DLVHF - ClearBridge International Growth ADR 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.
• We are encouraged by the resilience of the companies we hold across the Strategy, with particular strength during the quarter among our secular and structural growth holdings.
• Outperformance was driven by diversified contributions across the health care, materials, industrials and consumer staples sectors.
• While an expected period of rising interest rates traditionally hurts growth stocks, we believe the portfolio is well-positioned and we are ready to act on opportunities created by policy-related volatility.

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