APD - ClearBridge Appreciation Strategy Portfolio Manager Commentary Q3 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.
• For the first time since the 1970s, cost-push inflation seems widespread and persistent enough to materially lift inflation expectations; COVID-19 disrupted the system of tight, just-in-time inventories.
• Deteriorating breadth throughout the third quarter has provided a handful of idiosyncratic opportunities to initiate and build positions with attractive long-term prospects.
• Although risks have heightened, we remain constructive on the outlook for economic growth and believe businesses levered to improved economic activity have on average a better risk/reward than the mega cap seculargrowth companies.

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