ClearBridge Appreciation Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, ClearBridge Appreciation Fund held 62 positions with $9.69B in net assets. Its ten largest holdings made up 42.1% of the fund. The SHAPX share class costs 0.91% a year. Over the 12 months to May 2026, SHAPX returned 18.6%, with dividends reinvested. In 2026 Q3 it added 9 new positions and exited 7.
The fund seeks to provide long-term appreciation of shareholders capital.
The fund invests primarily in equity securities of U.S. medium and large capitalization companies, with discretion to hold small capitalization stocks and up to 20% of net assets in foreign equities.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA CORP | 8.75% | $847.98M | 4.2M | $199.57 |
GOOGLALPHABET INC-CL A | 6.75% | $654.50M | 1.7M | $384.80 |
AAPLAPPLE INC | 4.81% | $465.87M | 1.7M | $271.35 |
MSFTMICROSOFT CORP | 4.44% | $430.34M | 1.1M | $407.78 |
AMZNAMAZON.COM INC | 3.73% | $361.11M | 1.4M | $265.06 |
AVGOBROADCOM INC | 3.58% | $346.83M | 830.9K | $417.43 |
NFLXNETFLIX INC | 2.83% | $274.39M | 2.9M | $93.61 |
2.66% | $257.78M | 823.0K | $313.23 | |
EATON CORP PLC | 2.30% | $222.85M | 514.7K | $433.01 |
2.24% | $217.08M | 232.3K | $934.60 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 62 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 96.92% |
| Cash & short-term | 3.21% |
By sector
- Information Technology
- 29.5%
- Financials
- 12.0%
- Communication Services
- 9.8%
- Industrials
- 8.6%
- 9 other sectors
- 40.2%
- Information Technology
- 29.5%
- Financials
- 12.0%
- Communication Services
- 9.8%
- Industrials
- 8.6%
- Health Care
- 8.1%
- Consumer Discretionary
- 7.7%
- International
- 6.2%
- Consumer Staples
- 5.8%
- Energy
- 5.6%
- Materials
- 2.9%
- Utilities
- 1.8%
- Cash
- 1.2%
- Real Estate
- 0.8%
How it has done
SHAPX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.38%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.91% | +18.62% | +67.18% | +71.55% | -5.99% | |
| 1.66% | +17.69% | +63.39% | +65.24% | -6.19% | |
| 0.67% | +18.88% | +68.40% | +73.82% | -5.94% | |
| 1.24% | +18.20% | +65.44% | +68.63% | -6.08% | |
| 1.02% | +18.47% | +66.54% | +70.83% | -6.01% | |
| 0.55% | +19.03% | +68.97% | +74.69% | -5.91% |
These classes hold the same portfolio, so the 9.45pp spread over 5 years is the cost difference between them — roughly 1.89pp a year — not a difference in what they own.
Fees & fund details
ClearBridge Appreciation Fund is an actively managed U.S. equity fund. 19% of SHAPX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 93% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.55% – 1.66%· SHAPX 0.91%
- Portfolio turnover
- 28.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
9 new· the largest 8
7 exited
Understand how this fund fits with the rest.
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