ClearBridge Dividend Strategy Portfolios Q2 2025 Commentary

2025-07-29 04:20:00 ET

Key Takeaways

• Markets: Despite trade wars, battlefield wars in Ukraine and the Middle East, declining earnings estimates and a deteriorating fiscal outlook, the S&P 500 Index rose 10.9% in the second quarter and is up 6.2% at the year’s halfway mark.
• Contributors: Stock selection in the energy and IT sectors was positive.
• Detractors: An underweight to IT and an overweight to energy, as well as stock selection in the communication services, health care and industrials sectors weighed on relative results.
• Outlook: It seems to us that risks abound, yet asset prices do not reflect this. We continue to emphasize a diversified portfolio of high-quality companies compounding their dividends at attractive returns.

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