U - ClearBridge Mid Cap Growth Strategy Portfolio Manager Commentary Q3 2020

• 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.
• While mean reversion led to a September rally for value stocks across U.S. equity markets broadly, growth outperformance persisted among mid caps.
• We remained active in seeding the Strategy with new growth names across five sectors, positioning for a variety of post-pandemic outcomes.
• Stock market multiples are high by absolute standards. Yet compared with paltry fixed income yields, there is still good value to be captured in mid cap growth stocks.

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