BABAF - CLearBridge Investments Value Equity 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 market now has a clear call to action to solve the dual challenges of energy security and energy transition, requiring serious capital spending and innovation.
• Meeting this challenge will drive inflationary tailwinds, push up interest rates and pressure valuation multiples, but it will also create the biggest opportunity of this new market cycle.
• We added to defensive sectors during the quarter, including utilities and health care, looking for true diversification with low price correlations and lower price volatility.

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