VIACA - ClearBridge All Cap Value Strategy Portfolio Manager Commentary Q4 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.
• Value stocks have made progress, rebounding from extremely depressed levels relative to growth, but by most measures, the valuation of value is still locked in the cheapest decile versus history.
• Collectively, our energy holdings are now selling at 10x forward earnings and generating double-digit free cash yields — a record discount to the market despite historically strong current fundamentals.
• Divergent perceptions and realities in valuations have afforded us the opportunity to invest in companies with widely varying value drivers.

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