ClearBridge Global Infrastructure Value Strategy Q1 2025 Commentary

2025-04-09 06:20:00 ET

Summary

• Infrastructure delivered positive returns in the first quarter, outpacing both global equities and U.S. equities, which were weaker amid higher policy uncertainty, specifically around tariffs.
• Infrastructure’s defensive nature was rewarded in this environment, with regulated utilities leading returns, in particular in Europe and North America.
• Trump’s policy agenda has so far been more disruptive than expected, and we anticipate uncertainty will weigh on U.S. growth.
• However, other regions such as Europe may see improving growth through a potentially constructive fiscal agenda.

By Charles Hamieh, Shane Hurst, Nick Langley, & Simon Ong

Market Overview

Infrastructure delivered positive returns in the first quarter, outpacing both global equities and U.S. equities, which were weaker amid higher policy uncertainty, specifically around tariffs. The AI trade, which worked well throughout 2024, continued to unwind following concerns around China’s DeepSeek AI model representing a cheaper alternative to U.S. models....

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