ClearBridge Dividend Strategy Portfolio Manager Commentary Q4 2018

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Includes: AAPL, AIG, AMT, BHF, BX, CSCO, HD, MCD, MKC, MRK, PG, RTN, SLB, VMC, WY
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.

In the fourth quarter the market declined substantially to finish the year down 4.4%. The Dividend Strategy portfolio also declined during the quarter, but far less than the broader market.

Over the long term, the portfolio has provided competitive performance by participating in up markets and outperforming in down markets. This pattern of performance has played out consistently over the last 11 years - a period that encompasses both the financial crisis and the ensuing recovery.

In any one quarter or any one year, the market can be highly unpredictable. But a portfolio of high-quality dividend stocks should see its holdings grow dividends each year, and over time, that compounding is powerful.

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.