CAG - ClearBridge ALL Cap Value 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.
• A historic shift in fiscal policy could collide with recovering GDP growth to create inflation well above expectations.
• Rising growth in 2021 will allow for much broader market participation and a continued rotation into value and recovery plays as they bounce off the historically depressed levels reached in 2020.
• During the quarter we added nine new names, capping off a very active year with diverse opportunities while sticking to our valuation discipline.

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