EFGSF - ClearBridge Global Infrastructure Income Strategy Portfolio Manager Commentary Q1 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.
• Infrastructure underperformed equities for the quarter, largely due to higher weights in rate-sensitive stocks among infrastructure sectors.
• On a regional basis, North America was the top contributor to quarterly performance.
• Looking ahead, we are constructive on a global recovery and see clear drivers for economically sensitive user pays assets as mobility increases, policy support for renewables as well as key catalysts for U.S. utilities, whose valuations look attractive.

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