MYPS - 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.
• The Russell 2000 Value Index partially closed its multiyear gap with the Russell 2000 Growth Index in the quarter, with value falling 3.0% compared to growth declining 5.7%.
• As long as it’s “risk-on” in the oil patch, it will remain difficult to keep up with the highly levered, high-beta names, though we found opportunity there in a low-cost producer that has always run with no debt and measured depletion.
• The small cap IPO market is a volatile one, as last quarter’s leader became this quarter’s laggard. However, a new IPO in the IT sector showed strong performance. We believeboth are poised for long-term success.

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