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International Growth Strategy 2Q25 Update

June 17, 2025

Portfolio Manager Pawel Wroblewski highlights the fiscal policy shifts in Europe and Japan creating tailwinds for international equities, how the Strategy is positioning to participate in these developing trends and discusses secular themes like AI and digitalization that continue to create a favorable environment for growth investments.

Related Perspectives

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.
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.
Does the Buck Stop Here?
Whether a recent fall for the U.S. dollar portends a regime shift toward systematic weakness has key ramifications for global equity leadership.
Growth Rebounds as Europe Tailwinds Pick Up
International Growth EAFE 2Q25: A strong bid for industrials helped the Strategy outperform as economic policy catalysts began to solidify across regions
Tilting Toward Domestic Business Models
International Growth ADR 2Q25: We continued to actively reposition the portfolio, reducing exposure to higher dollar-weighted companies and redeploying proceeds into businesses that can benefit from increasing fiscal stimulus.
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  • Past performance is no guarantee of future results. Copyright © 2025 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: Standard & Poor's.

  • 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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