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Institutional Investor Advisor Individual Investor
Total AUM Avg. PM Years Experience Years Since Inception
$852.8M 27 26
As of September 30 2019

Strategy Average Annual Total Returns

(%, Gross of Fees)2
YTD 1 Year 3 Years 5 Years 7 Years 10 Years
ClearBridge International Value Composite 4.03 -12.54 0.77 -0.54 3.92 3.80
MSCI AC World ex USA (Net) (USD) Index 11.56 -1.23 6.33 2.90 5.01 4.45
As of September 30 2019

Overview

The International Value Strategy invests in low expectation stocks across market capitalizations in developed and emerging markets trading at below normal valuations that have catalysts in place to spur a return to intrinsic value.

Strategy Overview International all cap value strategy
Benchmark MSCI AC World ex USA (Net) (USD) Index
Total Strategy AUM $852.8M
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
26 Years experience
11 Years at ClearBridge

Paul Ehrlichman

Head of Global Value, Portfolio Manager
36 Years experience
11 Years at ClearBridge

Safa Muhtaseb, CFA

Portfolio Manager
31 Years experience
11 Years at ClearBridge

Grace Su

Portfolio Manager
18 Years experience
11 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 both quantitative and fundamental research.

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

Literature & Perspectives

Investment Process

  • Screen universe through quantitative modeling
  • Eliminate companies based on timing, quality and growth factors
  • Conduct fundamental analysis on remaining candidates
  • Construct portfolio based on research conviction 

Performance

The Strategy's contrarian approach 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 Composite 4.03 -12.54 0.77 -0.54 3.92 3.80
MSCI AC World ex USA (Net) (USD) Index 11.56 -1.23 6.33 2.90 5.01 4.45

Characteristics

The focused Strategy holds 60 to 85 stocks across more than 20 countries.

Sector Weights1,2

Representative Portfolio MSCI AC World ex USA (Net) (USD) Index
Financials 25.40 21.60
Industrials 17.67 11.91
Materials 15.75 7.29
Information Technology 9.83 8.85
Consumer Discretionary 9.34 11.39
Energy 7.33 6.74
Health Care 6.31 8.52
Communication Services 4.09 6.82
Consumer Staples 4.08 10.16
Utilities 0.00 3.50
Real Estate 0.00 3.21
Cash 0.19 0.00
Portfolio Characteristics1,2
Characteristics Representative Portfolio MSCI AC World ex USA (Net) (USD) Index
P/E Ratio (trailing 12 mos.) 11.5 14.5
P/E Ratio (forward 12 mos.) 10.1 13.9
Price/Book 1.6 2.8
EPS Growth Next 3-5 Years (%) 9.8 8.8
Weighted Median Market Cap ($ bn) 28.4 34.0
Weighted Average Market Cap ($ bn) 51.7 68.3
ROE 9.8 14.2
Dividend Yield 3.7 3.2
Turnover (trailing 12 mos.) 50.7
Risk Statistics1
10 Year Risk Statistics Composite MSCI AC World ex USA (Net) (USD) Index
Annualized Returns (10 Years) 3.80 4.45
Standard Deviation (%) 15.25 14.55
Sharpe Ratio 0.29 0.34
Tracking Error (%) 4.27
R2 0.92
Alpha (%) -0.56
Beta 1.01
Top 10 Holdings1
Characteristics % of Total Representative Portfolio
Hitachi Ltd 3.06
BNP Paribas SA 2.77
BP PLC 2.70
Bayer AG 2.67
Roche Holding AG 2.62
Standard Chartered PLC 2.48
UniCredit SpA 2.47
Samsung Electronics Co Ltd 2.40
Bayerische Motoren Werke AG 2.40
Glencore PLC 2.36
Total 25.93
Total Number of Holdings 62
  • 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 (9/30/19) 3 Yrs (9/30/19) 5 Yrs (9/30/19) 10 Yrs (9/30/19)
    Net-of-fees  -13.2% 0.0% -1.3% 3.0%
    Gross-of-fees  -12.5% 0.8% -0.5% 3.8%
    MSCI AC World ex USA (Net) (USD) -1.2% 6.3% 2.9% 4.5%
  • 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 Small Cap composite consists of discretionary accounts with no account minimum. All accounts within the composite are primarily invested in small capitalization companies or other investments with similar economic characteristics. The accounts primarily invest in a diversified portfolio of equity securities of developed countries, excluding the U.S. The strategy may also invest in emerging markets.  The composite returns are benchmarked to the Morgan Stanley Capital International Europe, Australia, Far East Small Cap Total Return Net Index (MSCI EAFE Small Cap ® Total Return - Net) MSCI EAFE Small Cap ® Total Return - Net 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.