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Managed Fund Since 2011
Equity
LMASX ClearBridge Small Cap Fund
Popular Documents
Overview
Fund Facts
Fund description
Research process centered on valuation, high active share, and a long-term investment horizon in a multi-disciplinary approach that seeks large price to value gaps that we believe will close over time. Invests primarily in small-capitalization companies, and may invest in companies considered to be “special situations” (i.e. companies undergoing unusual or possibly one-time developments that, in the opinion of the portfolio managers, make them attractive for investment.) Invests in both traditional value and growth securities at discounts to the portfolio managers' assessment of their intrinsic value.
- Benchmark
- Russell 2000 Index
- Fund Inception Date
- 12/30/1985
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 33%
Identifiers
- Ticker
- LMASX
- Fund Number
- 7076
- CUSIP Code
- 524686474
Average Annual Total Returns As of 10/31/2025
Class C
- 1.83%1 Year
- 6.23%3 Years
- 8.51%5 Years
- 6.79%10 Years
- 9.36%Since Inception
12/30/1985
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
- 12/30/1985
- Investment Style
- Blend
- Lipper Classification
- Small-Cap Core Funds
- Morningstar Category
- Small 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 third quarter of 2025 was a period of dramatic resurgence for small cap equities, as the Russell 2000 Index advanced 12.4%, not only outpacing its large cap peers but also setting a new all-time high after nearly three years. The rally was driven by a confluence of factors: a sharp improvement in earnings revision breadth, persistent optimism around Federal Reserve rate cuts, and a continued appetite for speculative growth and high-beta stocks. Retail investors remained a dominant force, fueling momentum in a narrow set of names and driving both the breadth and concentration of returns. While momentum and high-beta factors led the way, value and profitability continued to lag, extending a trend that has now reached historic proportions.
- Contributors: Holdings in MP Materials, Terawulf and Arrowhead Pharmaceuticals. Stock selection in the materials, information technology (IT) sectors, an overweight to the materials sector.
- Detractors: Holdings in Gambling.com and Euronet Worldwide, not owning Bloom Energy. Stock selection in the communication services, industrials and consumer discretionary sectors.
- Outlook: As the market cycle evolves and fundamentals reassert themselves, we believe our focus on high-quality businesses, strong balance sheets and long-term growth drivers will be rewarded. While the path may not be linear, we are steadfast in our conviction that patience, discipline and commitment to fundamental research will ultimately deliver value for our clients
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Managed Fund Since 2015
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 C - With Sales Charge (POP) (%)
Class C - Without Sales Charge (NAV) (%)
Russell 2000 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.
Effective August 2, 2021, Class C shares generally convert to Class A shares after the shares have been held for 8 years. Class C share performance shown has not been adjusted to reflect the conversion. Customers of certain Service Agents may be subject to different terms or conditions as set by their Service Agent, including non-conversion. Please refer to the Prospectus for more information or contact your Service Agent directly.
Ratings 7
©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
- $700.35 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 92
- Benchmark
- 1,958
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 13.41x
- Benchmark
- 16.91x
- Fund
- 3.36x
- Benchmark
- 3.02x
- Fund
- 12.89x
- Benchmark
- 9.00x
- Fund
- $3.83 Billion
- Benchmark
- $3.38 Billion
- Fund
- $4.24 Billion
- Benchmark
- $4.77 Billion
- Fund
- 33.00%
- Benchmark
- —
Asset Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 98.91% |
Bond | 0.55% |
Cash | 0.55% |
Holdings
As of 10/31/2025 (Updated Monthly)
Wintrust Financial Corp
Corcept Therapeutics Inc
Murphy USA Inc.
Arrowhead Pharmaceuticals Inc
Bank OZK
TERAWULF INC
GATX Corporation
UMB Financial Corp
MP Materials Corp
International Seaways 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.
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 Small Cap Fund | |||
| Product Commentary - ClearBridge Small Cap Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - ClearBridge Small Cap Fund - Class C | |||
| Annual Financial Statements and Other Information - ClearBridge Small Cap Fund | |||
| Semi-Annual Report - ClearBridge Small Cap Fund Class C | |||
| Semiannual Financial Statements and Other Information - ClearBridge Small Cap Fund | |||
| Prospectus - ClearBridge Small Cap Fund | |||
| Summary Prospectus - ClearBridge Small Cap Fund | |||
| Statement of Additional Information - Legg Mason Partners Income Trust Book 23 | |||
| Fiscal Q1 Holdings - ClearBridge Small Cap Fund | |||
| Fiscal Q3 Holdings - ClearBridge Small Cap 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. 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 investment style may become out of favor, which may have a negative impact on performance. 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 Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.
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.