ClearBridge Global Value Improvers Strategy Q2 2025 Commentary

2025-07-10 16:33:00 ET

By Grace Su & Jean Yu, CFA, Ph.D.

Global Improvers At Heart of Converging Trends

Market Overview

Global equity markets posted positive returns in the second quarter, with a series of bilateral U.S. trade deals and the prospect of greater government spending in Europe overcoming early-quarter tariff volatility, concerns over slowing economic growth and elevated geopolitical tensions. The core MSCI World Index rose 11.5%, with dollar weakness contributing to the strong returns, and outperformed the S&P 500 Index (SPX)(SP500) (10.9%). Strong results from Nvidia (NVDA) and other AI-exposed companies drove a reversal of the first quarter’s AI selloff. Strength among these stocks helped growth stocks reclaim market leadership in the second quarter; the MSCI World Growth Index (17.7%) outperformed the MSCI World Value Index (5.4%) by over 1,200 basis points – approximately the same amount value outperformed growth in the first quarter (Exhibit 1)....

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