Equity

LGASX ClearBridge Small Cap Fund

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%

Sales Charges, Expenses & Fees

As of 03/01/2026

Gross Expense Ratio: 1.40%
Net Expense Ratio: 1.07%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: 0.25%

Identifiers

Ticker: LGASX
Fund Number: 7061
CUSIP Code: 524686458

Average Annual Total Returns As of 05/31/2026

View performance section for additional info As of 05/31/2026

Class FI

With Sales Charge (POP)

Without Sales Charge (NAV)

28.62%1 Year
12.49%3 Years
3.09%5 Years
8.44%10 Years
7.06%Since Inception
07/30/2004

Top Sectors

View portfolio section for additional info

As of 05/31/2026 % of Total (Updated Monthly)

Top Sectors
Financials18.29%
Industrials16.61%
Health Care13.17%
Information Technology12.45%
Consumer Discretionary10.44%

Additional Fund Info

Share Class Inception Date: 07/30/2004
Investment Style: Blend
Lipper Classification: Small-Cap Core Funds
Morningstar Category: Small Blend

Manager and Commentary

About the Team

ClearBridge Investments

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

March 31, 2026

Markets: Small cap equities experienced a volatile start to 2026, as strong early gains gave way to shifting leadership and a more uncertain macro backdrop. The Russell 2000 Index returned 0.9% for the quarter, outperforming the larger cap Russell 1000 Index by over 500 bps. A partial rotation away from the dominant AI trade supported value stocks over growth during the quarter, with the Russell 2000 Value Index returning 5.0% compared to a 2.8% loss for the growth index.
Contributors: Holdings in Matador Resources, International Seaways and Murphy USA. Stock selection in the health care, energy and consumer discretionary sectors.
Detractors: Holdings in Upwork, nCino and not owning Bloom Energy. Stock selection in the industrials, IT and materials sectors.
Outlook: While macro uncertainty remains elevated, a shift toward quality and fundamentals may provide a more supportive environment for disciplined small cap investors.