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Clearbridge Investments

Dec 2024 → Sep 2026 · Publishes quarterly · 28 funds

Our archive holds 79 letters from Clearbridge Investments, behind 77 investment theses and positions in 453 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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79
Letters
453
Companies
374
Moves
77
Theses

28 strategies

Clearbridge Investments publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 374 moves

  • ExitedGlobant
    September 2026
    “We exited IT services provider Globant, taking a tax loss after a disappointing second-quarter profit report.”
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  • ExitedONEOK
    September 2026
    “We funded these additions by exiting ONEOK, a North American natural gas midstream operator, after it underperformed our expectations for”
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  • New positionCheniere Energy
    September 2026
    “During the third quarter, the ClearBridge Appreciation Strategy increased its exposure to the energy sector, adding to our position in Diamondback Energy and initiating a position in Cheniere Energy.”
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  • New positionMastercard
    September 2026
    “During the quarter, besides activity discussed above, we initiated positions in Colgate-Palmolive in consumer staples, Mastercard in financials, ServiceNow in IT, United Rentals, XPO and Howmet Aerospace in industrials and Novartis and CVS Health in health care.”
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  • New positionNovartis
    September 2026
    “During the quarter, besides activity discussed above, we initiated positions in Colgate-Palmolive in consumer staples, Mastercard in financials, ServiceNow in IT, United Rentals, XPO and Howmet Aerospace in industrials and Novartis and CVS Health in health care.”
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  • New positionMarsh & McLennan
    September 2026
    “Elsewhere, we initiated a position in Marsh & McLennan after a sharp derating in insurance brokers left valuations implying overly punitive long-term growth, and in social platform Reddit, where we believe the market is overly discounting the risk of AI disruption given the company’s growth and free cash flow.”
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  • ExitedGilead Sciences
    September 2026
    “We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.”
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  • ExitedElanco Animal Health
    September 2026
    “We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.”
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  • ExitedBroadcom
    September 2026
    “We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.”
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  • ExitedNestle
    September 2026
    “We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.”
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  • ExitedInternational Paper
    September 2026
    “We exited positions in Cisco Systems in IT, Stryker in health care, Ferguson, Honeywell International and Honeywell Aerospace in industrials, Space Exploration Technologies, Walt Disney and T-Mobile in communication services and International Paper in materials.”
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  • New positionColgate-Palmolive
    September 2026
    “During the quarter, besides activity discussed above, we initiated positions in Colgate-Palmolive in consumer staples, Mastercard in financials, ServiceNow in IT, United Rentals, XPO and Howmet Aerospace in industrials and Novartis and CVS Health in health care.”
    Read the letter
  • New positionHowmet Aerospace
    September 2026
    “During the quarter, besides activity discussed above, we initiated positions in Colgate-Palmolive in consumer staples, Mastercard in financials, ServiceNow in IT, United Rentals, XPO and Howmet Aerospace in industrials and Novartis and CVS Health in health care.”
    Read the letter
  • ExitedHoneywell Aerospace
    September 2026
    “We exited positions in Cisco Systems in IT, Stryker in health care, Ferguson, Honeywell International and Honeywell Aerospace in industrials, Space Exploration Technologies, Walt Disney and T-Mobile in communication services and International Paper in materials.”
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  • ExitedSpace Exploration Technologies
    September 2026
    “We exited positions in Cisco Systems in IT, Stryker in health care, Ferguson, Honeywell International and Honeywell Aerospace in industrials, Space Exploration Technologies, Walt Disney and T-Mobile in communication services and International Paper in materials.”
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  • ExitedTeck Resources
    September 2026
    “We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.”
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  • New positionNintendo
    September 2026
    “In addition to the transactions mentioned above, the Strategy added Nintendo in communication services, Komatsu and Techtronic Industries in industrials and Novonesis in materials.”
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  • ExitedRTX
    September 2026
    “In industrials, we exited aerospace manufacturer and defense contractor RTX also on strong performance,”
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  • AddedT-Mobile
    September 2026
    “In communication services we added to T-Mobile, which continues to gain market share.”
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  • AddedHong Kong Exchanges & Clearing
    September 2026
    “Other repurchases included Hong Kong Exchanges & Clearing on improving trading volumes, Canadian Pacific Kansas City on share gains in its cross-borders markets and margin expansion and Thomson Reuters on the potential for AI monetization of its proprietary legal and accounting data.”
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  • ExitedSandvik
    September 2026
    “We exited several names that reached our price targets, including Japanese semiconductor packaging provider IBIDEN and Swedish mining equipment manufacturer Sandvik, which was lifted by strong organic order growth and margin expansion.”
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  • AddedEnbridge
    September 2026
    “We also added to Enbridge on share price weakness tied to its roughly $3 billion (CAD) equity issuance and higher interest rates.”
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  • TrimmedRoyal Bank
    September 2026
    “We reduced positions in Royal Bank, TD Bank and Bank of Nova Scotia following their strong run and took profits in Cenovus Energy and CCL Industries.”
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  • New positionAffirm
    September 2026
    “Highlights include: • Affirm, in the financials sector, is a leading “buy now, pay later” platform offering consumers installment financing at checkout and through its own Affirm Card.”
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  • ExitedBJ’s Wholesale Club
    September 2026
    “We also exited BJ’s Wholesale Club, Shift4 Payments, SentinelOne and Viking Therapeutics as part of our ongoing effort to reallocate capital toward higher-conviction opportunities or to manage portfolio construction considerations.”
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  • ExitedSentinelOne
    September 2026
    “We also exited BJ’s Wholesale Club, Shift4 Payments, SentinelOne and Viking Therapeutics as part of our ongoing effort to reallocate capital toward higher-conviction opportunities or to manage portfolio construction considerations.”
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  • New positionEvergy
    September 2026
    “We initiated a position in Evergy, a Kansas-based electric utility, at an attractive valuation with potential upside from new large-load demand in its service territory.”
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  • ExitedAlgonquin Power & Utilities
    September 2026
    “We also sold Algonquin Power & Utilities, a diversified regulated electric, gas and water utility serving North America, after progress toward improving its earned return on equity fell short of our expectations due to less favorable regulatory outcomes.”
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  • AddedCloudflare
    September 2026
    “holding through the noise in names like CrowdStrike and adding where conviction was high to names like Snowflake and Cloudflare, has served our clients well.”
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  • AddedFastenal
    September 2026
    “We reallocated capital toward Fastenal, whose internally managed distribution and trucking network allows for better control over freight costs.”
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Showing the 30 most recent of 374 recorded moves.

