ClearBridge Investments released its fourth-quarter 2025 investor letter, noting a strong but volatile performance in US equities. The S&P 500 Index returned 2.7%, while the Russell Midcap Growth Index declined 3.7%. The letter highlights a balanced, active share approach that resulted in outperformance and maintained a long-term investment philosophy.

In the fourth quarter of 2025, ClearBridge Growth Strategy highlighted On Holding AG (NYSE:ONON), a Swiss athletic company. On Holding AG had a one-month return of 2.78% and lost 11.30% of its value over the last 52 weeks. As of January 9, 2026, On Holding AG closed at $49.12 per share with a market cap of $16.218 billion.

ClearBridge Growth Strategy’s investor letter mentioned positive contributions from On Holding AG, praising the company’s strong growth in international markets such as China. The addition of On Holding AG to the portfolio was noted as beneficial, with the company delivering impressive results in the fourth quarter of 2025.

On Holding AG (NYSE:ONON) saw an increase in hedge fund portfolios holding its stock, with 52 portfolios at the end of the third quarter. While the company shows potential as an investment, ClearBridge Growth Strategy believes certain AI stocks offer greater upside potential and less downside risk. The strategy started a position in On Holding AG last quarter.

Read more at Yahoo Finance: On Holding AG (ONON) Soared Following Growth in International Markets