ClearBridge Global Value Improvers Strategy Q3 2026 Commentary | EN590 Commodities
EN590 Commodities GroupMarket Analysis 2026-10-19T12:41:00-04:00
Global equities posted modest gains in the third quarter, and value extended its lead over growth. The benchmark MSCI World Value Index returned 3.8%, extending its year-to-date lead over the MSCI World Growth Index, which finished flat. Leadership shifted during the quarter: value led as a sharp momentum selloff in July unwound crowded positions in AI-related semiconductor and infrastructure stocks; growth rebounded in August on strong earnings and renewed AI optimism and continued to outperform in September as rising bond yields hit cyclical and rate-sensitive stocks. Within the benchmark, renewed conflict in the Middle East drove oil prices sharply higher, making energy one of the strongest sectors. The Federal Reserve's first rate increase since 2023 and a sharp rise in Treasury yields
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