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Michael Kagan

Michael Kagan

Managing Director, Portfolio Manager
40 Years experience
31 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 40 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

  • 40 years of investment industry experience
  • Joined the firm in 1994
  • ClearBridge Investments – Co-Director of Research
  • Zweig Advisors - Research Analyst
  • Fidelity Investments - Portfolio Manager on the Fidelity Select Construction and Housing Fund
  • BA in Economics from Harvard College

Perspectives

  • 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.
  • Pullbacks Remain Buyable
    Appreciation 2Q25: Although we believe the market is fully valued, policy remains favorable to economic growth in the near-term while capital markets conditions suggest stocks can continue to perform well.
  • Backdrop for Risk Assets Is Positive
    Appreciation ESG 2Q25: Despite our relatively cautious stance, tighter credit spreads and greater market breadth suggest the backdrop for risk assets remains decidedly positive.
  • Risk Aversion Ready for a Bumpy Ride
    Appreciation 1Q25: The current “on again/off again” policy environment has meaningfully raised the risk of an economic slowdown.
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