Perspectives
Stay up-to-date with the current investment and macroeconomic issues at ClearBridge Investments. We provide analyses of the themes and trends which lie at the heart of your investment challenges.
Will Renewables Survive the Energy Transition?
While public funding for renewables may face increasing policy risk, regulators will continue to provide attractive returns for regulated utilities supporting the energy transition.
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Recorded by our fund managers; they share their views on what’s happening in global economies, the markets and our strategies.
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Infrastructure Multiples Point to a Potential Rerating
Despite headwinds to defensive stocks, infrastructure’s strong earnings growth, attractive valuations and predictable dividend stream make us quite constructive on the sector.
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Developed Markets Income Strategy April Commentary
Equities and infrastructure sold off in a risk-averse month of April as interest rate cuts were pushed out in the U.S. on stronger macro data and tighter employment.
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Global Infrastructure Income Strategy April Commentary
Among infrastructure sectors, U.S. electric utilities performed well on greater electricity demand expected to come from data centres, while higher bond yields weighed on communications infrastructure.
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Global Infrastructure Value Strategy April Commentary
We remain balanced between more defensive regulated utilities and more GDP-sensitive infrastructure names. This served us well in 2023 in the face of uncertainty around growth and a possible recession.
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Emerging Markets Strategy April Commentary
We remain defensively positioned as impacts of tightened financial conditions are expected to impact the economy and ultimately corporate earnings.
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The Challenge of Powering AI
The accelerating pace of power demands among AI aspirants is putting pressure on an already stretched electrical grid, which may cause a resetting of AI growth expectations. Higher power demand and pricing are creating powerful tailwinds for cyclical stocks supporting the AI buildout.
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AOR Update: Wage Moderation Allows Fed Patience
Jeff Schulze and Josh Jamner examine why slowing wage growth in the U.S. should offset fears that recent hot inflation prints could spur additional Fed tightening. They also explain how wages have achieved a “Goldilocks” zone supportive of a soft landing.
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Valuation of Infrastructure Assets Q1 2024
In our latest Valuation update, Portfolio Manager, Simon Ong discusses the contributors to infrastructure returns in the first quarter of 2024, and weighs in on the factors impacting different infrastructure sectors across the globe.
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Improvers Outpace Broader Value Gains
Q1 2024 Global Value Improvers Commentary: Global markets generated positive returns due to optimism over a soft landing, improving economic data, the prospect of rate cuts and continued improvements in Japan.
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Broadening Global Markets Complement Megatrends
Q1 2024 Global Growth Commentary: The Strategy outperformed, led by U.S. mega cap exposure as well as holdings in cyclical sectors and the more defensive health care sector.
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International Companies Drive Diabesity Innovation
Diabetes and obesity (“diabesity”) have rapidly become the largest opportunity in health care, with an estimated total long-term addressable market of $100 billion in the U.S. alone. Research & development outside the U.S. has provided actionable insights into the blockbuster market for diabesity treatments.
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The Long View: A Unique Cycle
The distinct nature of the current economic cycle appears to have tripped up many traditional recession indicators. Several leading indicators have improved over the last six months, including an upgrade of the ClearBridge Recession Risk Dashboard to yellow from red.
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