Perspectives

The Long View: Diversification for Uncharted Waters

While the U.S. has outperformed long term, international equities tend to pick up the slack when domestic markets falter.

The Rising Case for Non-U.S. Equities

Massive fiscal reforms in Europe and resolution of the Russia-Ukraine war could help close the leadership gap between the U.S. and the rest of the world.

Infrastructure's Defensiveness Shines as Equities Unwind

Q1 2025 Global Infrastructure Income Strategy Commentary: Infrastructure’s defensive nature was rewarded in this environment, with regulated utilities leading returns, in particular in Europe and North America.

Market Turmoil Highlights Infrastructure's Stability

Q1 2025 Global Infrastructure Value Strategy Commentary: Infrastructure delivered positive returns in the first quarter, outpacing both global equities and U.S. equities, which were weaker amid higher policy uncertainty, specifically around tariffs.

Developed Markets Infrastructure Income Model March Commentary

Trump’s policy agenda has so far been more disruptive than expected, and we anticipate uncertainty will weigh on U.S. growth.

Emerging Markets Strategy March Commentary

During the quarter, we exited our positions in Chinese electric utility China Power International and Chinese toll road operator Shenzhen Expressway. 

AOR Update: As Good as It Gets?

Global Value Improvers Strategy February Commentary

Politics and trade concerns remained centre stage in February, as discussions and negotiations around tariffs by the new U.S. administration and retaliatory tariffs by trade partners weighed on global markets, driving value to outperform growth stocks.

Global Infrastructure Income Strategy February Commentary

Equity markets took a defensive turn in February amid uncertainty over President Trump’s economic and trade policies

Global Infrastructure Value Strategy February Commentary

Utilities across several regions led performance in the ClearBridge infrastructure universe. By contrast, sectors more sensitive to GDP growth were weaker.

Emerging Markets Strategy February Commentary

On a regional basis, we saw strong performance from China and Brazil, driven by encouraging macro data and improved sentiment in Chinese AI/tech-related sectors.

Global Growth Strategy February Commentary

Global equities finished February mixed as the Trump administration fanned the flames of a new trade war by pushing through tariffs on Chinese goods and threatening similar levies on its North America trading partners.