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Michael Kagan

Michael Kagan

Managing Director, Portfolio Manager
41 Years experience
32 Years at firm

"We want to capture as much of the upside as possible in good markets, but are always focused on managing risk to limit downside exposure in bad markets."

Michael is a Portfolio Manager on the Appreciation Strategy at ClearBridge Investments. He joined the firm in 1994 and has 41 years of investment industry experience.

Michael became a Portfolio Manager at the firm in 1995 and eventually also served as Co-Director of Research. He has been co-managing the Appreciation Strategy since 2009. Prior to joining ClearBridge, he was a Research Analyst at Zweig Advisors and Portfolio Manager on the Fidelity Select Construction and Housing Fund at Fidelity Investments.

Michael received a B.A. in economics from Harvard College.

Experience

  • 41 years of investment industry experience
  • Joined the firm in 1994
  • Zweig Advisors - Research Analyst
  • Fidelity Investments - Portfolio Manager on the Fidelity Select Construction and Housing Fund
  • B.A. in economics from Harvard College

Perspectives

  • Volatility Returns, Selectivity Matters
    Appreciation 1Q26: Amid rotating market leadership and heightened inflation, policy and labor risks, a few positive trends urge selectivity and strong fundamentals in portfolio construction.
  • Current Conditions Argue for Caution
    Appreciation ESG 1Q26: In our view, the “buy the dip” mindset that was so successful over the past decade looks less reliable in an environment where inflation risk, policy uncertainty and labor market softening are all rising simultaneously.
  • The Probability of a Correction Has Risen
    Appreciation 4Q25: While stocks have a positive backdrop, speculative risks appear to be building especially around AI, and there is little valuation support to fall back on.
  • Focusing on Cash Flow Durability in White-Hot Market
    Appreciation 3Q25: The market appears to be entering a more speculative phase, raising the risk of correction.
  • Backdrop for Risk Assets Is Positive
    Appreciation ESG 3Q25: The backdrop for stocks remains constructive, although speculative risks are building alongside untenable valuations.
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