ClearBridge Appreciation Strategy Portfolio Manager Commentary Q4 2018

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Includes: AAPL, AEE, AMT, AMZN, AVGO, C, CME, CRM, CVS, FAST, GWW, HD, JPM, MRK, MSFT, PG, RTN
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.

The U.S. stock market experienced a difficult fourth quarter, falling -13.5%, and had its first down year since 2008 with a total return of -4.4%.

Large capitalization technology stocks looked expensive and crowded to us during the third quarter, but recent declines and still healthy fundamentals have created attractive entry points.

The ClearBridge Appreciation Strategy had a negative return during the fourth quarter of 2018, outperforming the Strategy’s S&P 500 Index benchmark.

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