SVFAW - ClearBridge Select 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 outperformed in a second-quarter rotation into growth stocks, fueled by a comeback in the higher growth disruptors we have owned for a number of years.
• We took advantage of attractive entry points and a robust new issue market to increase our exposure to disruptors, participating in several IPOs and a private placement in companies using technology to increase efficiency across industries.
• Over the last year, the market has overlooked what we view as compelling opportunities among steady compounders, an area where we are looking to add more exposure.

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