ClearBridge International Value Strategy Portfolio Manager Commentary Q2 2019

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Includes: BIDU, DDRLF, DURXF, ECA, HTHIY, IMBBY, KMTUF, NCMGF, NG, NVS, RBGPF, RBS, SBGSF, SCBFF, TEVA
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.

International value stocks trailed significantly during the second quarter, and the portfolio was not spared due to our positioning in areas less correlated to the momentum trade.

As value reached historical, recession-level gaps with other investment factors, global policymakers began to reverse course in favor of lower rates, higher inflation and increased fiscal spending.

The portfolio is well positioned to take advantage of this reflation trend due to overweights to economically sensitive sectors and regions.