ClearBridge Investments released their Q4 2025 investor letter. The fund outperformed for the third consecutive quarter, while the Russell Midcap Growth Index fell 3.7%. They highlighted Freeport-McMoRan as a top contributor. The firm added to their position after a price drop in Q3, noting that management handled an operational incident well. They believe the long-term demand for copper makes the asset attractive. FCX is up about 19% in the last month and 43% over the last year, though hedge fund ownership dropped slightly from 96 to 83 funds.