GXYYY - ClearBridge International Value Strategy Portfolio Manager Commentary Q3 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.
• Global markets declined during the quarter, grappling with resurgent COVID-19 infections, supply chain disruptions and concerns over slowing global growth.
• Challenges in building the infrastructure to transition to clean energy has resulted in a growing gap between available supply and global demand, favoring companies in the energy and industrial sectors.
• We are closely watching developments in China and emerging markets, which are showing improving relative earnings growth and stabilizing trends.

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