CLEARBRIDGE DIVIDEND STRATEGY PORTFOLIOS
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1 2Q 2018 Separately Managed Accounts Product Commentary CLEARBRIDGE DIVIDEND STRATEGY PORTFOLIOS Michael Clarfeld, CFA, Scott Glasser, Diane Keady and Peter Vanderlee, CFA Portfolio Managers Dividend Strategy Portfolios Annualized returns net and gross of fees - PRELIMINARY (%) as of June 30, mo QTR YTD 1-yr 3-yr 5-yr 7-yr 10-yr Net of fees "Pure" gross of fees S&P 500 Index The strategy returns are preliminary composite returns, subject to future revision (downward or upward). Please visit for the latest performance figures. YTD numbers are not annualized. Monthly, quarterly and YTD numbers are not annualized. Past performance is no guarantee of future results. Please see the GIPS endnotes for important additional information regarding the Portfolio performance and for effects of fees. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs. Fees: Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce Portfolio performance. Net performance includes the deduction of a 3.0% annual wrap fee, which is the maximum anticipated wrap fee for equity and balanced portfolios. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (LMPPG), refer to LMPPG's Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Key takeaways The specter of rising interest rates continues to haunt markets. The performance of growth and value have been substantially the same over very long periods of time. Our emphasis on compounding dividends focuses our investments in companies with earnings growth, which over time drives both increasing income and capital appreciation. Market overview and outlook The second quarter was another challenging quarter for equity income investors. The specter of rising interest rates, discussed in our first-quarter letter, continues to haunt markets. Additionally, higher-growth stocks, most of which do not pay dividends, completely decoupled from the rest of the market. Over the last 18 months growth stocks have risen nearly 40%, while value stocks have grown just 12%. A disparity like this has not been seen since the tech bubble nearly 20 years ago. Through January 2018, the styles at least moved in the same direction up. Since the sell-off in January, however, growth has recovered substantially, whereas value has lagged. In the first six months of 2018, the Russell 1000 Growth Index is up 7%, while its value counterpart is actually down more than 1%. The ClearBridge Dividend Strategy does not fit neatly into either a value or growth category we straddle elements of both styles. Our focus on dividend payers confers a value element most growth companies do not pay dividends. INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
2 But our emphasis on compounding dividends focuses our investments on companies that can sustainably grow their earnings, and therefore grow their dividends as far as the eye can see. But no matter how you slice it, we are a dividend strategy. And as Exhibit 1 shows, over the last 18 months there has been an inverse relationship between dividend yield and stock performance. Exhibit 1: Dividend Yield and Stock Performance (YTD) Cumulative Return 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 7.8% Quintile 1 (High Div. 13.4% 18.5% 22.7% As of June 29, Represents dividend yield quintiles of the S&P 500 Index. Sources: ClearBridge Investments, Bloomberg Finance L.P. 24.5% Quintile 2 Quintile 3 Quintile 4 Quintile 5 (Low Div. The underperformance of dividend payers is largely attributable to the factors we have highlighted so far: rising interest rates and the terrific performance of growth stocks. As interest rates move higher, the prospective returns of securities become relatively less attractive and their prices decline to align their returns with the higher interest rate environment. This dynamic affects the valuation of all investments, but it weighs most heavily on investments with little to no growth. The fixed nature of this income stream leaves the security s price as the only factor that can adjust to equilibrate. All else being equal, higher-growth stocks are relatively better positioned for rising rates. Rising cash flows provide an additional adjustment mechanism beyond simply the security s price. We generally expect our Portfolio companies to grow their dividends meaningfully. This growth should provide a significant offset to rising rates. While this factor has been overlooked by the market of late, we expect it will be more appreciated in the fullness of time. are responsible for 18% of the return of the S&P 500 and 20% of the performance of the Russell 1000 Growth Index. With the ubiquity of technology and its ever-accelerating pace, it is tempting to assume growth will outperform in perpetuity. This is certainly possible. We have no crystal ball here at ClearBridge, but a look back in the recent past demonstrates just how anomalous the recent divergence really is between growth and value and between income and non-income. From 2010 to 2016 growth and value performed in line. Over that time frame there was also no relationship between performance and yield (Exhibit 2). Exhibit 2: Dividend Yield and Stock Performance Cumulative Return 140.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 123.5% 112.4% 129.5% Quintile 1 (High Div % 123.8% Quintile 2 Quintile 3 Quintile 4 Quintile 5 (Low Div. Using cumulative returns. Represents dividend yield quintiles of the S&P 500 Index. Sources: ClearBridge Investments, Bloomberg Finance L.P. Until just 18 months ago, growth and value were performing similarly. Nothing has changed in the interim to suggest the outlook for growth stocks has radically improved, but the stocks have completely re-rated. Again, we are not making a call that growth is set to roll over. We simply point out that the performance of growth and value have been substantially the same over very long periods of time. Periods of great discrepancy have proven to be ephemeral, and meaningful extremes in performance (both under and over) have tended to revert to the mean. Exhibit 3 compares the performance of value and growth going back all the way to Most of the highest-growth stocks do not pay dividends. As such, they are not particularly suitable for Dividend Strategy. None of the Internet titans (Amazon, Facebook, Google, Netflix) pay dividends; on average they are up over 100% over the last 18 months, and all have been huge contributors to growth indexes and the market. Collectively, these securities 2
