STLFF - ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q4 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 Strategy’s returns were relatively flat for the quarter, closing out a strong year where it outperformed the benchmark.
• We are entering a strong upturn in capital spending, and as a result maintain a meaningful overweight in industrials, energy, materials, and financials.
• Many of the new additions to our portfolio in recent quarters are leaders in this new era of sustainability.

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