VRT - ClearBridge Large Cap Value Strategy Portfolio Manager Commentary Q3 2021

• 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.
• Equities delivered a flattish third quarter amid a COVID-19 resurgence and intensified labor and supply shortages, though they remain up strongly year to date.
• The quarter was a tale of two cyclical areas of the market, with financials beneficiaries of gradually rising interest rates and industrials and materials feeling the pinch of broad-based supply chain pressures.
• While the market balances a still-accommodative Fed, continued government stimulus and a healthy consumer with worries over inflation, we remain disciplined in our approach.

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