Clearbridge Investments
ClearBridge Investments Value Strategy
US Mega-cap Value
Mar 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 4 investment theses and positions in 50 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 positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
Elsewhere, we initiated a position in Marsh & McLennan after a sharp derating in insurance brokers left valuations implying overly punitive long-term growth, and in social platform Reddit, where we believe the market is overly discounting the risk of AI disruption given the company’s growth and free cash flow.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We exited IT services provider Globant, taking a tax loss after a disappointing second-quarter profit report.
In addition to the transactions discussed above, we initiated a new position in Danaher in the health care sector.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We added defense and aerospace exposure.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
We also initiated a position in Celestica, an electronics manufacturing services provider and AI infrastructure supplier, buying on weakness after the summer selloff in AI capex beneficiaries.
Elsewhere, we initiated a position in Marsh & McLennan after a sharp derating in insurance brokers left valuations implying overly punitive long-term growth, and in social platform Reddit, where we believe the market is overly discounting the risk of AI disruption given the company’s growth and free cash flow.
We exited positions in Thermo Fisher Scientific, Gilead Sciences and Elanco Animal Health in the health care sector, Broadcom in the IT sector, Nestle and Celsius in the consumer staples sector, GXO Logistics and WESCO International in the industrials sector and Teck Resources in the materials sector.
Our AI-related holdings already covered one side of the AI trade, and we initiated positions in Apple and Microsoft to cover the other.
- New positionHoneywell AerospaceSep 2026
We also initiated a position in Honeywell Aerospace following its separation from Honeywell in late June.
Our AI-related holdings already covered one side of the AI trade, and we initiated positions in Apple and Microsoft to cover the other.
- New positionFedEx FreightJun 2026
In addition to the transactions discussed above, we initiated new positions in Vulcan Materials in the materials sector, TGS in the energy sector, FedEx Freight in the industrials sector, Brookfield Infrastructure in the utilities sector and Thermo Fisher Scientific in the health care sector.
We exited positions in Becton Dickinson and UCB in the health care sector, Webster Financial, MGIC Investment and Ryan Specialty Holdings in the financials sector, American Homes 4 Rent in the real estate sector and TFI International in the industrials sector.
In addition to the transactions discussed above, we initiated new positions in Vulcan Materials in the materials sector, TGS in the energy sector, FedEx Freight in the industrials sector, Brookfield Infrastructure in the utilities sector and Thermo Fisher Scientific in the health care sector.
We also exited Charles Schwab and PG&E.
In IT, we added Broadcom and Advanced Micro Devices to increase exposure to AI hardware without chasing the most extended areas of the trend.
We exited positions in Becton Dickinson and UCB in the health care sector, Webster Financial, MGIC Investment and Ryan Specialty Holdings in the financials sector, American Homes 4 Rent in the real estate sector and TFI International in the industrials sector.
Also held
Its investment theses
- FedEx FreightSep 2026FedEx Freight is viewed as benefiting from an LTL upcycle and improved execution that should expand margins and cash flow.
- L3Harris TechnologiesSep 2026L3Harris Technologies offers broad defense-platform exposure, participation in defense tech spending, and potential value unlock at an attractive valuation.
- Amazon.comSep 2025Amazon.com is an attractively valued opportunity due to its potential as an AI beneficiary, strong balance sheet, and expected growth in free cash flow.
- Walt DisneyMar 2025Walt Disney is positioned for growth as it shifts focus to improving profitability and margins in its streaming service, which we believe will lead to better earnings than currently expected.