RMGNF - ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q2 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.
• Our pro-cyclical positioning proved beneficial, with strength in industrials names leading to outperformance. We continue to favor these as well as materials and energy companies in a reflationary global environment.
• The Strategy also saw strong contributions from our emerging market holdings, which are heavily skewed toward technology (IT), health care, and industrial stocks.
• We believe investors focused on current data points aremissing or misreading a number of key trends anddevelopments supportive of value stocks, such as policy shiftsand the capacity for significant interest rate increases.

For further details see: