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ClearBridge Growth ESG Portfolios

As of 09/30/2025

Year to Date Returns (Net)

12.91%

 
 

Year to Date Returns (Pure Gross)

15.41%

 

See additional performance disclosures in the performance section.

Overview

ClearBridge Investments logo
  • Investment Overview
  • Investment Process
  • Meet Your Manager

Investment Overview

The ClearBridge Growth ESG Portfolios seek out growth company stocks with the potential for above-average long-term earnings and/or cash flow growth.

The ESG Investment Program actively incorporates environmental, social and governance (ESG) factors into the fundamental research platform and into the stock-selection process. In addition, ongoing company engagement and shareholder advocacy are key components of the Program.

A few examples of the ESG considerations include: 

  • Innovative workplace policies, employee benefits and programs
  • Environmental management system strength, eco-efficiency and life-cycle analysis
  • Community involvement, strategic philanthropy and reputation management
  • Strong corporate governance and independence on the board

ClearBridge is a Signatory to the UN Principles for Responsible Investment, and is affiliated with the Investor Network on Climate Risk, the Carbon Disclosure Project, the Interfaith Center on Corporate Responsibility, the Global Impact Investing Network, and the US Forum for Sustainable and Responsible Investment.

Investment Objective

Seeks to: 

  • Achieve long-term capital appreciation through investment in large-, mid- and small-capitalization stocks that have the potential for above-average long-term earnings and/or cash flow growth.
  • Select companies that can be held for long periods of time.
  • Actively evaluate a company’s ESG drivers of business performance to gauge its level of social awareness.
Investment Philosophy

We believe that: 

  • An all-capitalization portfolio that seeks a low-turnover approach to portfolio construction, allowing earnings and/or cash flow to compound, does not force sell decisions based upon market capitalization.
  • Bottom-up investment process seeks inefficiently priced companies with strong fundamentals, dominant positions in niche markets, and/or goods or services customers are practically compelled to use.
  • Competitive risk-adjusted returns achieved by capitalizing on the convergence between a company’s investment potential and its ESG management aspects.
Portfolio Positioning
  • Designed for investors seeking a growth portfolio with the ability to invest in all market capitalizations.
  • Offers a long-term buy-and-hold strategy, which may reduce portfolio turnover.
Key Differentiators
  • We believe a true growth portfolio should consist of stocks that can be held not for a quarter or two, but for many years so that earnings and/or cash flow growth can compound over time.
  • Portfolios typically concentrated in generally 35-60 stocks.
  • Sector concentrations can be significant but are a by-product of the bottom-up fundamental research-driven stock selection process.

Investment Process

Investment Process

Step 1 - Define the Investment Universe

Consider companies across the market-capitalization spectrum that we believe have the potential for above-average long-term earnings and/or cash flow growth.

Step 2 - Perform Bottom-Up Fundamental Analysis

Emphasize companies with significant franchise value, material ownership stake by management, strong balance sheets and/or ubiquitous products or services.

Step 3 - Determine Buy List

Identify companies that may be inefficiently priced and/or overlooked by Wall Street at time of position initiation.

Step 4 - Maintain Concentrated Portfolio With Long-Term Horizon

Construct a low-turnover portfolio of generally 35-60 holdings concentrated by industry and issuer, and allow earnings and/or cash flow growth to compound.

Step 5 - Review Holdings Continuously

Re-examine a current holding when long-term deterioration in company or industry fundamentals is seen as a significant possibility, valuation is excessive or, a new idea provides better risk/return prospects.

The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved.

Meet Your Manager

ClearBridge Investments

ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.

Portfolio Managers

Evan Bauman

Florida, United States

Managed Portfolio Since 2006

Aram Green

New York, United States

Managed Portfolio Since 2006

Amanda Leithe, CFA®

New York, United States

Managed Portfolio Since 2013

Performance

  • Average Annual Total Returns
  • Calendar Year Returns
  • Cumulative Total Returns
  • Risk/Return Profile
  • Risk Measures

Average Annual Total Returns

Average Annual Total Returns

As of 09/30/2025

Chart

Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 5.67 to 22.85.
End of interactive chart.

