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Managed Fund Since 2009
Equity
SHAPX ClearBridge Appreciation Fund
Popular Documents
Total Net Assets
$9.72B
As of 10/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
Invests primarily in equity securities of U.S. companies. Typically focusing on medium and large cap companies, but may also invest in small cap companies. Seeks long-term capital appreciation potential in core equity holdings that strike a careful balance between reward and risk. Targets companies with effective management, superior earnings growth and strong or improving fundamentals.
- Benchmark
- S&P 500 Index
- Fund Inception Date
- 03/10/1970
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 17%
Identifiers
- Ticker
- SHAPX
- Fund Number
- 7006
- CUSIP Code
- 52468E105
Average Annual Total Returns As of 10/31/2025
Class A
- 11.48%1 Year
- 16.85%3 Years
- 14.19%5 Years
- 12.32%10 Years
- 10.68%Since Inception
03/10/1970
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 10/31/2025 Equity as a % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 03/10/1970
- Investment Style
- Large Cap
- Lipper Classification
- Large-Cap Core Funds
- Morningstar Category
- Large Blend
Manager and Commentary
About the Team
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.
Commentary Highlights
September 30, 2025- Markets: The S&P 500 Index continued its upward grind, rising 8% in the third quarter and advancing 15% year to date. The S&P 500’s strength is even more impressive given the index is up 34% since the April 8 post-Liberation Day low, at which point it was down 15% for the year. Clearly, tariff turmoil is in the rearview mirror for investors, while the AI economy powers ahead.
- Contributors: Stock selection in and an underweight to the health care sector and a communication services overweight proved beneficial.
- Detractors: Stock selection in the industrials, communication services and IT sectors and an IT underweight detracted from relative results.
- Outlook: As in the second quarter, policy remains supportive of near-term growth, and capital markets conditions suggest risky assets such as stocks can continue to do well. That said, the market appears to be entering a more speculative phase, raising the risk of correction
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Managed Fund Since 2022
Latest ClearBridge Insights
November 3, 2025
October 20, 2025
October 10, 2025
September 18, 2025
Performance
Calendar Year Returns
As of 10/31/2025
Class A - With Sales Charge (POP) (%)
Class A - Without Sales Charge (NAV) (%)
S&P 500 Index (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of10/31/2025 (Updated Monthly)
- Total Net Assets
- $9.72 Billion
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 63
- Benchmark
- 503
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Portfolio Turnover
- Fund
- 17.00%
- Benchmark
- —
- Fund
- 9.64x
- Benchmark
- 8.11x
- Fund
- 29.63x
- Benchmark
- 28.93x
- Fund
- 27.08x
- Benchmark
- 25.25x
- Fund
- $487.52 Billion
- Benchmark
- $415.43 Billion
- Fund
- $1,461.26 Billion
- Benchmark
- $1,442.44 Billion
Sector Allocation
As of 10/31/2025 Equity as a % of Total (Updated Monthly)
| Sector | % of Total | Benchmark |
|---|---|---|
Information Technology | 29.96% | 36.12% |
Communication Services | 13.56% | 10.08% |
Financials | 12.72% | 12.86% |
Industrials | 11.38% | 8.13% |
Health Care | 7.85% | 8.96% |
Consumer Discretionary | 7.28% | 10.53% |
Consumer Staples | 6.17% | 4.68% |
Materials | 4.57% | 1.66% |
Energy | 3.18% | 2.79% |
Utilities | 1.36% | 2.34% |
Real Estate | 0.77% | 1.84% |
Holdings
As of 10/31/2025 (Updated Monthly)
Microsoft Corp
NVIDIA Corp.
Apple Inc.
Alphabet Inc. Class A
Broadcom Inc.
Meta Platforms Inc. (FB)
Amazon.Com, Inc.
JPMorgan Chase & Co.
Bank Of America Corp
Wal Mart Stores Inc
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
For the latest updates on portfolio holdings, if any, please refer to the Documents section below.
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/10/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - ClearBridge Appreciation Fund | |||
| Product Commentary - ClearBridge Appreciation Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - ClearBridge Appreciation Fund - Class A | |||
| Annual Financial Statements and Other Information - ClearBridge Appreciation Fund | |||
| Semi-Annual Report - ClearBridge Appreciation Fund Class A | |||
| Semiannual Financial Statements and Other Information - ClearBridge Appreciation Fund | |||
| Prospectus - ClearBridge Appreciation Fund | |||
| Summary Prospectus - ClearBridge Appreciation Fund | |||
| Statement of Additional Information - Legg Mason Partners Investment Trust Book 24 | |||
| Fiscal Q1 Holdings - ClearBridge Appreciation Fund | |||
| Fiscal Q3 Holdings - ClearBridge Appreciation Fund |
Risks
All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization.
Source: © S&P Dow Jones Indices LLC. All rights reserved.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.