ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q1 2019

|
Includes: AANNF, ARCO, BCHHF, CIMEF, CRTO, CYBBF, DURXF, ENTMF, GALLF, HNMGF, KTHDY, NOMD, QGEPF, SBLK, SCZ, TUFBY
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 portfolio failed to fully participate in a momentum-driven rebound in international small caps due to our underweight to technology stocks.

Despite a muted recovery in emerging markets, including short-term headwinds in Brazil, we remain bullish on the outlook for the region.

The main areas of contrarian opportunity continue to include the UK and cyclical value stocks hampered by fears of a global slowdown.