The ClearBridge Appreciation Strategy underperformed the benchmark S&P 500 Index in the fourth quarter, despite registering positive contributions from six of 11 sectors.
The fund, in its quarterly fund letter, stated that the healthcare and communication services sectors were the main positive contributors, while industrials, materials, and IT were the main detractors.
During the fourth quarter, the fund initiated new positions in L3Harris Technologies (LHX) and Ferguson (FERG) in industrials, Boston Scientific (BSX) in health care, and Amphenol (APH), Arista Networks (ANET) and ASM International (ASMIY) in IT.
Additionally, the fund received shares of Solstice Advanced Materials (SOLS) in materials following its spinoff from Honeywell International (HON).
On the other hand, the fund exited Canadian Pacific Kansas City (CP) in industrials, Lennar (LEN) in consumer discretionary, and Oracle and Texas Instruments (TXN) in IT.
Source: Quarterly fund letter