SYDDF - ClearBridge Global Infrastructure Value Strategy Portfolio Manager Commentary Q3 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 outperformed the S&P Global Infrastructure Index as well as global equities for the quarter.
• On a regional basis, Asia Pacific was the top contributor to quarterly performance, followed by the U.S. and Canada, where electric utilities and energy infrastructure performed well.
• The continuing recovery, helped by increased vaccinations globally, is supportive of user-pays infrastructure, although we expect relatively smaller pricing dislocations between regions and sectors and are focusing more on individual mispricings.

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