Summary

• ClearBridge Dividend Strategy Fund benefited from significant underweight to IT, which declined 9.2% in the quarter and our significant overweight to energy which surged 38.2%.
• Outperformance was driven primarily by stock selection in the health care and communication services sectors, overweights to energy, materials, consumer staples and real estate, and underweights to IT and consumer discretionary.
• Stock selection in consumer staples, energy and real estate detracted.

Key Takeaways

• Markets: With two radical developments unfolding in the last three months — the war in Iran and AI's accelerating displacement of software engineers and the software industry — the first quarter was truly a quarter where

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