ClearBridge International Growth ADR Strategy Q2 2025 Commentary

2025-07-10 17:20:00 ET

By Elisa Mazen, Michael Testorf, CFA & Pawel Wroblewski, CFA

Tilting Toward Domestic Business Models

Market Overview

International equities maintained positive momentum in the second quarter as Europe signaled progress on fiscal stimulus and reform measures and investment flows into the region increased. The benchmark MSCI EAFE Index advanced 11.8%, besting its U.S. counterpart, the S&P 500 Index (+10.9%), for the second-straight quarter. Non-U.S. currencies continued their rally against the dollar with developed market currencies up anywhere from 4% for the Japanese yen to 11.5% for the Swiss franc with the U.S. Dollar Index nearing a three-year low. In a sign of strengthening local market conditions outside the U.S., the MSCI EAFE Small Cap Index jumped 16.6% while the MSCI Emerging Markets Index advanced 12.0%....

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