ClearBridge Small Cap Value Strategy Portfolio Manager Commentary Q4 2018

Feb. 06, 2019 7:05 AM ETTCBI, WAL, THS, FET, WHD, IDA, NWE, EE-OLD, AMG, WTFC, BSVN, FNB, DAN, SUP, WMK, AVID, MOG.A, MOG.B, CRD.A, CRD.B, SGRY, BDC, NPO, TPC, ACCO, TGI, MDRIQ, CIVI, CNXN

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.
  • Smaller companies underperformed larger ones as the Russell 2000 Index declined -20.20% for the quarter.
  • Value stocks outperformed growth stocks, with the benchmark Russell 2000 Value Index falling -18.67%, compared to the Russell 2000 Growth Index falling -21.65%.
  • The best performers in the fourth quarter were low-risk or defensive stocks. The small cap value universe tends to be more cyclically exposed, with a high percentage of financials increasing its overall economic sensitivity.
  • The ClearBridge Small Cap Value Strategy underperformed its Russell 2000 Value Index benchmark during the fourth quarter.

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

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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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