ClearBridge International Value Strategy Portfolio Manager Commentary Q1 2019

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Includes: ACWI, ANPDY, BAYZF, BGKKF, BMWYY, BP, BUD, CPRI, CS, CYBBF, DEO, EEM, GLCNF, HTHIY, ICPVF, IVW, PRDSY, RBGPF, RBS, SAPMF, SNE, TYEKF, VOD
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.

A rush back into momentum stocks created a particularly challenging environment for non-U.S. value managers.

Fiscal policy is becoming the main tool to reflate economies with central banks in the U.S., while Europe and China are poised to embark on a cycle of deficit spending.

Reflection on the historically long slump for value stocks is informing how we can adapt our approach to be successful in the current investment environment.