ClearBridge Canadian Dividend Strategy Q4 2024 Commentary

2025-03-07 10:15:00 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.
• Following a surging third quarter, the S&P/TSX Composite Total Return Index added 3.8% in the fourth quarter, reaching an all-time high in December.
• Trading activity was heightened in the fourth quarter of 2024 as the ongoing strength in equity markets presented several opportunities to trim on strength and prioritize other new and existing positions in the portfolio.
• During periods of elevated enthusiasm in equity markets, and at times when investors are collectively paying a full price or potentially more growth attributes, a focus on valuation is crucial and arguably more important than at any point in the market cycle.

By Ryan Crowther, CFA, & Izabel Flis, CFA

Canadian Equities Outpace U.S. for Second-Straight Quarter

Market Overview

Following a surging third quarter, the S&P/TSX Composite Total Return Index added 3.8% in the fourth quarter, reaching an all-time high on December 6. The S&P/TSX Composite TRI advanced 21.7% for the year — impressive returns for a market experiencing modest earnings growth with headwinds from higher interest rates, yet with strong expectations for double-digit earnings growth in 2025....

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