NG - ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q1 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.
• Non-U.S. small cap stocks annualized an impressive rebound off the March 2020 lows, benefiting from the reopening of local economies and increasingly easier comparisons from the year-ago period.
• The Strategy had particularly strong contributions from our industrial names, many of which are benefiting from reflationary policies globally.
• After strong recent gains, many cyclical stocks are overbought and ripe for near-term consolidation. The key for us at this point of the market cycle is to be patient and avoid losing conviction during inevitable countertrend rallies in the old leadership.

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