WDC - ClearBridge All Cap Growth Strategy Portfolio Manager Commentary Q4 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.
• Overall market breadth began to expand beyond mega cap technology, leading to solid absolute performance for the Strategy.
• Our media holdings continued to show signs of improvement, buoyed by an improving advertising market and optimism around new streaming services.
• We continue to hold a balance of secular winners in areas that have accelerated during the pandemic along with healthy exposure to undervalued growth names and stocks well-positioned for a reopening of the economy.

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