Fund Evaluator:
ClearBridge SMASh Series EM Fund (LCSMX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
| 65.7% | Invesco Emerging Markets ex-China Y (GTDYX) |
| 64.1% | WCM Focused Emerging Mkts Ex Chn Inv (WCFEX) |
| 52.6% | Matthews Emerging Markets Sust Fut Inv (MASGX) |
| 48.9% | LSV Emerging Markets Equity Inv (LVAZX) |
| 47.7% | Lazard Emerging Markets Equity Instl (LZEMX) |
Fund Details
ClearBridge SMASh Series EM Fund Overview
ClearBridge SMASh Series EM Fund (LCSMX) is an actively managed International Equity Diversified Emerging Mkts fund. Franklin Templeton Investments launched the fund in 2018.
The investment seeks long-term capital appreciation. Under normal market conditions, the fund pursues its objective by investing at least 80% of its net assets plus borrowings for investment purposes, if any, in securities of issuers with substantial economic ties to one or more emerging market countries and other investments with similar economic characteristics. It may invest in securities denominated in foreign currencies or in U.S. dollars. The fund is non-diversified.
About ClearBridge SMASh Series EM Fund (LCSMX)
There are 7 members of the management team with an average tenure of 6.14 years: Andrew Mathewson (2018), Paul Desoisa (2019), Colin Dishington (2019), Robbie McNab (2026), Aimee Truesdale (2022), Divya Mathur (2019), Alastair Reynolds (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI EM NR USD index with a weighting of 100%. ClearBridge SMASh Series EM Fund has 45 securities in its portfolio. The top 10 holdings constitute 60.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
ClearBridge SMASh Series EM Fund is part of the Equity global asset class and is within the International Equity fund group. ClearBridge SMASh Series EM Fund has 98.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 98.3% 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 SMASh Series EM Fund has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $992 million average for the Diversified Emerging Mkts 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.
LCSMX 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 SMASh Series EM Fund expense ratio is low compared to funds in the Diversified Emerging Mkts category. ClearBridge SMASh Series EM Fund has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. 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 SMASh Series EM Fund has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of August 2026, ClearBridge SMASh Series EM Fund returned 5.8%, which earned it a grade of A, as the Diversified Emerging Mkts category had an average return of 3.9%. 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 SMASh Series EM Fund has a trailing yield of 0.68%, which is below the 1.65% category average. The fund normally distributes its income 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 SMASh Series EM Fund Grades
Year to date, the fund has returned 46.0%, 22.3 percentage points better than the category, which translates into a grade of A. The fund has returned 85.9% over the past year (grade of A), 27.3% over the past three years (grade of A) and 9.6% per year over the past five years (grade of A).
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LCSMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LCSMX Return (NAV) | 5.8% | -9.0% | 85.9% | 27.3% | 9.6% | na |
| LCSMX Grade | A | F | A | A | A | na |
| +/- Category | 1.9% | -7.8% | 48.4% | 5.6% | 2.8% | na |
| Diversified Emerging Mkts Avg | 3.9% | -1.2% | 37.5% | 21.7% | 6.8% | 8.9% |
| LCSMX Tax Cost Ratio | na | na | 0.4% | 0.5% | 0.6% | na |
LCSMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LCSMX Return (NAV) | 46.0% | 51.5% | -13.6% | 16.3% | -27.2% | 4.8% | 35.7% | 21.7% | na | na | na |
| LCSMX Grade | A | A | F | A | D | A | A | C | na | na | na |
| +/- Category | 22.3% | 20.1% | -19.8% | 4.1% | -4.6% | 5.0% | 14.1% | -0.2% | na | na | na |
| Diversified Emerging Mkts Avg | 23.7% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.7% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 27.1% |
| Total Risk Index: | 2.23 - High |
| Category Risk Index: | 1.67 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 1.60 |
| R-Squared: | 62% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1474 Mil |
| Fund Total Assets: | $1,475 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 8.6 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): Mathewson Andrew (2018), Reynolds Alastair (2018), Mathur Divya (2019), Desoisa Paul (2019), Dishington Colin (2019), Truesdale Aimee (2022), McNab Robbie (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 60.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 98.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 98.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-656-3863 |
| Website: | www.leggmason.com |
| Status: | Open |
| Inception Date: | January 10, 2018 |
| 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | ClearBridge SMASh Series EM Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
