CHWY - ClearBridge Global Growth 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.
• 2020 was a year of monumental progress in renewable energy and the adoption of electrified transport. ESG investing continues to move mainstream and the importance of ESG analysis in guiding our stock selection, risk management and portfolio construction process dovetails well with global trends.
• Optimism over a return to normal economic activity globally sparked a rotation into areas that had lagged significantly in 2020, primarily economically sensitive cyclicals. Playing the return to economic normality makes sense, however, many of these sectors are challenged by changing trends and new competition which may limit the durability of recent moves.
• Given the strong performance of growth stocks through the year, we took the opportunity to trim and sell more fully priced ideas and increase exposure to a recovering global economy in our structural growth area.

For further details see: