VWAPY - ClearBridge International Value 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.
• Despite the first months of the quarter favoring growth, large-cap and low-risk stocks, the market saw a reversal to defensive and quality value stocks in December.
• Even without needing precise predictions, we believe the portfolio is well-positioned for a world that is beginning to recalibrate, reset and transition.
• Shorter duration stocks offer lower interest rate and valuation risks, along with better earnings growth and current cash returns.

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