Companies held · 453

Every company Clearbridge Investments has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 77

  • Automatic Data Processing
    September 2026

    Automatic Data Processing is seen as a resilient business with strong client retention, pricing power and continued earnings growth despite AI-related concerns.

    Read the full thesis
  • Ferrovial
    September 2026

    Ferrovial develops toll road concessions and airports and sees attractive IRR potential in the I-24 managed lanes project.

    Read the full thesis
  • FedEx Freight
    September 2026

    FedEx Freight is viewed as benefiting from an LTL upcycle and improved execution that should expand margins and cash flow.

    Read the full thesis
  • Sieyuan Electric
    September 2026

    Sieyuan Electric supplies grid-upgrade equipment and is viewed as having long-term growth potential from overseas markets and supportive domestic grid plans.

    Read the full thesis
  • SAP
    September 2026

    SAP is now viewed as better positioned than most SaaS peers to benefit from AI through its mission-critical software and enterprise data.

    Read the full thesis
  • Brookfield Renewable
    September 2026

    Brookfield Renewable is a globally diversified renewables operator with an 85 GW pipeline, supporting double-digit cash flow growth and exposure to decarbonization and nuclear buildout themes.

    Read the full thesis
  • Engie
    September 2026

    Engie is a global integrated energy company with long-life assets and an increasing focus on renewables and flexibility, though sentiment was hurt by French sovereign risk.

    Read the full thesis
  • Zhongji Innolight
    September 2026

    Zhongji Innolight is positioned to benefit from AI data center growth, rising optical content, and long-term earnings compounding.

    Read the full thesis
  • NAURA Technology Group
    September 2026

    NAURA Technology Group is a semiconductor capital equipment supplier with structural growth drivers and high earnings compounding potential.

    Read the full thesis
  • PrairieSky Royalty
    September 2026

    PrairieSky Royalty offers capital-light royalty exposure to Western Canadian energy with growth supported by multiple oil plays and low leverage.

    Read the full thesis
  • Novartis
    September 2026

    Novartis is viewed as having undervalued upside from Rhapsido and del-desiran that can offset patent expirations.

    Read the full thesis
  • Equinix
    September 2026

    Equinix aims to cover 100% of its power consumption with renewable energy by 2030 and benefits from a long-term operating model that supports durable community relationships.

    Read the full thesis

Showing the 48 most recent of 77 theses. Browse them by company to see the rest.

Letter archive · 79

2026

2025

2024

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