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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

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.
Panning for Fresh Sources of Growth
International Growth EAFE 1Q26: We see a better setup for the Strategy as growth’s valuation premium narrows and we reposition into newer areas of growth outside technology.
Ramping Up Activity Amid Shifting Growth Trends
International Growth ACWI ex-US 1Q26: We see a better setup for the Strategy as we reposition into newer areas of growth in Japan, semiconductors and energy-related plays.
Resetting as Growth Becomes More Attractive
International Growth ADR 1Q26: We remain optimistic about the outlook for growth stocks and believe the Strategy is well placed for improved outcomes going forward.
Preparing for Improving Growth Earnings
International Growth EAFE 4Q25: We have increased our exposure to stocks with value characteristics through our structural growth bucket, mostly by expanding allocations to banks.
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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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