Overview
- ClearBridge reports its Mid Cap Strategy beat the Russell Midcap Index as rate cuts supported small and mid-caps and value topped growth in Q3.
- Performance Food Group was a top contributor after activist engagement and an agreement with US Foods to evaluate a potential strategic combination.
- Chewy declined despite solid revenue growth as heavier second-half investments weighed on sentiment, with ClearBridge reiterating confidence in its direction.
- Health care selections led gains, with Argenx posting strong results, Alnylam advancing on faster ATTR-CM uptake and higher guidance, and ICON citing stronger backlog wins.
- Portfolio updates included a new QXO position under Brad Jacobs, an exit from Accenture due to DOGE-related federal spending cuts, constructive views on XPO’s margin plan, and Alger citing positive contributions from Astera Labs and Robinhood plus a long-growth runway at Natera.