SONY - ClearBridge International Value Strategy Portfolio Manager Commentary Q2 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.
• We believe investors focused on current data points are missing or misreading a number of key trends and developments supportive of value stocks, such as monetary and fiscal policy shifts and the capacity for significant interest rate increases.
• The most robust value cycles occur when the value factor aligns with the strongest absolute and relative earnings growth. This has been a key driver of the rebound in value shares since the lows of last March.
• The correction in reflation beneficiaries provided theopportunity to add to high-conviction holdings and retainour pro-cyclical stance with overweights to industrials,materials, energy and financials.

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