BJ - ClearBridge Small Cap Growth Strategy Portfolio Manager Commentary Q3 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.
• Small cap stocks, especially in the growth camp, underperformed larger companies in a turbulent period where robust corporate results were offset by supply chain, growth and policy concerns.
• The Strategy held up better than the benchmark, supported primarily by contributions among our technology and health care companies.
• We have continued to winnow back our larger cap companies and redeploy assets to constrain market cap in the Strategy while selectively tapping an active IPO market.

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