SYNH - ClearBridge Small Cap Growth 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.
• While mean reversion led to a September rally for value stocks across U.S. equity markets broadly, growth outperformance persisted among small caps.
• We made six additions during the quarter, largely financed through trimming successful existing holdings, with our purchases centered in health care and technology.
• The Strategy, which customarily lags in strong up markets and defends well in sharply lower markets due to our quality bias, outperformed the benchmark meaningfully in a quarter of above-average returns.

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