MSGS - ClearBridge Aggressive Growth Strategy Portfolio Manager Commentary Q3 2021

• ClearBridge is a leading global asset manager committed to active management. Research-based stock selection guides our investment approach, with our strategies reflecting the highest-conviction ideas of our portfolio managers.
• Higher yields as well as uncertainty over inflation, supply chain constraints and the passage of an infrastructure bill have sparked the type of volatility that we as active managers can leverage.
• Building on portfolio construction changes outlined previously, we continued to add exposure to the disruptive growth category as well as broaden out the portfolio’s industry weightings.
• Our active approach also applies to being disciplined in managing positions in companies in more cyclical industries and taking profits during stronger periods of each cycle.

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