Summary

• Growth stocks sold off sharply in the first quarter as geopolitical conflict in the Middle East, rising bond yields and heightened scrutiny of AI-related returns pressured higher multiple equities.
• The ClearBridge Large Cap Growth Fund outperformed the benchmark (gross of fees) as the market saw increased dispersion away from the technology sector and momentum stocks that led the market in 2025.
• Materials was the largest contributor to relative performance in the quarter as industrial gases provider Linde and paint and coatings maker Sherwin-Williams were solid performers.
• ClearBridge Investments completed an exit from Salesforce this quarter after trimming the position as part of actions to reduce software exposure over the past year.
• The ClearBridge Large Cap Growth Fund added a new position in Texas Instruments, a company focused on analog semiconductor devices and embedded processing, with broad exposure to industrial markets.

Key Takeaways

• Markets: Growth stocks sold off sharply in the first quarter as geopolitical conflict in the Middle East, rising bond yields and heightened scrutiny of AI-related returns pressured higher multiple equities. The Russell 1000 Growth

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