Projected US growth rates encourage Legg Mason duo

Ongoing recovery gives managers cause for cautious optimism as Legg Mason Clearbridge US Appreciation stays close to benchmark weightings

Scott Glasser (pictured) and Mike Kagan, co-portfolio managers of the $4.4bn Legg Mason ClearBridge US Appreciation fund, discuss the prospects for the US stock market and economic recovery, and how their portfolio is positioned to take advantage of the most promising sectors. How would you summarise the performance of the US stock market in the fourth quarter? SG: The S&P 500 index rose by 10.76% in the fourth quarter, making a gain for the full year of 15.06%. The fourth quarter was a microcosm of the year, although probably even more extreme than earlier periods. Essentially, the mar...