ClearBridge Appreciation Strategy Q2 2025 Commentary

2025-07-10 16:07:00 ET

By Michael Kagan & Stephen Rigo, CFA

Pullbacks Remain Buyable

Market Overview

The second quarter of 2025 took investors on quite a roller coaster ride. The quarter began with a post–Liberation Day dive that saw the S&P 500 Index (SPX)(SP500) decline 11% over the quarter’s first six trading days. Clearly, equity investors feared the economic impact from the largest potential tariff increase since the Smoot-Hawley Act of 1930. However, a decisive policy shift on April 9 — pausing tariffs for 90 days — quickly initiated a steep climb. The S&P 500 rose 24.5% in 56 trading days from the April 8 low into June 30 to finish the quarter with a 10% advance to a new all-time high. At this point it seems clear investors believe sweeping reciprocal tariffs are a negotiating tool, not a base case outcome....

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