FHN - ClearBridge Investments Small Cap 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.
• Value has outperformed growth by a substantial margin over the last 12 months but is still making up ground compared to the head-start growth has had over the last 12 years.
• The process of ending a decade of cheap and available capital has begun, creating headwinds that pose a challenge for the market as a whole.
• Our charge of constructing a portfolio of high-quality companies at attractive valuations is a never-ending process, and we remain vigilant in searching for outstanding value.

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