SBAC - ClearBridge Investments Global Infrastructure 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.
• 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 benefited from higher natural gas prices, utilities outperformed as market volatility spiked, while communications companies trailed amid rising bond yields.
• Geopolitical risks, ongoing COVID-19 disruption, supply chain issues and high inflation continue to reduce expectations for economic growth, although a recession is still not our base case.

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