U - ClearBridge Large Cap Growth Strategy Portfolio Manager Commentary Q1 2022

• 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.
• Growth stocks were pressured as the Federal Reserve turned hawkish, ending a historic period of accommodation, but they tend to stabilize and deliver better performance once a tightening cycle is underway.
• Recent underperformance was driven by stock selection, where earnings shortfalls impacted Netflix, PayPal and Facebook.
• The market is challenging growth stocks where, in some cases, there is not a fundamental issue. This creates an opportunity for us to underwrite investments where our advantage over consensus is the durability of growth.

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