Investor Letters
ClearBridge Investments
- ClearBridge Mid Cap Growth Strategy The ClearBridge Mid Cap Growth Strategy added Snowflake, Teradyne, Keysight Technologies and DigitalOcean to build exposure to AI demand, while increasing Robinhood Markets and Astera Labs. It rotated from Martin Marietta into Vulcan Materials, sold STERIS, Bio-Techne and Ferguson Enterprises, and emphasized durable growth compounders with disciplined capital management. Third Quarter 2026 —
- Appreciation ESG Strategy The Appreciation ESG Strategy added Diamondback Energy and initiated Cheniere Energy, arguing domestic oil and LNG provide ballast as inflation, yields and narrowing market breadth increase vulnerability. It identifies Microsoft, Equinix, Johnson Controls and Vertiv as AI-infrastructure beneficiaries that can address power, water and community constraints. Third Quarter 2026 EQIX $104BJCI $83BMSFT $4T
- Mid Cap Growth Strategy ClearBridge Mid Cap Growth added AI infrastructure names Lumentum and Sterling Infrastructure while building positions in BWX Technologies and Insmed. It exited SailPoint, Doximity, Advanced Drainage Systems and Entegris, arguing that durable value will favor selected infrastructure, industrial and health care businesses over speculative AI narratives. Second Quarter 2026 ALAB $41BDDOG $79BFTNT $94B
- Appreciation ESG Strategy ClearBridge Appreciation ESG Strategy adopted a more cautious stance, arguing that technology-led capital spending supports growth but elevated valuations, leverage and momentum trading leave markets vulnerable to a speculative washout. The strategy initiated positions in SpaceX, Micron, Cisco, AMD, Texas Instruments and Diamondback, while pressing Meta to provide independently auditable evidence that its youth-safety measures work. Second Quarter 2026 META $1.6TGOOGL $3.5T
