ClearBridge Mid Cap Growth Strategy Portfolio Manager Commentary Q4 2018

Feb. 05, 2019 10:45 AM ETJTKWY, WP, WCG, AMG, FTNT, AZPN, CLB, URI, WDAY, USFD, VAR, SBAC

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.

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

This article was written by

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 convey these ideas to investors on a frequent basis through investment commentaries and thought leadership and look forward to sharing the latest insights from our white papers, blog posts as well as videos and podcasts.

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