ClearBridge Mid Cap Strategy Portfolio Manager Commentary Q3 2018

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Includes: APY, AZPN, BOX, DLPH, EFII, HRS, IPGP, JLL, LRCX, MHK, PGR, PINC, SCI, TDY, USFD, WBC, XLNX, XRAY
by: ClearBridge Investments
Summary

ClearBridge is a leading global asset manager committed to active management. Research-based stock selection guides our investment approach, with our strategies reflecting the highest-conviction ideas of our portfolio managers.

Diversification in attractively-priced companies with quality fundamentals across all sectors of the mid cap market is a key characteristic of the Strategy. The portfolio’s overweight to industrials and solid execution by a handful of companies across the sector were the primary drivers of performance during the third quarter.

Mid cap performance was led by the health care sector (+11.07% in the benchmark). The sector’s success was broad-based and reflects something of a catch-up trade. Information technology (+10.57%) continued to perform strongly in the quarter, while industrials (+9.51%) rebounded after a modest start to the year.