ClearBridge International Growth EAFE Strategy exits Novo Nordisk, adds Roche in Q4

2026-01-19 11:58:02 ET

• The ClearBridge International Growth EAFE Strategy underperformed its MSCI EAFE Index benchmark and MSCI EAFE Growth Index secondary benchmark during the fourth quarter of 2025.
• The Strategy produced positive contributions across five of the nine sectors in which it was invested.
• Financials and IT sectors were the top contributors, while consumer discretionary sector was the chief detractor.
• "In particular, stock selection in consumer discretionary, health care, industrials, materials, and financials and an underweight to financials weighed on results," said the Q4 fund letter.
• "On the positive side, stock selection in IT and an underweight to communication services contributed to performance," added the fund letter.
• The fund exited Novo Nordisk ( NVO ) ( NONOF ) ( NVON:CA ), Linde ( LIN ), and UniCredit ( UNCFF ) ( UNCRY ), and sold its stake in Trane Technologies ( TT ) and Nemetschek ( NEMTF ) in the fourth quarter.
• ClearBridge International Growth EAFE Strategy closed its position in Constellation Software ( CNSWF ) ( CNSWY ) ( CSU:CA ), Lenovo ( LNVGY ) ( LNVGF ), Marks and Spencer ( MAKSF ) ( MAKSY ), Tokio Marine ( TKOMY ) ( TKOMF ), and Sony Financial ( SFGYY ).
• Ryanair Holdings ( RYAAY ) ( RYAOF ) was repurchased, while Heidelberg Materials ( HDLMY ) ( HLBZF ) was added during the quarter.
• Additionally, the fund repurchased EssilorLuxottica ( ESLOF ) ( ESLOY ) and Galderma Group ( GALDY ) ( GDERF ) and added Roche ( RHHBY ) ( RHHBF ) ( RHHVF ).
• Source: Fund Letter

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