NTDOF - ClearBridge International Growth ADR Strategy Portfolio Manager Commentary Q3 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.
• While our emerging growth stocks again led Strategyperformance, we did see evidence that growth is broadeningout a bit wider into structural and secular growth.
• Our emerging markets exposure has some of the bestexamples of disruption occurring in these regions. Wecontinue to reevaluate our underweight for new opportunities.
• Unpredictability of the virus and vaccine timeline, plus the likelihood of more stimulus, causes us to be patient in maintaining exposure to more economically sensitive and structural growth names.

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