MELI - ClearBridge Select 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.
• In a narrow market concentrated in mega cap stocks, the Strategy managed to outperform with diversified contributions from small to large cap companies across nine sectors.
• We continued to seed the portfolio with 12 new investments in the quarter, one third being initial public offerings.
• We trimmed positions in some of our best performers in the disruptors group, shifting proceeds into more cyclically sensitive and attractively valued investments in the stable compounders and evolving opportunities areas.

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