ClearBridge's All Cap Growth Strategy lagged its benchmark as growth stocks surged in Q2 2025. Vertex Pharma (VRTX), a longtime holding, declined 21% over the past year after soft Q1 results and slow uptake of its new CF drug in Europe. Despite this, Vertex's non-opioid pain drug Journavx is expected to drive growth later in the year. ClearBridge remains cautious on VRTX long-term, suggesting certain AI stocks may offer better risk/reward.