ClearBridge Small Cap Value Strategy Portfolio Manager Commentary Q1 2019

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Includes: APY, AVID, BGG, CRI, DAN, GTN, HNSBF, HTLF, IRDM, IWN, NR, NWE, PTEN, SGRY, WMK
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 U.S. equities market rebounded in the first quarter of 2019 after the factors that pressured stocks in the fourth quarter mostly reversed.

Our communication services and energy holdings performed well in the first quarter, while some health care names lagged the market.

We have tilted our positioning toward companies with stronger balance sheets, more resilient business models and, on balance, less cyclical sensitivity.