RCRUY - ClearBridge International Growth ADR 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 was held back by weakness among our emerging markets holdings. While we have sharply reduced our China exposure due to continued government interference and regulatory concerns, we continue to view markets like Brazil as a compelling source of innovation and growth.
• The comeback for growth stocks over the last two quarters has been erratic, with volatility in yields and recovering economic activity providing a bid to more cyclical sectors like energy and financials. Emerging growth stocks remain the most vulnerable to yield spikes.
• While recent performance has been disappointing, we are encouraged that the Strategy has held serve in Europe, our largest region of investment, and is seeing improving results in Asia Ex Japan.

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