BKI - ClearBridge Mid Cap Strategy Portfolio Manager Commentary Q1 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.
• Recent outperformance reflects the work done over the last several quarters to maintain a high-quality, diversified portfolio while paying close attention to risk.
• We have been disciplined in trimming strong performers among our growth holdings and redeploying the proceeds in more attractive opportunities in value areas with improving fundamentals.
• We maintained our pace of portfolio activity during the first quarter, adding six new positions while exiting seven names.

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