ClearBridge Mid Cap Growth Strategy Portfolio Manager Commentary Q4 2018

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Includes: AMG, AZPN, CLB, FTNT, GRUB, SBAC, URI, USFD, VAR, WCG, WDAY, WP
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.

Equities have experienced a sharp downward price adjustment, with valuations appearing quite attractive in aggregate for growth businesses.

The Russell Midcap Index declined 15.37% for the quarter to finish down 9.06% for the year. Growth stocks were hurt more than value stocks, with the Russell Midcap Value Index falling 14.95% for the quarter, compared to a loss of 15.99% for the benchmark Russell Midcap Growth Index.

We have yet to hear of a material slowdown in economic velocity from our companies. While there have been some dislocations to a variety of items (such as labor constraints, hurricane disruptions) we believe the investments in the portfolio will continue to demonstrate above-industry growth dynamics.

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