RTX - ClearBridge Dividend Strategy Portfolio Manager Commentary Q1 2022

• 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 Strategy was well-positioned for inflationary pressures which accelerated following the invasion of Ukraine, outperforming in a volatile quarter.
• Russia’s attack revealed the fragility of the international order, changed global energy flows and drove home the importance of local manufacturing for critical industries.
• Our performance benefited from overweights to energy as well as aerospace and defense, and from our underweight to high-multiple stocks whose multiples compressed as interest rates rose.

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