Clearbridge Investments, LLC

ClearBridge Investments managed $114.9B in a relatively concentrated 794-name book, led by NVIDIA (4.9%), Microsoft (3.0%), Apple (2.9%), Alphabet, Amazon and Meta. The Q1 activity showed a decisive rotation away from megacap technology: Microsoft (-$1.6B), Amazon (-$847M), Broadcom (-$829M) and Meta (-$617M) were the largest reductions, with 27 positions trimmed against 13 added. Capital moved toward energy, media and industrial gases — Williams Companies (+$409M), Netflix (+$318M), Linde (+$268M) and TSMC (+$263M) led the adds — with new positions in RTX, AstraZeneca, Texas Instruments and Travelers. Assets fell from $124.9B to $114.9B.