RIVN - ClearBridge Select Strategy Portfolio Manager Commentary Q4 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’s higher growth disruptors faced headwinds as fears of higher interest rates and the end of abundant liquidity led to a sharp rotation out of higher multiple and smaller cap stocks.
• Our active repositioning over the last 18 months shone through with the solid performance of compounders and evolving opportunities in financials, energy and other cyclical areas.
• We took a selective and methodical approach to newissues, participating in a dozen IPOs for the year anddelivering solid results compared to the overall IPO market.

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