The ClearBridge Appreciation ESG Strategy underperformed the benchmark S&P 500 Index in the third quarter, despite registering gains in seven out of 11 sectors.
The fund, in its quarterly fund letter, stated that IT and communication services sectors were the main positive contributors to performance, while consumer staples and industrials sectors were the main detractors.
During the third quarter, the fund initiated new positions in Marsh & McLennan (NYSE:MMC), Lennar (NYSE:LEN) and International Paper (NYSE:IP).
On the other hand, the fund exited Starbucks (NASDAQ:SBUX), Old Dominion Freight Line (NASDAQ:ODFL), Progressive (PGR), Crown Holdings (CCK) and Synopsys (SNPS).
Source: Q3 fund letter