ClearBridge Dividend Strategy Sold The Travelers Companies (TRV) in Q3

Core Insights - ClearBridge Investments released its third-quarter 2025 investor letter for the ClearBridge Dividend Strategy, indicating strong stock market performance, although the strategy lagged behind the S&P 500 Index benchmark [1] - The strategy benefited from exposure to AI stocks, highlighting a shift in investment focus [1] Company Highlights - The Travelers Companies, Inc. (NYSE:TRV) was emphasized in the investor letter, showcasing a one-month return of 4.64% and a 52-week gain of 23.11%, with a market capitalization of $64.156 billion as of October 7, 2025 [2] - ClearBridge noted that while Travelers is a core holding, its price-to-book ratio has become less favorable, prompting a partial sale to manage insurance-related exposure [3] Investment Sentiment - Despite Travelers' potential, ClearBridge indicated that certain AI stocks present greater upside potential and lower downside risk compared to Travelers [3] - The number of hedge funds holding Travelers decreased from 51 to 42 from the previous quarter, suggesting a shift in investor interest [3]