PIAIF - ClearBridge International Growth ADR Strategy Portfolio Manager Commentary Q2 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.
• Recent Strategy outperformance has been broad-based, led by more defensive, secular growth companies, with structural and emerging growth holdings also contributing.
• Banks and energy are two areas we have mostly avoided, but our valuation approach to growth helped identify two European banks and a global oil services provider in the quarter whose risk/reward were too attractive to overlook.
• International equity markets have seen rotating leadership due to various factors such as the likelihood of interest rate increases and differing monetary policies, moves creating short-term headwinds that should ultimately lead to attractive long-term performance for non-U.S. growth stocks.

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