin to broaden out, with potential outperformance of international markets over the U.S. and value stocks over growth.
By Sean Bogda, CFA, Grace Su & Jean Yu, CFA
Strong Value Picks Keep Pace with Global Growth Rally
market Overview
International markets generated positive returns in the first quarter driven by optimism over an economic soft landing, improving economic data, the prospect of rate cuts in the U.S. and Europe and structural economic and corporate reforms in Japan. The benchmark MSCI EAFE Index returned 5.79% for the quarter. Growth stocks outpaced value for the quarter with the MSCI EAFE Growth Index returning 7.03% versus the 4.48% return of the MSCI EAFE Value Index (Exhibit 1)....
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ClearBridge International Value Strategy Q1 2024 Portfolio Manager Commentary