SHEL - ClearBridge Investments International 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 war in Ukraine has catalyzed greater alignment among European nations over energy and military security, and likely increased cooperation on broader economic and social issues.
• The portfolio’s exposure to aviation, automation, electrical, logistics and agricultural equipment businesses should be supportive of continued long-term growth.
• If long-term rates rise too dramatically, central banks will begin to apply yield curve controls, raising the prices of assets, gold, commodities and energy.

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