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Managed Fund Since 2009
Equity
LMESX ClearBridge Appreciation Fund
Popular Documents
Total Net Assets
$9.77B
As of 08/31/2026 (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
- 28%
Sales Charges, Expenses & Fees
As of 03/01/2026- Gross Expense Ratio
- 0.55%
- Net Expense Ratio
4 - 0.55%
- Maximum Initial Charge
- —
- CDSC
- N/A
- 12b-1 Fee
- 0.00%
Identifiers
- Ticker
- LMESX
- Fund Number
- 7975
- CUSIP Code
- 52468E709
Average Annual Total Returns As of 08/31/2026
Class IS
- 11.89%1 Year
- 16.71%3 Years
- 10.81%5 Years
- 13.65%10 Years
- 11.56%Since Inception
08/04/2008
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.
Top Sectors
As of 08/31/2026 % of Total (Updated Monthly)
Information Technology33.36% | |
Financials11.99% | |
Communication Services9.40% | |
Industrials9.33% | |
Health Care8.18% |
Additional Fund Info
- Share Class Inception Date
- 08/04/2008
- Investment Style
- Large Cap
- Lipper Classification
- Large-Cap Core Funds
- Morningstar Category
5 - Large Blend
Manager and Commentary
About the Team
ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and income. ClearBridge manages diversified, high-conviction portfolios through collaborative fundamental research to meet the needs of some of the world's largest asset owners and financial intermediary platforms. We invest as long-term, risk-aware business owners and seek to deliver consistency of process and performance for our clients through market cycles. A focus on durability drives everything we do; from the business models of the companies we own, to the holding periods of our portfolios, to the stability and longevity of our investment professionals.
Commentary Highlights
June 30, 2026- Markets: After pausing during the first quarter, technology shares reasserted market leadership in the second quarter, with the IT sector returning a remarkable 31.8%, more than double the 15.2% return of the S&P 500 Index. Industrials was the only other sector to even come close to the S&P 500’s return, rising 14.9%. Every other sector lagged meaningfully.
- Contributors: Stock selection in materials and a consumer discretionary underweight were beneficial.
- Detractors: Stock selection in IT, industrials, communication services, financials and consumer discretionary, overweights to materials and energy and an IT underweight detracted the most.
- Outlook: As through-the-cycle investors with an emphasis on downside risk management, we believe current conditions argue for a more cautious stance. Animal spirits remain elevated, with momentum stocks increasingly held by a more levered investor base at valuations leaving little margin for error.
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Managed Fund Since 2022
Latest ClearBridge Insights
September 11, 2026
September 2, 2026
August 31, 2026
August 14, 2026
Performance
Calendar Year Returns
As of 08/31/2026
Class IS - With Sales Charge (POP) (%)
Class IS - 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
©2026 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 of08/31/2026 (Updated Monthly)
- Total Net Assets
- $9.77 Billion
Positions
As of 08/31/2026 (Updated Monthly)
Number of Holdings
- Fund
- 66
- Benchmark
- 503
Portfolio Statistics
As of 08/31/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 22.69x
- Benchmark
- 21.29x
- Fund
- 26.45x
- Benchmark
- 25.30x
- Fund
- 10.70x
- Benchmark
- 9.01x
- Fund
- $653.67 Billion
- Benchmark
- $434.69 Billion
- Fund
- $1,612.59 Billion
- Benchmark
- $1,520.71 Billion
- Fund
- 28.00%
- Benchmark
- —
Asset Allocation
As of 08/31/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 98.46% |
Cash & Cash Equivalents | 1.54% |
Holdings
As of 08/31/2026 (Updated Monthly)
NVIDIA Corp.
Apple Inc.
Alphabet Inc. Class A
Amazon.Com, Inc.
Microsoft Corp
JPMorgan Chase & Co.
Eli Lilly & Company
Johnson & Johnson
Broadcom Inc.
Thermo Fisher Scientific 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
Factsheet - ClearBridge Appreciation Fund
Portfolio Holdings - ClearBridge Appreciation Fund - 8-19-26
Product Commentary - ClearBridge Appreciation Fund
Regulatory Documents
Annual Report - ClearBridge Appreciation Fund - Class IS
Annual Financial Statements and Other Information - ClearBridge Appreciation Fund
Semi-Annual Report - ClearBridge Appreciation Fund - Class IS
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
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
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.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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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.
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.
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.
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.