SEDG - ClearBridge International Growth EAFE Strategy Portfolio Manager Commentary Q1 2022

• 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.
• A sharp spike in bond yields pressured growth stocks and weighed on Strategy performance against its core benchmark, where leadership was decidedly one-sided in favor of value.
• Despite the wide-ranging impacts of Russia’s invasion of Ukraine, we believe Europe has the support structures and spending capacity to avoid a recession and keep an incipient post-COVID-19 recovery intact.
• We were active in repositioning the portfolio to better manage the volatile risk/reward environment in international markets, adding significantly to our structural growth exposure while sharply reducing our weighting to emerging growth stocks.

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