GVDBF - ClearBridge International Growth ADR Strategy Portfolio Manager Commentary Q4 2020

• 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.
• Optimism over a return to normal economic activity globally sparked a rotation into value stocks. These trades typically last one to two quarters and we believe it will take an unlikely rise in inflation to sustain the current value run.
• 2020 was a year of monumental progress in renewable energy and the adoption of electrified transport, highlighting the importance of ESG analysis in guiding our portfolio construction and risk management process.
• Given the strong performance of growth stocks through the year, we took the opportunity to trim and sell more fully priced ideas and increase exposure to a recovering global economy.

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