Overview

• ClearBridge reported the Select Strategy beat its benchmark in the second quarter as U.S. markets rebounded, with the S&P 500 up 10.9% and the Russell 3000 up 11.0% after a pause in tariff actions.
• Holdings tied to data‑center build‑out, notably Vertiv and Comfort Systems, were cited as key contributors that helped offset weakness in more cyclical industrial names.
• ServiceNow was highlighted as a leader in monetizing generative AI, with a stated goal of $1 billion in annual contract value from AI products by 2026.
• Verisk Analytics was initiated as the quarter’s largest purchase, with ClearBridge expecting high single‑digit growth from new products and pricing that expand margins and free cash flow.
• Other stock‑specific updates included strong post‑IPO performance at Caris Life Sciences, a revenue beat and full‑year guidance raise at HealthEquity, and a Qorvo thesis focused on new shareholder‑backed board changes to improve operations and capital allocation.