REYN - ClearBridge Mid Cap 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.
• Performance was driven by strong results from recently acquired companies and existing holdings we have added to through the recovery from the COVID-19 pandemic.
• Our activity level remained high as we positioned the Strategy for a variety of post-pandemic outcomes, jettisoning stocks where visibility has evaporated and adding names with a better line of sight as well as those with the potential to improve in a cyclical recovery.
• We see resolution of the pandemic and the election as the two biggest unknowns in the near term.

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