AVTR - ClearBridge Investments Global Growth 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.
• A sharp spike in bond yields pressured growth stocks and weighed on Strategy performance against its core benchmark, where leadership was decidedly one-sided in favor of value. Nevertheless, we remain positive on areas like the IT sector and have largely maintained holdings in our highest-conviction ideas.
• We were active in repositioning the portfolio to better manage the volatile risk/reward environment in global markets, adding significantly to our structural growth exposure while reducing our weighting to emerging growth stocks.
• The Strategy is well-exposed to a secular shift toward renewable energy sparked by the Russia-Ukraine conflict that should accelerate spending on alternative energy sourcing and generation.

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