NSRGY - ClearBridge Dividend 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.
• Beneath the surface of the fourth-quarter rally, dynamics evolved from previous quarters as cyclical and value stocks modestly outperformed growth.
• While the pandemic environment earlier in 2020 favored technology companies that often do not pay dividends, our dividend payers have begun to participate in market upside and, importantly, our dividend growth has proved very resilient.
• As the world returns to face-to-face life and relies a little less on Zoom, some of the tailwinds that have propelled tech stocks may become headwinds as the companies lap tough comparisons.

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