Clearbridge Investments
Clearbridge Mid Cap Strategy
Mid-cap
Dec 2024 → Dec 2025
Our archive holds 4 letters from this strategy, behind 5 investment theses and positions in 24 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 exited positions in PTC in the IT sector, Pinterest in the communication services sector, BJ’s Wholesale Club in the consumer staples sector and Everest in the financials sector.
In addition to the transactions listed above, we initiated new positions in XPO in the industrials sector, CompoSecure in the IT sector and Doximity in the health care sector.
We initiated positions in Casella Waste Systems, a residential waste services provider with a high proportion of recurring revenue, following a transitory selloff tied to minor acquisition integration issues, and Tyler Technologies, a provider of mission-critical software to state and local governments, where a highly recurring revenue model and limited exposure to near-term AI disruption support durable long-term growth.
We exited positions in PTC in the IT sector, Pinterest in the communication services sector, BJ’s Wholesale Club in the consumer staples sector and Everest in the financials sector.
We exited positions in PTC in the IT sector, Pinterest in the communication services sector, BJ’s Wholesale Club in the consumer staples sector and Everest in the financials sector.
In addition to the transactions listed above, we initiated new positions in XPO in the industrials sector, CompoSecure in the IT sector and Doximity in the health care sector.
We also exited DraftKings, a digital sports betting and gaming platform, as the rise of prediction markets introduced additional competitive uncertainty that altered our conviction in the company’s medium-term business model.
On the sell side, we exited Corpay, a corporate payments company, as the emergence of stablecoin technologies introduced new uncertainty around portions of its payments business.
New holding Churchill Downs, an owner and operator of gaming and racing assets, advanced as operating trends normalized following earlier weakness tied to the timing of the Kentucky Derby and softer consumer sentiment.
In addition to the transactions listed above, we initiated new positions in XPO in the industrials sector, CompoSecure in the IT sector and Doximity in the health care sector.
We exited positions in PTC in the IT sector, Pinterest in the communication services sector, BJ’s Wholesale Club in the consumer staples sector and Everest in the financials sector.
We initiated positions in Casella Waste Systems, a residential waste services provider with a high proportion of recurring revenue, following a transitory selloff tied to minor acquisition integration issues, and Tyler Technologies, a provider of mission-critical software to state and local governments, where a highly recurring revenue model and limited exposure to near-term AI disruption support durable long-term growth.
Also held
Its investment theses
- Bio-TechneSep 2025Bio-Techne is a high-quality growth-oriented compounder in health care, providing durable recurring revenue streams through its life sciences tools and diagnostics.
- QXOSep 2025QXO is a newly formed building materials distribution platform aiming to consolidate the industry and enhance efficiency through technology under the leadership of experienced executive Brad Jacobs.
- Microchip TechnologyMar 2025Microchip Technology is an attractive investment opportunity due to its recovering market share and business visibility following the return of its former CEO and recent stock weakness.
- ArchrockDec 2024Archrock is a well-positioned energy infrastructure company poised to benefit from the growing demand for outsourced natural gas compression services.
- International PaperDec 2024International Paper is a promising turnaround story under a new CEO focused on optimizing operations and improving pricing power amid favorable industry conditions.