GZITF - ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q3 2020

• 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.
• While traditional growth sectors drove most of the small cap outperformance in the quarter, the Strategy held up well versus the benchmark despite a value tilt.
• Results were driven by strong showings from our holdings in the technology and industrials sectors while consumer-oriented names were pressured.
• The powerful trends of digitalization expanding beyond technology, and transformational infrastructure projects in green energy and transportation, set the stage for long-term growth of the real economy.

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