WMT - ClearBridge Dividend Strategy Portfolio Manager Commentary Q1 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.
• The market’s upward trend marked a continuation of last year’s gains, but the underlying dynamics were starkly different, with reopening plays gaining at the expense of technology and growth stocks.
• From a macroeconomic perspective, the potential for a sharp rise in rates makes high-multiple stocks look vulnerable.
• We are looking to add companies with solid outlooks but historically normal earnings multiples and have been finding names leveraged to the major trends in technology, such as the cloud, digital transformation and electric vehicles.

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