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December 31, 2025
Semiconductor Strength Drives EM Outperformance

Emerging Markets 4Q25: The Strategy outperformed the benchmark for the quarter and full year, led by strong contributions from our holdings in Korea, China and Taiwan.

December 31, 2025
Embracing a Broadening Growth Market

Large Cap Growth ESG 4Q25: Resurgent growth in the economy ex-tech from fiscal stimulus and easing monetary policy could lead to increased participation beyond AI such as in health care and short-cycle industrials.

December 31, 2025
Small Cap Poised for Breakout

Small Cap 4Q25: A challenging year for small caps ended with signs that improving earnings dynamics and attractive valuations may begin to favor patient, disciplined portfolios.

December 31, 2025
Recommitting to Innovation and Secular Trends

Select Strategy 4Q25: We continued to upgrade the portfolio for a volatile market environment, initiating six new common stock positions while expanding our private market exposure to innovative companies.

December 31, 2025
Improvers Benefit from a Broadening Market

Global Value Improvers 4Q25: A broadening global rally and improving fundamentals across key holdings supported strong fourth-quarter performance for Global Value Improvers.

December 31, 2025
Leaning on Banks Through Value Cycle

International Growth ADR 4Q25: European and U.K. banks are benefiting from a cyclical resurgence and improving earnings. We have increased exposure through our structural growth bucket.

December 31, 2025
Canada Faces its Own Concentration Risks

Canadian Equity Strategy 4Q25: The Strategy underperformed for the quarter due to differentiated exposure to the top heavy materials and technology sectors compared to the benchmark.

December 31, 2025
Calibrating Growth and Value Exposures

International Growth ACWI ex-US 4Q25: The Strategy saw strength in holdings supporting the buildout of AI workloads as well as several pharmaceutical makers, an improving area in health care that was a focus of activity in the quarter.

Blogs

AOR Update: New Year, Same Rotation
Market leadership continued to broaden in January; the ClearBridge U.S. Recession Dashboard continues to show a solid overall expansionary green signal, with one positive indicator change so far in 2026.
International Value Outlook: A More Balanced Opportunity Set in 2026
International value is re-emerging after prolonged underperformance, supported by attractive valuations, improving fundamentals and meaningful geographic and style diversification relative to U.S. growth-heavy portfolios.
ESG Outlook 2026: Resilience and Evolution
Renewables form a relatively high percentage of power both being built today and planned for the immediate future; biodiversity, AI, defense and nuclear are also key issues for 2026.
International Growth Outlook: Necessity Sparks Opportunity
Shifting geopolitics are causing policymakers in Europe and Japan to step up fiscal spending to gain self-sufficiency and generate growth.
U.S. Equity Outlook: Resilience to Keep Bull Market Intact
Capital spending and a resilient U.S. consumer are expected to sustain double-digit corporate profit growth in 2026, leading to positive yet more modest equity returns.