TSLA - ClearBridge Appreciation Strategy Portfolio Manager Commentary Q1 2022

• 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.
• Despite a powerful rally in the quarter’s final weeks, the S&P 500 Index finished the first quarter down 4.6%, snapping a run of seven straight quarters of positive returns.
• The stock market is above the 90th percentile in almost every valuation metric and could be vulnerable to a materially slower U.S. economy, which it does not seem to be discounting.
• Technology is often used as a proxy for growth, but high- quality technology companies that meet or exceed forecasts can continue to perform well despite an increase in interest rates.

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