ClearBridge All Cap Value Strategy Portfolio Manager Commentary Q1 2019

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Includes: APA, BIIB, BMY, C, CAG, CSCO, DXC, ETFC, GNTX, HBI, KMI, ORCL, RLGY, SFM, SYF, VWAGY
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 newly formed divergence between stocks and Treasurys represents a major change in the correlation between these two asset classes.

The challenge of massive beta waves has truly opened an opportunity that our long-standing active valuation process is designed to help capture.

Under the surface of market noise, we are observing major improvements in capital allocation in certain areas, derisking of balance sheets and fundamental improvements that are starting to nudge some depressed stocks higher.