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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

Gen AI Buildouts Spur Tech Infrastructure Boom
Ambitious capital spending on generative AI projects by hyperscalers, which we view as a once-in-a-decade cycle, represents a meaningful tailwind for technology infrastructure providers supplying the picks and shovels to run large language models.
Upgrading Exposures to Secular Growth Trends
Global Growth 3Q25: We meaningfully repositioned our weightings to banks and companies with vital roles in the buildout of generative AI workloads.
Holding Steady in a Value-Led Market
International Growth EAFE 3Q25: The Strategy mostly kept pace in a value-driven period with our positioning in IT and financials, which reflects our orientation as growth managers, creating minimal headwinds.
Emerging Markets Take the Lead
International Growth ACWI ex-US 3Q25: Emerging markets continued to outperform despite a flat U.S. dollar, boosted by a 20.7% rally in China, which represents 30% of that benchmark.
Leaning on Financials Amid Cyclical Leadership
International Growth ADR 3Q25:We meaningfully repositioned our bank exposure, adding three new positions while closing out of two others, highlighting an energetic period of activity.
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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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