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Institutional Investor Advisor Individual Investor
Total AUM Avg. PM Years Experience Years Since Inception
$6.1B 28 5
As of December 31 2020

Strategy Average Annual Total Returns

(%, Gross of Fees)2
1 Qtr 1 Year 3 Years 5 Years Since Inception
ClearBridge International Growth EAFE Composite 15.56 25.83 15.07 15.74 15.74
MSCI EAFE (Net) (USD) Index 16.05 7.82 4.28 7.45 7.45
As of December 31 2020

Overview

The International Growth EAFE Strategy takes a diversified approach in search of mispriced growth companies across market capitalizations.

Strategy Overview Growth-oriented investment management, offering exposure to non-U.S. markets
Benchmark MSCI EAFE (Net) (USD) Index
Total Strategy AUM $6.1B
Holdings Range 40-701
Objective Long-term growth of capital while seeking to outperform the benchmark over a full market cycle3

Investment Philosophy

In the long term, markets are efficient and stock prices reflect a company’s dynamic intrinsic value or true worth.

Meet Our Managers

Elisa Mazen

Head of Global Growth, Portfolio Manager
35 Years experience
12 Years at ClearBridge

Thor Olsson

Portfolio Manager
23 Years experience
20 Years at ClearBridge

Michael Testorf, CFA

Portfolio Manager
33 Years experience
5 Years at ClearBridge

Pawel Wroblewski, CFA

Portfolio Manager
24 Years experience
12 Years at ClearBridge

Strategy Facts

The Strategy promotes diversification by targeting stocks at three different stages of their growth lifecycle: emerging, secular and structural growth companies.

A proprietary model pinpoints high quality but under-appreciated growth stocks and helps avoid stocks experiencing negative trends.

The team of four portfolio managers brings a long tenure of global investment experience.

Literature & Perspectives

  • International Growth 1Q21 Update
    PMs Elisa Mazen and Pawel Wroblewski make the case for owning growth companies in markets impacted by different catalysts than the U.S.
  • International Growth Strategy Update 4Q20
    Portfolio Manager Elisa Mazen discusses performance during a shift in international markets toward value stocks.
  • Positioning for a Broader Equity Market
    International Growth EAFE Strategy 4Q20: Optimism over a return to normal economic activity globally sparked a rotation into value stocks but it will take an unlikely rise in inflation to sustain the current value run.
  • AssetTV Global Market Outlook for 2021
    Portfolio Managers Margaret Vitrano, Michael Testorf and Mike Clarfeld share their views on large cap growth, international growth and dividend-paying stocks in the year ahead.
  • Capturing Secular Trends at Different Stages
    International Growth EAFE 3Q20: While our emerging growth stocks again led performance, we did see evidence that growth is broadening out into structural and secular growth.

Investment Process

  • Generate ideas leveraging a proprietary factor model and ClearBridge’s global research platform
  • Conduct detailed fundamental industry and company research, focusing on investment thesis, valuation and risk scenarios
  • Construct and monitor portfolio, guided by price, level of conviction and attention to risk management

Performance

A focus on mispriced growth companies has led to competitive results.

Average Annual Total Returns (%, Gross of Fees)2

1 Qtr 1 Year 3 Years 5 Years Since Inception
ClearBridge International Growth EAFE Composite 15.56 25.83 15.07 15.74 15.74
MSCI EAFE (Net) (USD) Index 16.05 7.82 4.28 7.45 7.45

Characteristics

The Strategy’s sector weights reflect its high active share approach to stock selection.

