SGRY - ClearBridge Select 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.
• A sharp market rotation tied to economic reopening caused low multiple stocks and laggards during the most restrictive stages of the COVID-19 pandemic to assume leadership from companies with the highest growth rates.
• The Strategy’s broad and balanced mandate allowed it to keep pace with the market, with contributions coming from a combination of reopening plays, cyclical stocks and COVID beneficiaries.
• We remained very active during the quarter, participating in a select number of SPAC IPOs as well as using volatility to establish new positions in attractively valued disruptors and companies indexed to a normalizing economy.

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