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ClearBridge Investments Looks Beyond FAANGs to Semiconductors

Posted by WrapManager's Investment Policy Committee

September 28, 2017

Tremendous growth in software functionality has only been enabled by tremendous growth in semiconductor performance...

U.S. equity market returns over the last several years has been driven by the performance of a select group of large cap information technology and Internet stocks that have come to be known as the FAANGs, for Facebook, Amazon.com, Apple, Netflix and Google (now known as Alphabet). Our investment teams have shared concerns about the crowding effect that the outlier performance of this group has created. While these companies possess unique business models and maintain strong long-term growth potential, we believe more attractive current opportunities may be found in looking beyond the FAANGs to other areas of technology, such as semiconductors.

Read an excerpt of the complete commentary below, or download the entire investment commentary as a PDF.

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