CYJBF - ClearBridge International Value Strategy Portfolio Manager Commentary Q3 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.
• While improving earnings and rising bond yields usually favor value stocks, concerns about a second virus wave and renewed lockdowns led to another quarter of strong outperformance for growth.
• The powerful trends of digitalization expanding beyond technology and transformational infrastructure projects in green energy and transportation set the stage for long-term growth of the real economy.
• We are preparing for an improvement in the value cycle by focusing on cyclical companies with solid dividends, strong free cash flows and low embedded growth expectations.

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