ClearBridge International Growth shifts bank holdings, adds Santander, HSBC, KBC; exits BBVA and HDFC

The ClearBridge International Growth Strategy kept pace with its core MSCI EAFE benchmark in the third quarter, with its sector positioning in information technology and financials, which reflects the fund’s “orientation as growth managers, creating headwinds.”

The Strategy also outperformed its secondary benchmark, the MSCI EAFE Growth Index; however, its financial holdings caused the biggest drag on relative performance.

As such, ClearBridge International Growth Strategy has repositioned its bank exposure over the past three months, adding three new positions, Banco Santander (NYSE:SAN [https://seekingalpha.com/symbol/SAN]), HSBC (NYSE:HSBC [https://seekingalpha.com/symbol/HSBC]), and KBC Group (OTCPK:KBCSF [https://seekingalpha.com/symbol/KBCSF]), while closing out of two others, Spain’s BBVA (NYSE:BBVA [https://seekingalpha.com/symbol/BBVA]) and Indian lender HDFC Bank (NYSE:HDB [https://seekingalpha.com/symbol/HDB]).

“Increased competition and slowing overall economic growth in India led us to sell the position in favor of higher-return candidates in the portfolio,” it said, adding, Spain-based Santander (NYSE:SAN [https://seekingalpha.com/symbol/SAN]) has a similar footprint as BBVA, but without the deal risk.

Source [https://www.clearbridge.com/perspectives/commentaries/international-growth-eafe]

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