PATH - ClearBridge International  Large Cap Growth 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.
• Mega caps continued to act defensively as they have through most of the pandemic, causing our underweight to impact performance. While we appreciate the good business models and cash flow generation among these companies, our positioning is partly driven by the belief that a diversified portfolio will perform better through a full business cycle.
• As liquidity is removed from the economy, we believe the Strategy is well-positioned for a return to normalized economic growth and equity returns where protecting capital through periods of volatility will be a significant contributor to performance.
• We remain committed to building a portfolio of our best growth ideas for the next three to five years and that is reflected in a dynamic level of trading activity.

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