ClearBridge Mid Cap Strategy Portfolio Manager Commentary Q4 2018

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Includes: ADS, ALXN, AMG, AYI, AZPN, CLB, CVNA, DLPH, ES, FL, MEOH, MHK, PXD, STL, USFD, VAR, WCN, XLNX
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.

We believe recent market action reflects a transition to normalized valuations and earnings growth rates as monetary and fiscal stimulus measures are simultaneously removed from the economy.

The Mid Cap Strategy owns a blend of growth and value stocks and was not immune from the selling pressure that erased market gains accumulated in the first three quarters of the year.

We seek to stay diversified across all sectors, and that broad exposure provided a measure of ballast during the quarter as our consumer staples and utilities companies managed gains that partially offset losses in other parts of the portfolio. Compressed valuations provide more opportunities to own high-quality mid cap companies that have been on our watch list.

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