OTIS - ClearBridge All Cap Growth Strategy Portfolio Manager Commentary Q1 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.
• The Strategy continued to rebound in what we view as a more supportive environment for higher quality, attractively priced growth stocks, notably in media and technology.
• We continued to focus on improving the Strategy’s up capture through additions to our software and Internet holdings as well as managing our largest positions.
• We feel very good about the consumer and, with the return of more normal economic activity, we believe the Strategy is well-positioned to participate.

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