3 Exhibit 3: Growth and Value Stocks Over Time Growth As of June 29, Returns of the Russell 1000 Growth Index and the Russell 1000 Value Index. Sources: ClearBridge Investments, Bloomberg Finance L.P. Dividend Strategy is designed for the long term. Our Portfolio of high-quality dividend payers seeks to manage risk in down markets. Our emphasis on dividend growers drives strong growth in income, which over time drives capital appreciation. Amid today s backdrop of geopolitical uncertainty, a maturing market cycle and rising interest rates, we think Dividend Strategy is well positioned. Portfolios highlights Value For the second quarter, the ClearBridge Dividend Strategy Portfolios returned 2.98% (gross of fees), while the benchmark S&P 500 Index returned 3.43% for the same period. Over the longer term, the Portfolios have outperformed the benchmark over the 10-year period ended June 30, 2018 (gross of fees). On an absolute basis, the Portfolios had gains in nine of 11 of the sectors in which they were invested for the quarter (out of 11 sectors total). The main contributors to performance came from the information technology (IT) and energy sectors. On a relative basis, overall sector allocation detracted from performance for the quarter, while stock selection had positive effects. In particular, an underweight to the IT sector and an overweight to the consumer staples sector reduced relative results, as did stock selection in the consumer discretionary sector. On the positive side, an overweight to the energy sector and stock selection in the consumer staples and telecommunication services sectors contributed positively to relative performance. On an individual stock basis, positions in Phillips 66, Sysco, Home Depot, Mastercard, and Merck were the greatest contributors to absolute returns in the second quarter. The largest detractors included BlackRock, Raytheon, Bank of America, 3M and Travelers. Top contributors 1 Contribution to equity return % Phillips Sysco Corporation 0.30 Home Depot, Inc Mastercard Incorporated 0.27 Merck & Co., Inc In terms of individual stocks, the top contributors to Portfolio performance for the quarter included: Phillips 66 (PSX), in the energy sector, is a diversified energy company focusing on pipeline and transportation. The company gained ground as investors began to see its recent 35- million-share buyback as immediately accretive to earnings per share; and the company continues to enjoy a favorable refining environment. Home Depot (HD), in the consumer discretionary sector, is the largest home center retailer in the U.S. Home Depot continues to benefit from a favorable macro backdrop that includes a strong housing market and tax reform tailwinds. Mastercard (MA), in the IT sector, provides transaction processing and other payment-related products and services in the U.S. and internationally. The company s first-quarter results showed strong volume, transactions, revenue and earnings growth, and Mastercard raised guidance for the second quarter, as well. 1 Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors. Please see Endnotes for additional information. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed, and it should not be used as the sole basis for any investment decision. Past performance is no guarantee of future results. 3
4 Bottom contributors 2 Contribution to equity return % BlackRock, Inc Raytheon Company Bank of America Corporation M Company Travelers Companies, Inc In terms of individual stocks, the leading detractors to Portfolio performance for the quarter included: BlackRock (BLK), in the financials sector, is a global investment management company. Shares edged down in sympathy with increased uncertainty in the capital markets. Raytheon (RTN), in the industrials sector, is a large global defense company with a broad array of solutions (integrated defense, intelligence, missiles and space) focused primarily on government customers. Shares traded lower as potential international trade disputes threatened Raytheon s sales to U.S. allies. 3M (MMM), in the industrials sector, is a diversified industrial that sells products based on adhesives and films. Shares slid after 3M reported first-quarter earnings and tempered full-year earnings expectations. The company remains among the premier short-cycle industrial franchises. 2 Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors. Please see Endnotes for additional information. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed, and it should not be used as the sole basis for any investment decision. Past performance is no guarantee of future results. 4
5 Market capitalization 3 Market cap breakdown ($) Portfolio weight Benchmark weight Above 50 billion billion billion billion billion Weighted average market cap ($bil) Top 10 equity holdings 3 Percent of equity Microsoft Corp 3.04 Home Depot Inc/The 2.96 Texas Instruments Inc 2.79 Bank of America Corp 2.65 BlackRock Inc 2.38 Mastercard Inc 2.36 Sysco Corp 2.33 Apple Inc 2.30 Enbridge Inc 2.29 International Paper Co 2.27 Total number of holdings 55 Sector highlights 3 Average sector weightings and performance (%) Gross of fees from 03/31/18 to 06/30/18 Benchmark* weight Benchmark* return Port. Port. Weight Active Sector weight return diff. contrib. Consumer Staples Information Technology Financials Consumer Discretionary Health Care Energy Industrials Materials Real Estate Utilities Telecomm Service Unassigned Cash *Benchmark: S&P 500 Index. 3 Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors. Please see Endnotes for additional information. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors and securities listed, and it should not be used as the sole basis for any investment decision. Past performance is no guarantee of future results. 5
