FMS - ClearBridge International Value 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.
• Economic policies geared to social enfranchisement, digital modernization and climate change will clearly add to nominal GDP growth and real goods inflation.
• Industrial, financial, basic materials and energy companies now have the best relative earnings momentum for the first time in nearly 20 years. We find this trend is likely to last for much longer than expected due to constraints on capital, capacity and competition.
• We believe the recent outperformance of international value stocks is just the beginning of a secular shift in market leadership and the Strategy remains positioned in companies that benefit from strong operating leverage to a period of healthy global growth.

For further details see: