SAUNF - ClearBridge Global Infrastructure Income Strategy Portfolio Manager Commentary Q2 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.
• Our Strategy performed within the range of infrastructure indexes, which underperformed global equities for the quarter.
• On a regional basis, Western Europe was the top contributor to quarterly performance, followed by the U.S. and Canada.
• We expect an asynchronous global recovery, with the effect that the recovery peaks will be more spread out and therefore prolonged.

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