JMXXF - ClearBridge International Small Cap 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.
• Despite broad market weakness, international small cap stocks proved to be a relative bright spot during the quarter, particularly in developed markets.
• The Strategy faced performance headwinds due to an underweight in Japan and short-term weakness in European cyclicals in the materials and industrials sectors that had rallied from the COVID-19 lows of early 2020.
• Structural changes in energy production and globallogistics should benefit cyclically related firms rangingfrom metals, mining, chemicals and shipping to industrialand factory automation equipment and the Strategy iswell-exposed to these trends.

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