Overview
- ClearBridge reported that its dividend portfolio outperformed in the first quarter as the S&P 500 fell 4.3 percent.
- The team credited an underweight in information technology, which dropped 9.2 percent, and an overweight in energy, which rose 38.2 percent.
- Managers raised exposure to private credit by buying Blackstone and boosting Apollo, citing stronger risk‑reward, long‑term capital, and ample cash to invest through downturns.
- They exited Oracle and pared Broadcom to fund a new stake in Taiwan Semiconductor, arguing Broadcom’s sharp run reduced its upside while TSMC benefits no matter who designs the winning chips.
- ClearBridge re‑added Otis Worldwide for its elevator service business that generates steady maintenance fees, and it warned that war in Iran and AI disruption, together with higher inflation and rates, could pressure markets in 2026.