VRT - ClearBridge Mid Cap Strategy Portfolio Manager Commentary Q2 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 took a pause as some of our best performing stocks over the last several quarters lagged in a strong up market.
• We remained active in seeding the portfolio, adding five new positions while exiting three others.
• Pricing power is a key metric we are assessing among our portfolio holdings as we believe inflation is a more serious threat than policymakers are willing to admit. That said, we like our positioning for a period of rising inflation with companies able to push through price increases above input costs.

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