OLPX - Clearbridge Mid 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.
• Strategy holdings were buffeted by a variety of macro and industry-specific factors, which negatively impacted performance versus the benchmark.
• Solid results from several of our core compounders helped offset a downtrend among higher multiple businesses that were stellar performers in 2021 but faced tough comps heading into this year.
• We focused our attention on existing holdings, consolidating exposures with three sales while increasing conviction in stocks with more attractive risk/reward profiles.

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