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Institutional Investor Advisor Individual Investor

International Value ESG Strategy

July 2001
Total AUM Avg. PM Years Experience Years Since Inception
$142.6M 27 15
As of March 31 2017

Strategy Average Annual Total Returns

(%, Gross of Fees)2
YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge International Value ESG Composite 6.17 11.73 2.23 8.05 6.86 2.70
MSCI EAFE (Net) (USD) Index 7.25 11.67 0.50 5.83 4.72 1.05
As of March 31 2017

Overview

The International Value ESG Strategy seeks to identify low expectation stocks across market capitalizations with positive ESG attributes trading at below normal valuations that have catalysts in place to spur a return to intrinsic value.

Strategy Overview International all cap companies that meet ESG criteria
Benchmark MSCI EAFE (Net) (USD) Index
Total Strategy AUM $142.6M
Holdings Range 60-851
Objective Total return3

Investment Philosophy

The team seeks stocks that are believed to be trading below normal valuation with low expectations that have catalysts in place that may spur a return to normal valuation.

Meet Our Managers

Sean Bogda, CFA

Portfolio Manager
24 Years experience
9 Years at ClearBridge

Paul Ehrlichman

Head of Global Value, Portfolio Manager
34 Years experience
9 Years at ClearBridge

Mary Jane McQuillen

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

Safa Muhtaseb, CFA

Portfolio Manager
29 Years experience
9 Years at ClearBridge

Strategy Facts

Contrarian investment style seeks out undervalued companies with a combination of quality and long-term growth potential.

Identifies stocks through by integrating quantitative,  fundamental and ESG research.

Management team has a long-tenured track record as international value investors.

Literature & Perspectives

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Investment Process

  • Screen universe through quantitative modeling
  • Eliminate companies based on timing, quality and growth factors
  • Conduct analysis on remaining candidates through research that integrates environmental, social and governance factors with fundamental characteristics
  • Construct portfolio based on research conviction 

Performance

A contrarian approach and ESG integration has led to competitive long-term results.

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

YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge International Value ESG Composite 6.17 11.73 2.23 8.05 6.86 2.70
MSCI EAFE (Net) (USD) Index 7.25 11.67 0.50 5.83 4.72 1.05

Characteristics

The strategy holds a diversified portfolio of stocks across more than 15 countries.

Sector Weights1,2

Representative Portfolio MSCI EAFE (Net) (USD) Index
Financials 20.39 21.28
Industrials 16.07 14.31
Materials 14.74 7.92
Consumer Discretionary 11.16 12.24
Information Technology 8.72 5.71
Health Care 7.52 10.70
Consumer Staples 5.55 11.38
Energy 4.77 5.00
Telecommunication Services 4.64 4.36
Real Estate 1.81 3.70
Utilities 1.51 3.40
Cash 3.12 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio MSCI EAFE (Net) (USD) Index
P/E Ratio (trailing 12 mos.) 17.7 18.6
P/E Ratio (forward 12 mos.) 15.1 15.4
Price/Book 2.4 2.5
EPS Growth Next 3-5 Years (%) 16.5 11.8
Weighted Median Market Cap ($ bn) 26.1 34.2
Weighted Average Market Cap ($ bn) 41.1 55.4
ROE 9.8 11.6
Dividend Yield 2.6 3.1
Turnover (trailing 12 mos.) 19.4 --
Risk Statistics1
10 Year Risk Statistics Composite MSCI EAFE (Net) (USD) Index
Annualized Returns (10 Years) 2.70 1.05
Standard Deviation (%) 17.89 18.64
Sharpe Ratio 0.21 0.12
Tracking Error (%) 3.13 --
R2 0.97 --
Alpha (%) 1.61 --
Beta 0.95 --
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Sony Corporation 2.84
Akzo Nobel N.V. 2.72
Banco Santander S.A. 2.49
Honda Motor Co., Ltd. 2.49
BNP Paribas SA Class A 2.36
Danone SA 2.31
Tarkett SA 2.21
Safran SA 2.07
Statoil ASA 2.02
Accenture Plc Class A 1.99
Total 23.51
Total Number of Holdings 75
  • 1

    Source: FactSet. Representative portfolio characteristics, holdings, sector weightings and market capitalization are based on a representative portfolio and are subject to change at any time. Holdings, sector weightings, market capitalization 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. 

  • ClearBridge Int'l Value ESG Ann. Returns:  1 Year (ending 31-Dec-16) 3 Years (ending 31-Dec-16) 5 Years (ending 31-Dec-16) 10 Years (ending 31-Dec-16)
    Net-of-fees  2.0% -0.7% 8.4% 1.6%
    Gross-of-fees  2.8% 0.2% 9.3% 2.5%
    MSCI EAFE (Net) (USD) 1.0% -1.6% 6.5% 0.7%

  • 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 Value ESG composite consists of discretionary accounts with no account minimum.  All accounts are invested following the International Value strategy, with the addition of environmental, social and/or governance (ESG) investment   restrictions.  ClearBridge provides investment management services that include securities screening per individual clients' restrictions and construction using alternative stocks. The International Value ESG strategy restricts investment in certain industries such as tobacco, firearms, alcohol, etc. Due to the variety of the restrictions, the internal dispersion rate of the composite may be large.  The accounts primarily invest in a diversified por.  The composite returns are benchmarked to the Morgan Stanley Capital International Europe, Australia, Far East Total Return Net Index (MSCI EAFE®). MSCI EAFE® measures total market performance, including price appreciation and income from net-dividend payments.  All performance returns are presented in USD. 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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