Sector Weights1,2

Representative Portfolio MSCI EAFE (Net) (USD) Index
Information Technology 27.19 8.94
Industrials 14.97 15.22
Health Care 11.86 12.86
Consumer Discretionary 11.28 12.53
Consumer Staples 10.72 10.94
Financials 9.07 16.31
Communication Services 7.13 5.22
Materials 4.32 7.87
Utilities 2.11 3.88
Energy 0.00 3.13
Real Estate 0.00 3.10
Cash 1.34 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio MSCI EAFE (Net) (USD) Index
P/E Ratio (trailing 12 mos.) 39.6 21.4
P/E Ratio (forward 12 mos.) 36.3 19.9
Price/Book 6.5 3.7
EPS Growth Next 3-5 Years (%) 14.3 10.4
Weighted Median Market Cap ($ bn) 47.1 42.6
Weighted Average Market Cap ($ bn) 104.0 71.1
ROE 15.3 11.8
Dividend Yield 1.0 2.5
Turnover (trailing 12 mos.) 25.5 --
Risk Statistics1
3 Year Risk Statistics Composite MSCI EAFE (Net) (USD) Index
Annualized Returns (3 Years) 15.07 4.28
Standard Deviation (%) 16.98 18.14
Sharpe Ratio 0.82 0.23
Tracking Error (%) 5.64 --
R2 0.90 --
Alpha (%) 10.67 --
Beta 0.89 --
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Nestle SA 3.27
Nintendo Co Ltd 3.16
London Stock Exchange Group PLC 3.03
Tokyo Electron Ltd 2.66
adidas AG 2.54
AIA Group Ltd 2.36
L'Oreal SA 2.33
Taiwan Semiconductor Manufacturing Co Ltd 2.32
ASML Holding NV 2.29
Adyen NV 2.24
Total 26.21
Total Number of Holdings 66
  • 1

    Source: FactSet. Representative portfolio characteristics, holdings, sector weightings and market cap are based on a representative portfolio and are subject to change at any time. Holdings, sector weightings, market cap and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.

  • 2

    Past performance is no guarantee of future results. See GIPS endnotes. Performance is preliminary and subject to change.

  • 3

    There is no guarantee that the Strategy's objective will be met.

  • P/E ratios are weighted harmonic average. Price/Book is weighted average.

  • Performance source: Internal. Benchmark source: Morgan Stanley Capital International. 

  • Annualized Returns 1 Yr (12/31/20) 3 Yrs (12/31/20) 5 Yrs (12/31/20) Since Inception (12/31/20)
    Net-of-fees  24.9% 14.2% 14.8% 14.8%
    Gross-of-fees  25.8% 15.1% 15.7% 15.7%
    MSCI EAFE (Net) (USD) Index 7.8% 4.3% 7.4% 7.4%
  • ClearBridge Investments, LLC claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge Investments, LLC ("ClearBridge") is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason"). The investment advisory business now known as ClearBridge was registered in September 2005 to facilitate Legg Mason's acquisition of substantially all the equity asset management businesses known as Citigroup Asset Management. These former businesses serve as the foundation of ClearBridge and its claim of GIPS compliance for institutional accounts through predecessor firms, effective as of January 1997.  In June 2008, ClearBridge combined this business with its retail business to form a single GIPS firm.  As of April 1, 2013 and January 1, 2016, ClearBridge's affiliates, Global Currents Investment Management, LLC, and ClearBridge, LLC, respectively, have become part of the ClearBridge GIPS firm. In July 2020 Legg Mason, Inc. was purchased by Franklin Resources Inc. The ClearBridge International Growth composite consists of discretionary accounts with no account minimum. All accounts within the composite invest primarily in large, mid and small capitalization stocks of companies believed to have above-average potential for growth in revenue, earnings, cash flow, or other similar criteria which are located outside the U.S. including across developed and emerging markets in Canada, Europe, Asia, Australasia, Central and Latin America and Africa. The Portfolio will invest at least 80% of its assets in the securities of companies that are domiciled outside the U.S. Results are calculated in U.S. dollars. The MSCI All Country World Index ex U.S. ® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. To receive a complete list and description of ClearBridge composites and/or a presentation that adheres to the GIPS standards, please contact ClearBridge Institutional Marketing.