NG - ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q4 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.
• International small caps experienced historically high levels of volatility in 2020, which we attribute to the greater dependence on economic activity from many smaller businesses that were particularly hard hit by travel restrictions and lockdowns.
• Many assets that fell to generational lows earlier in the year, such as cyclicals, banks, smaller companies, commodities, emerging markets and traditional energy shares, led a fourth?quarter rebound.
• A global shift to reflationary economic policies, combined with a more capital-intensive wave of technological development, could lead to the strongest growth in 20 years, supporting cyclical and value stocks.

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