Quarter End   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Net (%)
1 Year  
17.22
3 Years  
15.92
5 Years  
7.97
7 Years  
5.67
10 Years  
7.28
15 Years  
9.46
Since Inception   06/30/2006
7.37
Quarter End   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Pure Gross (%)
1 Year  
20.69
3 Years  
19.36
5 Years  
11.19
7 Years  
8.83
10 Years  
10.49
15 Years  
12.73
Since Inception   06/30/2006
10.58
Quarter End   As of 09/30/2025
Russell Midcap Growth Index (%) 1
1 Year  
22.02
3 Years  
22.85
5 Years  
11.26
7 Years  
12.00
10 Years  
13.37
15 Years  
13.44
Since Inception   06/30/2006
10.80

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 


Calendar Year Returns

Calendar Year Returns

As of 09/30/2025


Chart

Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -26.72 to 35.59.
End of interactive chart.

Quarter End   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Net (%)
YTD  
12.91
2024  
9.13
2023  
23.51
2022  
-25.82
2021  
9.17
2020  
20.41
2019  
19.80
2018  
-10.39
2017  
13.97
2016  
6.03
2015  
-5.08
Performance Inception Date  
06/30/2006
Quarter End   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Pure Gross (%)
YTD  
15.41
2024  
12.38
2023  
27.15
2022  
-23.54
2021  
12.42
2020  
23.98
2019  
23.34
2018  
-7.67
2017  
17.35
2016  
9.20
2015  
-2.22
Performance Inception Date  
06/30/2006
Quarter End   As of 09/30/2025
Russell Midcap Growth Index (%) 1
YTD  
12.84
2024  
22.10
2023  
25.87
2022  
-26.72
2021  
12.73
2020  
35.59
2019  
35.47
2018  
-4.75
2017  
25.27
2016  
7.33
2015  
-0.20
Performance Inception Date  
—

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 


Cumulative Total Returns

Cumulative Total Returns

As of 09/30/2025


The hypothetical growth scenario of $100k does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.

Chart

Line chart with 4 lines.
The chart has 1 X axis displaying Time. Data ranges from 2006-06-01 00:00:00 to 2025-09-01 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 53705.75 to 700526.87.
End of interactive chart.

Quarter End   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Net (%)
YTD  
12.91
1 Year  
17.22
3 Years  
55.78
5 Years  
46.70
10 Years  
102.02
15 Years  
288.16
Since Inception   06/30/2006
293.43
Quarter End   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Pure Gross (%)
YTD  
15.41
1 Year  
20.69
3 Years  
70.05
5 Years  
69.94
10 Years  
171.13
15 Years  
503.04
Since Inception   06/30/2006
593.27
Quarter End   As of 09/30/2025
Russell Midcap Growth Index (%) 1
YTD  
12.84
1 Year  
22.02
3 Years  
85.38
5 Years  
70.50
10 Years  
250.84
15 Years  
563.30
Since Inception   06/30/2006
620.00

Historical Cumulative Total Returns

Date Selected   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Net (%)
YTD  
12.91
1 Year  
17.22
3 Years  
55.78
5 Years  
46.70
10 Years  
102.02
15 Years  
288.16
Since Inception   06/30/2006
293.43
Date Selected   As of 09/30/2025
ClearBridge Growth ESG Portfolios - Pure Gross (%)
YTD  
15.41
1 Year  
20.69
3 Years  
70.05
5 Years  
69.94
10 Years  
171.13
15 Years  
503.04
Since Inception   06/30/2006
593.27
Date Selected   As of 09/30/2025
Russell Midcap Growth Index (%) 1
YTD  
12.84
1 Year  
22.02
3 Years  
85.38
5 Years  
70.50
10 Years  
250.84
15 Years  
563.30
Since Inception   06/30/2006
620.00

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 


Risk/Return Profile

Risk/Return Profile (%)

