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Institutional Investor Advisor Individual Investor
Total AUM Avg. PM Years Experience Years Since Inception
$2.5B 27 22
As of June 30 2019

Strategy Average Annual Total Returns

(%, Gross of Fees)2
YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge International Growth ADR SMA Composite 22.33 6.27 16.27 8.46 11.88 10.83
MSCI EAFE (Net) (USD) Index 14.03 1.08 9.11 2.25 7.31 6.90
As of June 30 2019

Overview

The International Growth ADR Strategy takes a diversified approach in search of mispriced growth companies across market capitalizations.

Strategy Overview Growth-oriented investment management, offering exposure to non-U.S. markets
Benchmark MSCI EAFE (Net) (USD) Index
Total Strategy AUM $2.5B
Holdings Range 30-501
Objective Long-term growth of capital while seeking to outperform the benchmark over a full market cycle3

Investment Philosophy

In the long term, markets are efficient and stock prices reflect a company’s dynamic intrinsic value or true worth.

Meet Our Managers

Elisa Mazen

Head of Global Growth, Portfolio Manager
34 Years experience
11 Years at ClearBridge

Thor Olsson

Portfolio Manager
22 Years experience
19 Years at ClearBridge

Michael Testorf, CFA

Portfolio Manager
32 Years experience
4 Years at ClearBridge

Pawel Wroblewski, CFA

Portfolio Manager
23 Years experience
11 Years at ClearBridge

Strategy Facts

The Strategy promotes diversification by targeting stocks at three different stages of their growth lifecycle: emerging, secular and structural growth companies.

A proprietary model pinpoints high quality but under-appreciated growth stocks and helps avoid stocks experiencing negative trends.

The team of four portfolio managers brings a long tenure of global investment experience.

Literature & Perspectives

Investment Process

  • Generate ideas leveraging a proprietary factor model and ClearBridge’s global research platform
  • Conduct detailed fundamental industry and company research, focusing on investment thesis, valuation and risk scenarios
  • Construct and monitor portfolio, guided by price, level of conviction and attention to risk management

Performance

A focus on mispriced growth companies has led to competitive results.

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

YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge International Growth ADR SMA Composite 22.33 6.27 16.27 8.46 11.88 10.83
MSCI EAFE (Net) (USD) Index 14.03 1.08 9.11 2.25 7.31 6.90

Characteristics

The Strategy’s sector weights reflect its high active share approach to stock selection.

Sector Weights1,2

Representative Portfolio MSCI EAFE (Net) (USD) Index
Consumer Staples 16.05 11.67
Industrials 14.86 14.82
Information Technology 14.61 6.71
Financials 13.97 18.90
Health Care 13.92 11.16
Consumer Discretionary 9.89 11.12
Materials 6.53 7.39
Communication Services 5.41 5.39
Energy 1.88 5.49
Utilities 0.00 3.73
Real Estate 0.00 3.61
Cash 2.89 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio MSCI EAFE (Net) (USD) Index
P/E Ratio (trailing 12 mos.) 24.7 15.4
P/E Ratio (forward 12 mos.) 22.0 13.9
Price/Book 5.3 2.7
EPS Growth Next 3-5 Years (%) 10.6 7.8
Weighted Median Market Cap ($ bn) 37.1 36.8
Weighted Average Market Cap ($ bn) 84.4 64.5
ROE 18.1 13.2
Dividend Yield 1.4 3.3
Turnover (trailing 12 mos.) 27.7 --
Risk Statistics1
10 Year Risk Statistics Composite MSCI EAFE (Net) (USD) Index
Annualized Returns (10 Years) 10.83 6.90
Standard Deviation (%) 15.03 14.86
Sharpe Ratio 0.73 0.49
Tracking Error (%) 4.27 --
R2 0.92 --
Alpha (%) 3.95 --
Beta 0.97 --
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Nestle SA 4.36
Shiseido Co Ltd 4.18
SAP SE 3.62
Rentokil Initial PLC 3.45
Diageo PLC 3.36
ICON PLC 3.11
Roche Holding AG 3.01
Novartis AG 2.97
London Stock Exchange Group PLC 2.94
LVMH Moet Hennessy Louis Vuitton SE 2.60
Total 33.59
Total Number of Holdings 50
  • 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: Morgan Stanley Capital International. 

  • Annualized Returns  1 Yr (6/30/19) 3 Yrs (6/30/19) 5 Yrs (6/30/19) 10 Yrs (6/30/19)
    Net of Fees 3.2% 12.9% 5.3% 7.6%
    Pure Gross 6.3% 16.3% 8.5% 10.8%
    MSCI EAFE (Net) (USD) 1.1% 9.1% 2.2% 6.9%
  • 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 and January 1, 2016, ClearBridge's affiliates, Global Currents Investment Management, LLC, and ClearBridge, LLC, respectively, have become part of the ClearBridge GIPS firm. The ClearBridge International Growth ADR SMA composite invests primarily in ADRs, but limited investments may also be made in U.S.-traded stocks of non-U.S. and U.S. companies engaged in significant non-U.S. business. Results calculated in U.S. dollars. Pure gross returns shown do not reflect the deduction of "bundled" fees and are presented as supplemental information to net returns.  Historical performance returns prior to January 2006 are presented as non-compliant information. The MSCI EAFE® measures total market performance, including price appreciation and income from net-dividend payments. The "Net" Index series assumes that dividends are reinvested after the deduction of withholding tax. 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.