Clearbridge Investments
ClearBridge Investments Canadian Equity Strategy
North America Large-cap
Dec 2024 → Sep 2026
Our archive holds 5 letters from this strategy, behind 8 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years · follow all of Clearbridge Investments for every strategy.
What it bought and sold
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.
We also added to Enbridge on share price weakness tied to its roughly $3 billion (CAD) equity issuance and higher interest rates.
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.
We also added to Boyd Group and ATS Corporation.
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.
We redeployed the proceeds into high-quality businesses where share-price weakness has meaningfully improved prospective returns, including ATS Corporation, Boyd Group, Colliers International, Enbridge and TransAlta, along with new position Element Fleet Management.
We also added to Boyd Group and ATS Corporation.
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.
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.
We redeployed the proceeds into high-quality businesses where share-price weakness has meaningfully improved prospective returns, including ATS Corporation, Boyd Group, Colliers International, Enbridge and TransAlta, along with new position Element Fleet Management.
In industrials, we added to Stantec and Thomson Reuters as AI-related concerns pressured shares despite resilient fundamentals.
In real estate, we added to FirstService and Colliers International amid continued share-price weakness.
Funding came primarily from the eliminations of ARC Resources, OpenText and Canadian Utilities, where conviction, valuation support or relative opportunity had moderated.
We redeployed the proceeds into Tourmaline Oil and Canadian Natural Resources, maintaining exposure to high-quality Canadian energy businesses with strong asset bases and long-term free cash flow potential.
In financials, we added to TMX Group after shares weakened on concerns around prediction markets and crypto perpetual futures.
We also added to Keyera through its secondary offering, viewing the company’s midstream infrastructure, contracted cash flows and expanded natural gas liquids value-chain position as attractive.
In real estate, we added to FirstService and Colliers International amid continued share-price weakness.
We also increased exposure to Boyd Group and Waste Connections.
We redeployed the proceeds into Tourmaline Oil and Canadian Natural Resources, maintaining exposure to high-quality Canadian energy businesses with strong asset bases and long-term free cash flow potential.
In utilities, we eliminated Canadian Utilities on strength and initiated TransAlta on weakness.
In IT, we added to Descartes Systems as AI-related concerns continued to weigh on shares despite improving organic growth and resilience in its mission-critical logistics and supply-chain software platform.
We also increased exposure to Boyd Group and Waste Connections.
In communication services, we added to TELUS on weakness as sentiment remained pressured by the CEO transition, dividend concerns, competition, macro headwinds and perceived satellite disruption.
- New positionApotex HealthJun 2026
we participated in the Apotex Health IPO, establishing a modest position in a newly public Canadian business with leading generics, specialty generics, biosimilars and branded specialty exposure.
Also held
Its investment theses
- PrairieSky RoyaltySep 2026PrairieSky Royalty offers capital-light royalty exposure to Western Canadian energy with growth supported by multiple oil plays and low leverage.
- Element Fleet ManagementSep 2026Element Fleet Management is a scaled fleet management platform with durable earnings power, strong cash generation and ROE.
- Waste ConnectionsJun 2026Waste Connections is held as a high-quality recurring-services business with durable pricing power and margin expansion potential.
- Teck ResourcesMar 2025Teck Resources is an attractive investment opportunity due to its transformation into a copper-focused company, strong financial position, and growing production amid favorable market fundamentals.
- Constellation SoftwareDec 2024Constellation Software is a compounding success story specializing in acquiring niche vertical market software companies, supported by a strong track record of capital deployment and improved intrinsic valuation.
- MEG EnergyDec 2024MEG Energy is a Canadian oil sands operator focused on sustainable thermal oil production, leveraging advanced technology for efficient and environmentally responsible operations at its Christina Lake Project.
- ParklandDec 2024Parkland is a leading fuel and petroleum marketer with a strong cash flow, active deleveraging, and a focus on shareholder returns despite facing challenges in 2024.
- ShopifyDec 2024Shopify is demonstrating significant financial improvement and maturity under new management, highlighting robust profitability, enhanced capital allocation, and a strong growth trajectory.