Fund Evaluator:
ClearBridge Dividend Strategy 1 (LCBOX)
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Best Performing in Large Value Over the Last Year
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Fund Details
ClearBridge Dividend Strategy 1 Overview
ClearBridge Dividend Strategy 1 (LCBOX) is an actively managed U.S. Equity Large Value fund. Franklin Templeton Investments launched the fund in 2011.
The investment seeks dividend income, growth of dividend income and long-term capital appreciation. Under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other investments with similar economic characteristics that pay dividends or are expected to initiate their dividends over time. It invests primarily in common stocks. The fund may invest up to 50% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts.
About ClearBridge Dividend Strategy 1 (LCBOX)
There are 2 members of the management team with an average tenure of 12.08 years: Michael Clarfeld (2009), John Baldi (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. ClearBridge Dividend Strategy 1 has 55 securities in its portfolio. The top 10 holdings constitute 34.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
ClearBridge Dividend Strategy 1 is part of the Equity global asset class and is within the U.S. Equity fund group. ClearBridge Dividend Strategy 1 has 14.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.4%. There is 14.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ClearBridge Dividend Strategy 1 has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LCBOX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ClearBridge Dividend Strategy 1 expense ratio is above average compared to funds in the Large Value category. ClearBridge Dividend Strategy 1 has an expense ratio of 0.71%, which is 23% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ClearBridge Dividend Strategy 1 has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, ClearBridge Dividend Strategy 1 returned 0.1%, which earned it a grade of F, as the Large Value category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
ClearBridge Dividend Strategy 1 has a trailing yield of 1.34%, which is above the 1.25% category average. The fund normally distributes its income quarterly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ClearBridge Dividend Strategy 1 Grades
Year to date, the fund has returned 6.3%, 4.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.5% over the past year (grade of F), 13.8% over the past three years (grade of D) and 10.5% per year over the past five years (grade of C) and 12.3% per year over the past 10 years (grade of B).
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LCBOX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LCBOX Return (NAV) | 0.1% | 6.5% | 13.5% | 13.8% | 10.5% | 12.3% |
| LCBOX Grade | F | D | F | D | C | B |
| +/- Category | -1.5% | -3.3% | -7.5% | -2.1% | 0.1% | 1.0% |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| LCBOX Tax Cost Ratio | na | na | 3.2% | 2.7% | 2.6% | 2.0% |
LCBOX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LCBOX Return (NAV) | 6.3% | 12.6% | 17.0% | 14.4% | -8.2% | 26.9% | 7.9% | 31.3% | -4.9% | 19.4% | 15.3% |
| LCBOX Grade | F | D | B | B | D | B | A | A | A | A | B |
| +/- Category | -4.7% | -2.6% | 2.9% | 2.5% | -2.1% | 1.1% | 4.1% | 5.6% | 3.6% | 3.0% | 0.8% |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 10.3% |
| Total Risk Index: | 0.84 - Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.65 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $9062 Mil |
| Fund Total Assets: | $1,736 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.9 years | |||
| Average Tenure: 12.1 years | |||
| Managers (Year): Clarfeld Michael (2009), Baldi John (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 55 |
| % in Top 10 Holdings: | 34.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.7% |
Portfolio Allocation |
|
| Domestic Stock: | 84.4% |
| Foreign Stock: | 14.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-721-1926 |
| Website: | http://www.leggmason.com/ |
| Status: | Open |
| Inception Date: | April 29, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.71% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | ClearBridge Dividend Strategy A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
