Overview
- The Mid Cap Strategy outpaced the Russell Midcap Index in Q3 2025 after a Federal Reserve rate cut lifted small- and mid-cap shares.
- Results were driven by stock selection in consumer staples plus healthcare rather than broad market momentum.
- Casey’s General Stores and ICON aided returns through store reinvestment and an expanding CRO backlog, while Chewy fell as heavier growth investments weighed on sentiment.
- ClearBridge initiated a new position in QXO, a Brad Jacobs–led building-materials distributor pursuing consolidation with technology-driven efficiencies.
- The letter notes a value tilt in the quarter, with Russell Midcap Value outperforming Growth.