ClearBridge Large Cap Growth Strategy Q2 2025 Portfolio Positioning

We actively rebalanced the portfolio, adding Broadcom and Marvell to capitalize on AI chip growth and trimming Taiwan Semiconductor due to geopolitical risks. Initiated new positions in ServiceNow, Airbus, and Linde to diversify growth exposure and benefit from secular trends in SaaS, aerospace, and industrial gases. Exited Target, ICON, and Adobe due to macro headwinds, delayed recoveries, and rising competitive pressures from AI, respectively, to manage portfolio risk.