ERO - ClearBridge Investments International Small Cap 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.
• Small cap stocks struggled during the first quarter as international markets grappled with increases in inflation, global supply chain disruptions and the Russian invasion of Ukraine.
• In Asia and emerging markets, our process continues to highlight more stocks as undervalued and we initiated a number of new investments in those regions.
• The Strategy’s large overweight in the energysector was the key driverof performance, with four of the quarter’stop ten contributors being energyrelated.

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