XMTR - Clearbridge Small Cap Growth Strategy Portfolio Manager Commentary Q1 2022

• 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 growth stocks entered bear market territory during the quarter, buffeted by the prospects of monetary tightening, spiking inflation and the uncertainties wrought by Russia’s invasion of Ukraine.
• Many of the Strategy’s stellar performers during 2021 faced “tough comps” heading into 2022, which negatively impacted performance versus the benchmark.
• We added two new positions, and exited six, to keep the portfolio focused on companies where we have the highest conviction and manage risk through what could be an extended period of macro and business uncertainty.

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