ClearBridge Large Cap Value Strategy Portfolio Manager Commentary Q4 2019

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.

A strong fourth quarter for U.S. equities, driven by trade optimism and an accommodative Fed, capped a year of sound gains and record highs.

Managed care companies in the portfolio rallied on softened political rhetoric that had earlier in the year focused on Medicare for all and lower prescription drug prices.

Underweights to yield-oriented areas of the market, which our discipline has found fully valued, helped performance amid rising bond yields and a return to cyclical stocks.

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