6 Important information Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. Please refer to for more information about the Portfolio, including objective, risks and investment process. The information presented does not constitute and should not be construed as investment advice with respect to any investment discussed. There is no guarantee that investment objectives will be met. An investor cannot invest directly in an index. Investments are not FDIC insured or guaranteed by any government agency. Values may fluctuate due to market conditions and other factors. Past performance is no guarantee of future results. This presentation is intended to report on the investment strategies as reported by ClearBridge Investments and is for illustrative purposes only. The information contained herein is obtained from multiple sources and is believed to be reliable. Professional money management may not be suitable for all investors. Separately managed accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by one or both of the following Legg Masonaffiliated subadvisors: ClearBridge Investments, LLC and Western Asset Management Company. Management is implemented by LMPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee. Risks All investments involve risk, including loss of principal, and there is no guarantee that investment objectives will be met. Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-u.s. companies in developed and emerging markets, which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation, and differences in auditing and other financial standards. These risks are magnified in emerging markets. Limited investments also may be made in non-dividend-paying stocks that are not expected to pay a dividend in the near future. The manager may hold significant portions of Portfolio assets in cash equivalents while waiting for buying opportunities. Dividends and yields represent past performance, and there is no assurance they will continue to be paid in the future. Definitions and additional information Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Buyback is the repurchase of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. The S&P 500 Index is an unmanaged index of common stock performance. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. 6
7 ClearBridge Dividend Strategy SMA GIPS endnotes ($USD) Ending December 31 Inception date: January 2006; Composite creation date: June 2008 Total return (*pure gross) S&P 500 Index return Number of portfolios % of bundled fee portfolios in Composite the composite dispersion Composite 3 Yr. Standard Deviation Benchmark Total composite assets at end of period (USD million) Total firm assets at end of period (USD million) Period Total return (net) 3 Yr. Standard Deviation % of firm assets % 18.57% 21.83% 9, % 9.15% 10.07% 4, % 119, % 14.75% 11.96% 7, % 9.83% 10.74% 3, % 100, % -2.92% 1.38% 7, % 9.98% 10.62% 3, % 92, % 12.84% 13.69% 6, % 7.24% 9.10% 3, % 100, % 28.99% 32.39% 3, % 8.88% 12.11% 2, % 85, % 13.90% 16.00% 6, % 11.01% 15.30% 1, % 54, % 10.55% 2.11% 5, % 14.92% 18.97% % 50, % 12.34% 15.06% 4, % n/a n/a % 55, % 18.49% 26.46% 4, % n/a n/a % 53, % % % 4, % n/a n/a % 50,614.9 *Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs, and are presented as supplemental to the net of fee returns. COMPLIANCE STATEMENT: ClearBridge Investments, LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. ClearBridge Investments, LLC has been independently verified for the periods January 1, December 31, The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. FIRM INFORMATION: ClearBridge Investments, LLC ("ClearBridge") is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason"). The investment advisory business now known as ClearBridge was registered in September 2005 to facilitate Legg Mason's acquisition of substantially all the equity asset management businesses known as Citigroup Asset Management. These former businesses serve as the foundation of ClearBridge and its claim of GIPS compliance for institutional accounts through predecessor firms, effective as of January In June 2008, ClearBridge combined this business with its retail business to form a single GIPS firm. As of April 1, 2013 and January 1, 2016, ClearBridge's affiliates, Global Currents Investment Management, LLC, and ClearBridge, LLC, respectively, have become part of the ClearBridge GIPS firm. COMPOSITE INFORMATION: The ClearBridge Dividend Strategy SMA composite consists of discretionary wrap accounts with an account minimum of US $25,000. Accounts within the composite seek dividend income, growth of dividend income and long-term capital appreciation by investing in stocks that either pay an existing dividend or are expected to pay a dividend in the near future. The main risks of this strategy are General Investment Risk, Small Cap Risk, Mid Cap Risk and Non-U.S. Investment Risk. Prior to June 2008, the minimum was $5,000. INPUT AND CALCULATION DATA: The fee schedule currently in effect is 3.00% on all assets. Net of fee composite returns are calculated by reducing each monthly composite pure gross rate of return by the highest "bundled" fee charged (3.00%) annually, prorated to a monthly ratio. The "bundled" fee includes transaction costs, investment management, custodial, and other administrative fees. The pure gross return reflects the deduction of transaction costs for some accounts in the composite. Effective January 1, 2013, the number of portfolios reflects a change from prior periods due to an aggregation of accounts as reported by one sponsor. As of January 2014, the internal dispersion of annual returns is measured by the asset-weighted standard deviation of portfolio returns included in the composite for the entire year. For prior years, the equal-weighted standard deviation was used. The composite employed a 10% significant cash flow policy which was discontinued in January A list of composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Past performance is not necessarily indicative of future results. BENCHMARK INFORMATION: The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments are subsidiaries of Legg Mason, Inc AMXX D844 7
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