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International Growth Strategy 2Q23 Update

June 13, 2023

 

Portfolio Managers Elisa Mazen and Pawel Wroblewski make the case for international equity investing, provide an overview of their valuation approach to growth and highlight recent positioning activity in the portfolio.

Related Perspectives

Asia, Europe Flex Tech Muscles
Global Growth 2Q26: Performance was driven by AI beneficiaries across semiconductors, storage, networking and optical equipment where pricing power is emerging.
Participating Broadly in AI Infrastructure Buildout
International Growth ADR 2Q26: International equities rebounded sharply, with AI-linked technology companies driving outperformance for the Strategy.
Emerging Markets Tech Drives Performance
International Growth ACWI ex-US 2Q26: International equities rallied, led by emerging markets and accelerating AI infrastructure investment, but the Strategy’s differing AI exposure led to underperformance.
Overhauling AI Exposures to Leverage Scarcity
International Growth EAFE 2Q26: We increased exposure to AI infrastructure across semiconductors, storage and networking where supply constraints and pricing power are emerging.
Rate Reversal Rewrites Growth Playbook
Global Growth 1Q26: Geopolitical shocks stalled global equity momentum, with value holding up much better than growth as inflation risks rose and monetary policy grew hawkish.
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  • Past performance is no guarantee of future results. Copyright © 2023 ClearBridge Investments. All opinions and data included in this commentary are as of the publication date and are subject to change. The opinions and views expressed herein are of the author and may differ from other portfolio managers or the firm as a whole, and are not intended to be a forecast of future events, a guarantee of future results or investment advice. This information should not be used as the sole basis to make any investment decision. The statistics have been obtained from sources believed to be reliable, but the accuracy and completeness of this information cannot be guaranteed. Neither ClearBridge Investments, LLC  nor its information providers are responsible for any damages or losses arising from any use of this information.

  • Performance source: Internal. Benchmark source: Morgan Stanley Capital International. Neither ClearBridge Investments, LLC nor its information providers are responsible for any damages or losses arising from any use of this information. Performance is preliminary and subject to change. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Further distribution is prohibited. 
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