Clearbridge Investments
Clearbridge International Growth ADR Strategy
International Growth
Dec 2025 → Dec 2025
Our archive holds 1 letter from this strategy, behind 4 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Clearbridge Investments for every strategy.
What it bought and sold
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
We also exited Italian bank UniCredit as it reached its price target, as well as U.K.-based industrial gases producer Linde which we viewed as having limited upside.
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
- ExitedGivaudanDec 2025
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
The health care sector was a focus of activity in the quarter with the repurchases of EssilorLuxottica and Galderma Group and the addition of Roche.
In addition to the transactions mentioned above, we initiated a position in Sandvik in industrials and Mettler-Toledo in health care and closed positions in Mitsubishi Heavy Industries in industrials, Givaudan in materials, Lenovo in IT, BYD in consumer discretionary as well as Tokio Marine and Sony Financial Group in financials.
We exited Zai Lab during the quarter.
We also exited Italian bank UniCredit as it reached its price target, as well as U.K.-based industrial gases producer Linde which we viewed as having limited upside.
Trane Technologies was among the portfolio’s larger sales.
European discount airline Ryanair was another repurchase after many years.
We sold the position as we do not believe the changes it has made to date will close the competitive gap relative to Eli Lilly.
We also added Heidelberg Materials, a German supplier of building materials for residential, commercial and infrastructure construction.
- AddedGalderma GroupDec 2025
The health care sector was a focus of activity in the quarter with the repurchases of EssilorLuxottica and Galderma Group and the addition of Roche.
The health care sector was a focus of activity in the quarter with the repurchases of EssilorLuxottica and Galderma Group and the addition of Roche.
Also held
Its investment theses
- Heidelberg MaterialsDec 2025Heidelberg Materials is a German building materials supplier with potential margin upside from better utilization and decarbonization advantages amid a stimulus-driven recovery.
- RyanairDec 2025Ryanair is a European low-cost airline with multiple catalysts including industry improvements, market share gains, efficiency, capacity shortages, favorable fuel prices, and strong passenger growth.
- RocheDec 2025Roche is a Swiss biopharma and diagnostics leader with two late-stage drugs that could each reach $5B in peak sales and support long-term revenue growth through LOE.
- EssilorLuxotticaDec 2025EssilorLuxottica is a leading eyewear maker with upside from a Meta digital glasses partnership, new FDA-approved myopia lenses, and optionality from high-margin hearing aid glasses.