V - ClearBridge Dividend 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.
• Over the last year, our confidence in economic expansion has been married with an awareness that a recovering economy must ultimately lead to tighter monetary policy and higher interest rates.
• We are overweight financial companies that should benefit from rising rates and generally underweight extremely high-multiple stocks that could be at risk should rates rise.
• We focus on industry structure, market position and intellectual property to select companies that should beable to raise prices to offset rising costs.

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