On Holding AG (ONON) Soared Following Growth in International Markets

ClearBridge Investments, an investment management company, released its “ClearBridge Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. US equities reported a strong but volatile performance in the fourth quarter, with the S&P 500 Index returning 2.7% while the benchmark Russell Midcap Growth Index declined 3.7%. In this environment, a balanced, highly active share approach resulted in Strategy’s third consecutive quarter of outperformance, capturing early momentum while providing downside protection during rising volatility towards the end of the period. The strategy maintained its long-term investment philosophy of disciplined portfolio management and opportunistic capital allocation. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its fourth-quarter 2025 investor letter, ClearBridge Growth Strategy highlighted stocks such as On Holding AG (NYSE:ONON). On Holding AG (NYSE:ONON) is a Swiss Athletic company that develops and distributes sports products. The one-month return of On Holding AG (NYSE:ONON) was 2.78%, and its shares lost 11.30% of their value over the last 52 weeks. On January 9, 2026, On Holding AG (NYSE:ONON) stock closed at $49.12 per share, with a market capitalization of $16.218 billion.

ClearBridge Growth Strategy stated the following regarding On Holding AG (NYSE:ONON) in its fourth quarter 2025 investor letter:

“Positive contributions from steadier growth holdings helped to offset these pressures. Our consumer performance also benefited from the recent addition of On Holding AG (NYSE:ONON), a premium athletic footwear and apparel company gaining share globally. On Holding delivered an impressive quarter punctuated by strong growth in international markets, such as China, as well as accelerating growth from apparel.”

Why On Holding AG (ONON) Surged Yesterday

On Holding AG (NYSE:ONON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 52 hedge fund portfolios held On Holding AG (NYSE:ONON) at the end of the third quarter, up from 42 in the previous quarter. While we acknowledge the risk and potential of On Holding AG (NYSE:ONON) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than On Holding AG (NYSE:ONON) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

ClearBridge Growth Strategy started a position in On Holding AG (NYSE:ONON) last quarter. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.