UNCRY - ClearBridge International Value Strategy Portfolio Manager Commentary Q4 2020

• 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.
• Many assets that fell to generational lows earlier in the year, such as cyclicals, banks, smaller companies, commodities, emerging markets and traditional energy shares, led a fourth-quarter rebound.
• A global shift to reflationary economic policies, combined with a more capital-intensive wave of technological development, could lead to the strongest growth in 20 years, supporting cyclical and value stocks.
• The portfolio is most exposed to the cyclical materials, industrials, energy, financials and consumer discretionary sectors with a bias toward Europe and the U.K.

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