Kinder Morgan (KMI): High-Yield Energy Infrastructure Backed by Gas Demand

ClearBridge Investments, a global equity manager, recently published third-quarter 2026 commentary for its "Dividend Strategy". The letter can be downloaded here. AI continued to dominate the market, but rising interest rates, narrow leadership, and intensifying competition increased underlying risks. The Strategy reported modest gains in the quarter but underperformed the S&P 500 due to mixed stock selection and stock-specific headwinds. While maintaining exposure to AI leaders, the focus is also on valued, durable businesses in other sectors. The S&P 500 rose 2.3% in the third quarter, as the ClearBridge Dividend Strategy initially outperformed but lost ground in September.