Overview
Fund Facts
Fund description
Invests in a diversified equity portfolio focused on mid-sized companies. Seeks long-term capital growth through a disciplined, consistent and transparent investment process. Investment returns are driven by stock selection, with a strong focus on risk management in portfolio construction.
- Benchmark
- Russell Mid Cap Index
- Fund Inception Date
- 09/01/1998
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 29%
Sales Charges, Expenses & Fees
- Gross Expense Ratio
- 0.85%
- Net Expense Ratio
- 0.85%
- Maximum Initial Charge
- —
- CDSC
- N/A
- 12b-1 Fee
- 0.00%
Identifiers
- Ticker
- SMCPX
- Fund Number
- 7709
- CUSIP Code
- 52469H776
Top Sectors
As of 05/31/2026 Equity as a % of Total (Updated Monthly)
Industrials23.84% | |
Information Technology13.43% | |
Consumer Discretionary12.43% | |
Financials11.54% | |
Health Care7.83% |
Additional Fund Info
- Share Class Inception Date
- 09/12/2000
- Investment Style
- Mid Cap
- Lipper Classification
- Mid-Cap Core Funds
- Morningstar Category
- Mid-Cap 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
March 31, 2026- Markets: Mid cap equities delivered positive returns during the first quarter, with the Russell Midcap Index gaining 1.3% and outperforming both large cap and small cap peers. Large caps, as measured by the Russell 1000 Index, declined 4.2% during the period, while the smaller cap Russell 2000 Index posted a more modest gain of 0.9%, as signs of a broadening in market leadership continued to emerge. While mid caps were not immune to the broader market selloff, driven largely by investor concerns surrounding the ramifications of the conflict pitting the U.S. and Israel against Iran, performance was more closely tied to underlying business fundamentals and sector-level dynamics.
- Contributors: Holdings in Regal Rexnord, Casey’s General Stores and Clean Harbors. Stock selection in the industrials, consumer staples and financials sectors.
- Detractors: Holdings in AppLovin, ICON and Rubrik. Stock selection in the IT, health care and consumer discretionary sectors.
- Outlook: We are spending more time challenging long-held assumptions, particularly in areas where technological change could alter competitive dynamics. At the same time, we are mindful that periods of uncertainty often create opportunity, especially for companies with clear strategies, strong execution and the ability to adapt. We also believe that many mid cap companies are better positioned than commonly appreciated to incorporate generative AI into their operations as a potential source of efficiency and long-term value creation. Whether in logistics, industrial manufacturing or health care delivery, the ability to rethink cost structures and productivity could become an important differentiator over time.