SU:CC - ClearBridge Investments All Cap Value Strategy Q1 2022 Commentary

• 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.
• The Strategy outperformed in the first quarter, driven by diverse power-related holdings, including legacy energy, enablers of energy security and transition, renewables and transitioning power companies, typically migrating from coal production to renewables.
• Using U.S. LNG exports to accelerate the global transition from coal to natural gas is the quickest and most effective way to achieve the goals of energy security and transition.
• Rising rates and concerns over global growth spurred us to adopt a more defensive posture, investing in stocks offering diversification, low price correlations and lower price volatility.

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