Clearbridge Investments
ClearBridge Investments Dividend Strategy
US Mega-cap Income
Dec 2025 → Sep 2026
Our archive holds 3 letters from this strategy, behind 3 investment theses and positions in 43 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years · follow all of Clearbridge Investments for every strategy.
What it bought and sold
In industrials, we exited aerospace manufacturer and defense contractor RTX also on strong performance,
In communication services we added to T-Mobile, which continues to gain market share.
with the sector a strong contributor in the quarter we trimmed Travelers, Visa and JPMorgan Chase to harvest some gains while maintaining meaningful positions.
We added to other, higher-conviction, industrials positions: Honeywell Aerospace, recently spun off from Honeywell International and trading at a more attractive valuation, and Otis, an elevator and escalator maker whose high-margin service business generates sticky, defensive cash flows and some inflation protection.
And in energy we bought Kinder Morgan, a high-quality energy infrastructure company with a sizable dividend yield, good balance sheet, contracted and recurring revenues and a solid growth outlook due to surging natural gas demand for LNG exports and power.
earlier in the year we bought the dip in ADP as we believed fears of AI disintermediation were overblown.
During the quarter, besides activity described above, we exited positions in Roche in health care and PG&E in utilities.
with the sector a strong contributor in the quarter we trimmed Travelers, Visa and JPMorgan Chase to harvest some gains while maintaining meaningful positions.
- AddedHoneywell AerospaceSep 2026
We added to other, higher-conviction, industrials positions: Honeywell Aerospace, recently spun off from Honeywell International and trading at a more attractive valuation, and Otis, an elevator and escalator maker whose high-margin service business generates sticky, defensive cash flows and some inflation protection.
In industrials, we exited aerospace manufacturer and defense contractor RTX also on strong performance, and as we believe its elevated valuation now discounts future good news, as well as Honeywell International.
with the sector a strong contributor in the quarter we trimmed Travelers, Visa and JPMorgan Chase to harvest some gains while maintaining meaningful positions.
During the quarter, besides activity described above, we exited positions in Roche in health care and PG&E in utilities.
our measured and underweight positions in Apple, Nvidia and Microsoft detracted.
We recently built significant positions in ADP, Blackstone, Marsh & McLennan and Otis and added materially to positions in Apollo, Haleon and Unilever.
We exited Diageo in consumer staples, DTE Energy in utilities, L3Harris Technologies in industrials, UnitedHealth in health care and Freeport-McMoRan in materials.
We also exited the small position in Waters we had received following its spinoff from Becton Dickinson in the first quarter.
We recently built significant positions in ADP, Blackstone, Marsh & McLennan and Otis and added materially to positions in Apollo, Haleon and Unilever.
We exited Diageo in consumer staples, DTE Energy in utilities, L3Harris Technologies in industrials, UnitedHealth in health care and Freeport-McMoRan in materials.
We previously owned Intel but sold it in 2024 when the company eliminated its dividend.
We recently built significant positions in ADP, Blackstone, Marsh & McLennan and Otis and added materially to positions in Apollo, Haleon and Unilever.
We exited Diageo in consumer staples, DTE Energy in utilities, L3Harris Technologies in industrials, UnitedHealth in health care and Freeport-McMoRan in materials.
We exited Diageo in consumer staples, DTE Energy in utilities, L3Harris Technologies in industrials, UnitedHealth in health care and Freeport-McMoRan in materials.
We recently built significant positions in ADP, Blackstone, Marsh & McLennan and Otis and added materially to positions in Apollo, Haleon and Unilever.
We recently built significant positions in ADP, Blackstone, Marsh & McLennan and Otis and added materially to positions in Apollo, Haleon and Unilever.
Also held
- CVS Health
- ExxonMobil
- Nvidia
- Microsoft
- Becton Dickinson
- Honeywell Aerospace
- Honeywell International
Its investment theses
- Automatic Data ProcessingSep 2026Automatic Data Processing is seen as a resilient business with strong client retention, pricing power and continued earnings growth despite AI-related concerns.
- OtisJun 2026Otis is described as a high-quality business with strong economics purchased at a compelling valuation.
- Broadcom Inc.Dec 2025Broadcom Inc. leverages its leadership in custom AI ASICs to win diversified demand with rising margins and lower capital needs, offering a comparatively lower-risk AI exposure.