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Institutional Investor Advisor Individual Investor
Total AUM Avg. PM Years Experience Years Since Inception
$6.3B 29 5
As of March 31 2021

Strategy Average Annual Total Returns

(%, Gross of Fees)2
YTD 1 Year 3 Years 5 Years Since Inception
ClearBridge International Growth EAFE Composite -3.25 47.28 12.78 15.49 14.21
MSCI EAFE (Net) (USD) Index 3.48 44.57 6.02 8.85 7.78
As of March 31 2021

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 $6.3B
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
36 Years experience
13 Years at ClearBridge

Thor Olsson

Portfolio Manager
24 Years experience
21 Years at ClearBridge

Michael Testorf, CFA

Portfolio Manager
34 Years experience
6 Years at ClearBridge

Pawel Wroblewski, CFA

Portfolio Manager
25 Years experience
13 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

  • Managing Growth Drivers in an Unsettled Market
    International Growth EAFE 1Q21: The long-term dynamics for non-U.S. growth companies remain compelling as enablers of digitalization.
  • 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.

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

YTD 1 Year 3 Years 5 Years Since Inception
ClearBridge International Growth EAFE Composite -3.25 47.28 12.78 15.49 14.21
MSCI EAFE (Net) (USD) Index 3.48 44.57 6.02 8.85 7.78

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 23.16 8.96
Industrials 20.57 15.49
Consumer Discretionary 12.04 12.81
Consumer Staples 10.23 10.26
Health Care 10.15 11.95
Financials 8.83 17.29
Communication Services 6.54 5.22
Materials 4.90 7.96
Utilities 2.37 3.65
Energy 0.00 3.32
Real Estate 0.00 3.09
Cash 1.21 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio MSCI EAFE (Net) (USD) Index
P/E Ratio (trailing 12 mos.) 34.9 21.9
P/E Ratio (forward 12 mos.) 30.1 17.3
Price/Book 6.2 3.5
EPS Growth Next 3-5 Years (%) 11.2 12.5
Weighted Median Market Cap ($ bn) 43.8 44.5
Weighted Average Market Cap ($ bn) 106.1 71.8
ROE 13.0 10.9
Dividend Yield 1.0 2.3
Turnover (trailing 12 mos.) 33.0 --
Risk Statistics1
3 Year Risk Statistics Composite MSCI EAFE (Net) (USD) Index
Annualized Returns (3 Years) 12.78 6.02
Standard Deviation (%) 16.73 17.74
Sharpe Ratio 0.72 0.34
Tracking Error (%) 6.75 --
R2 0.86 --
Alpha (%) 7.03 --
Beta 0.87 --
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Nestle SA 3.37
Nintendo Co Ltd 2.89
ASML Holding NV 2.80
L'Oreal SA 2.51
Taiwan Semiconductor Manufacturing Co Ltd 2.39
EDP - Energias de Portugal SA 2.37
London Stock Exchange Group PLC 2.34
AIA Group Ltd 2.27
Diageo PLC 2.27
Canadian Pacific Railway Ltd 2.26
Total 25.46
Total Number of Holdings 71
  • 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. 

  • 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, January 1, 2016 and May 1, 2020, ClearBridge affiliates, Global Currents Investment Management, LLC, ClearBridge, LLC and ClearBridge Investments Limited (f/k/a RARE Infrastructure Limited) 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.