BKNG - ClearBridge Large Cap Value 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.
• Following a period of robust multiyear returns, stocks declined during the first quarter as investors grew increasingly concerned with inflation and an end to extraordinary monetary and fiscal stimulus.
• Higher commodity prices were a tailwind for some energy, utilities and industrials benefiting from strong demand and a headwind for some materials positions facing higher input costs.
• Amid higher inflationand late-cycle signals, we continued to manage our overall exposureto the consumer and reposition in semiconductors.

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