Clearbridge Investments
ClearBridge Investments Global Infrastructure Value Strategy
Global Utilities
Mar 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 2 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Clearbridge Investments for every strategy.
What it bought and sold
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.
We also purchased American Tower, a leading global owner and operator of wireless communications infrastructure, following a material derating driven by higher interest rates, muted leasing activity and disruption concerns.
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.
We exited PG&E, a regulated California electric and gas utility, after the state failed to enact reforms limiting utilities’ future wildfire liabilities.
We also initiated a position in SSE, a diversified U.K. utility and the country’s largest renewable energy generator.
Meanwhile, we exited ONEOK, a midstream company focused on natural gas liquids and refined products, and initiated a position in peer DT Midstream, which has pure-play exposure to North American gas, where we see greater upside in earnings driven by the strong demand pull from the power and LNG export sectors.
Following strong relative outperformance of Terna, and the risk of increased volatility from elections in Italy and uncertain regulatory outcomes, we took profits to allocate to other opportunities with more favorable risk-reward skew.
We also exited our position in Vinci, as we saw a real risk of further taxation on long-distance infrastructure assets in France given the country’s budget situation.
Meanwhile, we exited ONEOK, a midstream company focused on natural gas liquids and refined products, and initiated a position in peer DT Midstream, which has pure-play exposure to North American gas, where we see greater upside in earnings driven by the strong demand pull from the power and LNG export sectors.
During the quarter, we initiated a position in Canada-domiciled energy infrastructure company South Bow.
We also exited our positions in U.S. electric utility Public Services Enterprise Group and U.K. electric utility SSE.
We also exited our positions in U.S. electric utility Public Services Enterprise Group and U.K. electric utility SSE.
Also held
Its investment theses
- FerrovialSep 2026Ferrovial develops toll road concessions and airports and sees attractive IRR potential in the I-24 managed lanes project.
- Brookfield RenewableJun 2026Brookfield Renewable is a diversified renewables developer with an 85 GW pipeline and targeted double-digit cash flow growth through 2030.