MRVI - ClearBridge Mid Cap Portfolio Manager Commentary Q4 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.
• The Strategy outperformed the benchmark in the fourth quarter due to balanced contributions from both high-quality growth companies and value stocks with visibility toward improvement.
• We have been very active in refining our portfolio positioning since the start of the pandemic and have a high degree of confidence in our current portfolio construction.
• While visibility to the future is limited, we stress theimportance of basing our investment decisions on whatwe can see: the strength of a company’s balance sheetand the predictability of their cash flows.

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