Based on a 10 year period ending Sep-30-2025

Chart

Scatter chart with 3 data series.
The chart has 1 X axis displaying Risk (Annualized Standard Deviation) (%). Data ranges from 17.53 to 18.85.
The chart has 1 Y axis displaying Annualized Return (%). Data ranges from 7.28 to 13.37.
End of interactive chart.
Net
Pure Gross
Russell Midcap Growth Index

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 


Risk Measures

Risk Measures

 As of 09/30/2025
Measured against: Russell Midcap Growth Index
Statistics 1 Year 3 Years 5 Years 10 Years
Alpha (Net of Fees) -0.95 -2.84-1.51 -3.77
Beta (Net) 0.89 0.810.80 0.84
R-Squared (Net) 0.90 0.830.81 0.81
Historical Tracking Error (Net) 8.11 7.608.96 8.11
Historical Tracking Error (Pure Gross) 8.11 7.608.96 8.11
Information Ratio (Pure Gross) -0.36 -0.46-0.01 -0.36
Information Ratio (Net) -0.75 -0.91-0.37 -0.75
Standard Deviation (%) 1 Year 3 Years 5 Years 10 Years
Standard Deviation (Net) 18.09 16.5018.21 17.53
Sharpe Ratio (%) 1 Year 3 Years 5 Years 10 Years
Sharpe Ratio (Net) 0.72 0.690.34 0.37
Sharpe Ratio (Pure Gross) 1 0.88 0.860.51 0.54

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.  

Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.  

For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.   

To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 


Portfolio

Positions

As of 11/30/2025 Updated Monthly
 PortfolioBenchmark
Number of Issuers 46280

Portfolio Statistics

As of 11/30/2025 Updated Monthly
 PortfolioBenchmark
Price to Earnings (12-Month Forward) 37.12x28.80x
Estimated 3-5 Year EPS Growth 16.99%15.16%
Price to Book 15.36x13.77x
Weighted Average Market Capitalization (USD) $213.63 Billion$37.45 Billion
Median Market Cap (USD) $66.61 Billion$34.46 Billion
Dividend Yield 20.47%0.57%

Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.

Portfolio Allocations

  • Sector
  • Market Capitalization

Sector

Sector Allocation

As of 09/30/2025 % of Total Updated Quarterly

Chart

Bar chart with 2 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0.27287 to 34.83944.
End of interactive chart.
Portfolio Benchmark
Information Technology 34.84% 17.64%
Industrials 17.99% 20.32%
Health Care 13.72% 14.62%
Consumer Discretionary 13.68% 21.56%
Financials 7.27% 9.79%
Communication Services 5.22% 6.91%
Materials 3.22% 0.27%
Consumer Staples 1.73% 1.74%
Cash & Cash Equivalents 2.32% —

Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.

Market Capitalization

Market Capitalization Allocation 3

 As of 09/30/2025 % of Equity Updated Quarterly

Chart

Bar chart with 5 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 1.26327 to 62.52754.
End of interactive chart.
Portfolio
<10 Billion 3.11%
10-50 Billion 25.75%
50-250 Billion 62.53%
250-500 Billion 1.26%
>500 Billion 7.35%

Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.

Portfolio Holdings

Top Equity Issuers

As of 09/30/2025 Updated Quarterly

Chart

Bar chart with 10 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 2.826 to 7.18413.
End of interactive chart.
Portfolio
Broadcom Inc 7.18%
TE Connectivity PLC 5.82%
Vertex Pharmaceuticals Inc 4.32%
Autodesk Inc 4.21%
TJX Cos Inc/The 4.00%
Vertiv Holdings Co 3.48%
Crowdstrike Holdings Inc 3.36%
Johnson Controls International plc 3.20%
AppLovin Corp 3.00%
Robinhood Markets Inc 2.83%

Documents

Product Documents

PDF Format

Factsheet

Public
PDF Format

Product Commentary

Public
PDF Format

Disclosure

Public
PDF Format

Pitchbook

Public

Risks

What Are the Risks?

All investments involve risks, including possible loss of principal.  To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance.