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Institutional Investor Advisor Individual Investor

Appreciation ESG Strategy

April 2009
Total AUM Avg. PM Years Experience Years Since Inception
$470.3M 30 12
As of June 30 2021

Strategy Average Annual Total Returns

(%, Gross of Fees)2
YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge Appreciation ESG Composite 12.61 37.82 20.20 17.61 14.43 14.99
S&P 500 Index 15.25 40.79 18.67 17.65 14.10 14.84
As of June 30 2021

Overview

The Appreciation ESG Strategy seeks to balance upside return potential with downside risk protection by investing in high-quality large cap stocks with positive ESG attributes.  

Strategy Overview Primarily large cap, blue chip companies that meet ESG criteria
Benchmark S&P 500 Index
Total Strategy AUM $470.3M
Holdings Range 65-851
Objective Seeks long-term appreciation of capital3

Investment Philosophy

The managers seek to provide long-term consistent and competitive risk-adjusted returns by balancing upside participation in good markets while trying to limit downside risk in difficult markets.

Meet Our Managers

Scott Glasser

Chief Investment Officer, Portfolio Manager
30 Years experience
28 Years at ClearBridge

Michael Kagan

Portfolio Manager
36 Years experience
27 Years at ClearBridge

Mary Jane McQuillen

ESG Head, Portfolio Manager
25 Years experience
25 Years at ClearBridge

Strategy Facts

An active focus on risk management has led to lower levels of risk and volatility than the benchmark over the same time periods.

Portfolio manager Scott Glasser has been a member of the Appreciation team since 1995.

Joining the team in 2009, portfolio manager Michael Kagan also brings a long tenure of investment experience.

Literature & Perspectives

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Investment Process

  • Screen large cap stocks with an emphasis on identifying dominant, high-quality companies
  • Evaluate stocks through proprietary research that integrates environmental, social and governance factors with fundamental characteristics, pinpointing companies with dominant market positions, proven management teams and superior balance sheets
  • Construct portfolio of stocks with attractive growth characteristics relative to their valuation levels
  • Continuously review holdings, monitoring risk, valuation and potential buys and sells

Performance

An emphasis on risk management has produced strong risk-adjusted returns. 

Average Annual Total Returns (%, Gross of Fees)2

YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge Appreciation ESG Composite 12.61 37.82 20.20 17.61 14.43 14.99
S&P 500 Index 15.25 40.79 18.67 17.65 14.10 14.84

Characteristics

An ESG focus contributes to the Strategy typically taking on less risk than its benchmark.

Sector Weights1,2

Representative Portfolio S&P 500 Index
Information Technology 24.57 27.42
Communication Services 12.96 11.14
Health Care 11.87 12.99
Financials 11.58 11.28
Consumer Discretionary 9.20 12.28
Consumer Staples 7.80 5.86
Industrials 7.78 8.54
Materials 7.33 2.60
Real Estate 1.37 2.58
Energy 1.19 2.85
Utilities 0.56 2.45
Cash 3.78 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio S&P 500 Index
P/E Ratio (trailing 12 mos.) 25.1 26.9
P/E Ratio (forward 12 mos.) 22.8 22.3
Price/Book 8.8 8.6
EPS Growth Next 3-5 Years (%) 17.2 17.3
Weighted Median Market Cap ($ bn) 261.4 187.6
Weighted Average Market Cap ($ bn) 590.0 519.7
ROE 25.9 23.2
Dividend Yield 1.3 1.3
Turnover (trailing 12 mos.) 8.1 --
Risk Statistics1
10 Year Risk Statistics Composite S&P 500 Index
Annualized Returns (10 Years) 14.99 14.84
Standard Deviation (%) 12.19 13.59
Sharpe Ratio 1.16 1.05
Tracking Error (%) 2.43 --
R2 0.98 --
Alpha (%) 1.57 --
Beta 0.89 --
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Microsoft Corp 7.77
Apple Inc 5.41
Amazon.com Inc 3.69
Alphabet Inc 3.68
Costco Wholesale Corp 3.65
JPMorgan Chase & Co 3.22
Berkshire Hathaway Inc 3.01
Visa Inc 2.74
Home Depot Inc/The 2.56
Facebook Inc 2.49
Total 38.22
Total Number of Holdings 67
  • 1

    Source: FactSet. Representative portfolio characteristics, holdings, sector weightings and market cap are based on a representative portfolio and are subject to change at any time. Holdings, sector weightings, market cap and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.

  • 2

    Past performance is no guarantee of future results. See GIPS endnotes. Performance is preliminary and subject to change.

  • 3

    There is no guarantee that the Strategy's objective will be met.

  • P/E ratios are weighted harmonic average. Price/Book is weighted average.

  • Performance source: Internal. Benchmark source: Standard & Poor’s.

  • ClearBridge Investments, LLC claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge Investments, LLC ("ClearBridge") is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason"). The investment advisory business now known as ClearBridge was registered in September 2005 to facilitate Legg Mason's acquisition of substantially all the equity asset management businesses known as Citigroup Asset Management. These former businesses serve as the foundation of ClearBridge and its claim of GIPS compliance for institutional accounts through predecessor firms, effective as of January 1997.  In June 2008, ClearBridge combined this business with its retail business to form a single GIPS firm. As of April 1, 2013, January 1, 2016 and May 1, 2020, ClearBridge affiliates, Global Currents Investment Management, LLC, ClearBridge, LLC and ClearBridge Investments Limited (f/k/a RARE Infrastructure Limited) have become part of the ClearBridge GIPS firm. In July 2020 Legg Mason, Inc. was purchased by Franklin Resources Inc. The ClearBridge Appreciation ESG Composite invests primarily in medium and large capitalization companies, but may also invest in small capitalization companies.  The manager seeks investments among a strong core of growth and value stocks, consisting primarily of blue chip companies dominant in their industries. The managers actively integrate criteria inclusive of environmental, social and governance (ESG) issues into the portfolio construction of the strategy. The ESG Investment Program includes active company engagement for purposes of advocacy and improved corporate practices. Results are calculated in U.S. dollars. The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. To receive a complete list and description of ClearBridge composites and/or a presentation that adheres to the GIPS standards, please contact ClearBridge Institutional Marketing.

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