ClearBridge All Cap Value Strategy Portfolio Manager Commentary Q2 2019

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Includes: AIG, BIIB, C, CTVA, DOW, ECA, FL, HAL, KEY, MYL, QCOM, RLGY, SYF, UL, VST
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.

Having global bond and equity markets in total disagreement is not unique to the second quarter, but the magnitude of cross-market dissonance has been increasing.

There are several scenarios where the pricing embedded in both bond and equity markets could prove to be spectacularly wrong.

With no evidence of inflation and some mounting signs of a global slowdown, we have worked hard to diversify the cyclical exposure in the portfolio so it can be much less dependent on macro forecasts and more robust to a broad range of potential outcomes.