APTV - ClearBridge All Cap Growth Strategy Portfolio Manager Commentary Q3 2020

• 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.
• Extreme concentration of the largest stocks in the benchmark continues to be a performance headwind for the Strategy and other active growth managers emphasizing diversification.
• The Strategy’s media holdings showed signs of improvement, buoyed by the return of live sports and robust demand for broadband.
• We know how the momentum trade will end, likely with a COVID vaccine, but not the timing, and have positioned the portfolio to effectively manage this transition by maintaining exposure to a wide range of growth companies.

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