Featured White Papers from ClearBridge Investments

ClearBridge Investments
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ClearBridge Investments is a global investment manager with over 50 years of experience and long-tenured portfolio managers who seek to build income, high active share or low volatility portfolios.

A Cogent Case For Value: An Interview with Sam Peters

December 18, 2023

Higher interest rates and greater fiscal spending is good for value but is being largely ignored due to the focus on a soft landing.

Key Takeaways

  • This new market cycle of higher interest rates and greater fiscal spending is unequivocally good for value but is being largely ignored due to the focus on AI and an economic soft landing.

  • We believe the market’s attention on large growth stocks has created an attractive value menu, particularly in energy, insurance and IT hardware manufacturers.

  • The relative value of value versus growth is back to all-time highs, suggesting value stocks will have an edge over the cycle and making an investment case for a healthy value allocation.

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Value Can Defuse Concentration Risk

November 14, 2023

The value of value relative to growth is back to historic highs, being driven by the extreme concentration of the top seven stocks in the S&P 500 Index. The combination of expanding equity multiples and higher interest rates in 2023 has overshadowed growing risks and created an environment reminiscent of 1987’s “Black Monday”. Value provides investors strong advantages in the face of these growing extremes, offering the potential for downside protection against market declines as well as compelling relative return potential on a decrease in market concentration.

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Still Far to Go in New Value Cycle

May 15, 2023

Key Takeaways

  • We are in the early stages of a new market cycle characterized by higher volatility, inflation and interest rates and
    creating conditions where value stocks thrive.
  • New market cycles are characterized by future leaders beginning extremely cheap, and valuation spreads remain at historic highs despite two years of strong performance.
  • As investors recognize there is no return to the pre-COVID growth cycle, value stocks will shift toward historically normalized levels, creating compelling opportunities for investors.

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The Value of Value is Still Compelling

April 04, 2023

Market cycle arcs persist until completed, and there is still a long way to go in favor of value.

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A Comeback for Value: Pessimism Paves the Way

March 28, 2016

Despite downbeat news about global growth and recent earnings, we believe the time to invest in value stocks has seldom been better. In our new white paper, we discuss how periods like this one, marked by fears of recession and lowered expectations, are part of the market's healing process and create a positive environment for a renaissance in value investing.

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