LIN - ClearBridge Dividend 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.
• Cumulatively, the market has risen 100% in the last three years; in the last 30 years, the only other time the market has managed this was during the period of the Internet bubble.
• High earnings multiples and low real interest rates make for an inauspicious start to 2022 and it seems likely that future returns may be far more pedestrian than recent ones.
• Amid widespread asset price distortion from zero percent interest rates, the case for high-quality dividend payers is strong based on downside protection, current income and growth.

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