PPL:CC - ClearBridge Investments Global Infrastructure Income 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.
• Strong outperformance of infrastructure versus global equities comes against a backdrop of rising rates, contracting balance sheets, limited fiscal response, elevated geopolitical risk and potentially slowing global growth.
• Energy infrastructure in North America led Strategy performance, driven by higher natural gas prices, while higher energy prices also drove greater focus on renewable energy utilities.
• Our base case is slowing growth and higher inflation in 2022; given this, and current valuation signals, we continue to transition the portfolio to less economically sensitive utility assets.

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