ZWS - ClearBridge Investments SMID Cap Growth 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 Strategy underperformed during a pronounced rotation out of higher-growth companies due to investor de-risking and a less accommodative macro backdrop.
• Solid results from several of our core compounders and innovative health care holdings helped offset a downtrend among higher-multiple businesses that were stellar performers in 2021 but faced tough comps heading into this year.
• We used opportunities created by heightened volatility to establish seven new positions while exiting eight other names to increase conviction in stocks with more attractive risk/reward profiles.

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