ClearBridge International Value Fund Q4 2024 Commentary

2025-03-27 10:20:00 ET

Summary

• International equities struggled during Q4 due to concerns that the re-election of US President Trump could spark tariff wars, political instability in Europe and a stronger US dollar following a hawkish rate cut from the Fed.
• Our high-quality industrials companies with exposure to the long-term trends of electrification, the energy transition and infrastructure continue to see strong demand.
• International equity markets have faced significant headwinds as capital has flowed into the United States from around the world.
• While opportunities abound, significant risks — including political uncertainties in the United States, Europe and Asia — could impede economic expansion and equity market gains.

Performance Review

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