Core Insights - ClearBridge Investments reported strong equity performance in Q3 2025, with the S&P 500 Index rising 8.1% and the Nasdaq Composite increasing 11.2% to record highs, driven by positive tariff results, anticipated interest rate cuts, and robust corporate earnings, especially in technology [1] - The ClearBridge Large Cap Growth Strategy underperformed the benchmark Russell 1000 Growth Index, which rose 10.5% for the quarter, due to underexposure to perceived AI winners and holding stocks considered AI losers [1] Company-Specific Insights - Union Pacific Corporation (NYSE:UNP) had a one-month return of 7.48% but saw a 0.86% decline in value over the past 52 weeks, closing at $236.80 per share with a market capitalization of $140.452 billion on October 3, 2025 [2] - The merger between Union Pacific and Norfolk Southern is expected to create an overhang on Union Pacific, limiting its upside potential, especially in a weak freight environment that has been in a multi-year recession [3] - Union Pacific Corporation is not among the 30 most popular stocks among hedge funds, with 89 hedge fund portfolios holding the stock at the end of Q2 2025, up from 85 in the previous quarter [4]