Clearbridge Investments
ClearBridge Investments International Growth EAFE Strategy
International Large-cap Growth
Mar 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 6 investment theses and positions in 52 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Clearbridge Investments for every strategy.
What it bought and sold
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.
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.
In addition to the transactions mentioned above, the Strategy added Nintendo in communication services, Komatsu and Techtronic Industries in industrials and Novonesis in materials.
We also closed positions in ASM International in IT, EssilorLuxottica in health care, Tesco in consumer staples as well as Hermes and Pan Pacific International in consumer discretionary.
- New positionNovonesisSep 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.
We also closed positions in ASM International in IT, EssilorLuxottica in health care, Tesco in consumer staples as well as Hermes and Pan Pacific International in consumer discretionary.
In health care we swapped Swiss pharmaceutical holdings, buying Novartis in place of Roche, which announced disappointing negative MS trial results.
German enterprise software maker SAP was the largest addition.
We also closed positions in ASM International in IT, EssilorLuxottica in health care, Tesco in consumer staples as well as Hermes and Pan Pacific International in consumer discretionary.
In addition to the transactions mentioned above, the Strategy added Nintendo in communication services, Komatsu and Techtronic Industries in industrials and Novonesis in materials.
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.
In addition to the transactions mentioned above, the Strategy added Nintendo in communication services, Komatsu and Techtronic Industries in industrials and Novonesis in materials.
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.
We also closed positions in ASM International in IT, EssilorLuxottica in health care, Tesco in consumer staples as well as Hermes and Pan Pacific International in consumer discretionary.
These included Mitsubishi UFJ and KBC in financials, which benefited from higher interest rates in Japan and Europe, respectively; Agnico Eagle Mines a repurchase in materials and Woodside Energy, which were lifted by rising gold, crude oil and natural prices.
We also closed positions in ASM International in IT, EssilorLuxottica in health care, Tesco in consumer staples as well as Hermes and Pan Pacific International in consumer discretionary.
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.
In health care we swapped Swiss pharmaceutical holdings, buying Novartis in place of Roche, which announced disappointing negative MS trial results.
We also closed positions in SAP in IT, Agnico Eagle Mines and Heidelberg Materials in materials and Wuxi AppTec in health care.
Other notable moves included the sale of Chinese digital conglomerate Tencent, an out-of-benchmark position that helped fund the increase of our Japan exposure.
We also closed positions in SAP in IT, Agnico Eagle Mines and Heidelberg Materials in materials and Wuxi AppTec in health care.
We also closed positions in SAP in IT, Agnico Eagle Mines and Heidelberg Materials in materials and Wuxi AppTec in health care.
We also swapped French insurer AXA Group for U.K. insurer Prudential, which has improved distribution and streamlined its platforms in Asia.
In addition to the transactions mentioned above, the Strategy repurchased ABB, Recruit Holdings, Atlas Copco and Mitsubishi Electric in industrials and added Anheuser-Busch InBev in consumer staples.
Also held
Its investment theses
- SAPSep 2026SAP is now viewed as better positioned than most SaaS peers to benefit from AI through its mission-critical software and enterprise data.
- NovartisSep 2026Novartis is viewed as having undervalued upside from Rhapsido and del-desiran that can offset patent expirations.
- Seagate TechnologyJun 2026Seagate Technology is a storage provider benefiting from structurally rising demand for low-cost, high-capacity AI infrastructure storage.
- NokiaJun 2026Nokia has shifted into long-haul optical and laser solutions and is expanding capacity to meet AI connectivity demand.
- HSBC Holdings plcSep 2025HSBC is well-positioned to capitalize on growth in Asian wealth management, benefiting from strong mainland Chinese investment and offering attractive returns through high dividends and share buybacks.
- KBC GroupSep 2025KBC is a growing diversified banking and financial services provider with a successful cross-selling model and a strong capital position for potential distributions and acquisitions.