BROOF - ClearBridge Global Infrastructure Income 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.
• The Strategy led infrastructure as well as global equities in a quarter made volatile by ongoing COVID-19 disruption.
• Electric utilities in the U.S. and Europe drove outperformance, driven by a combination of value-creating asset sales, strong operating results and receding political risk.
• Going forward, in an uncertain macroeconomic environment, the certainty of future earnings and growth will be key: infrastructure and utilities significantly outperform other equities on this measure.

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