MILE - ClearBridge Small Cap Strategy Portfolio Manager Commentary Q1 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.
• Underlying the strong performance of small caps in the first quarter was a more than 16 percentage point outperformance for small cap value over small cap growth.
• The past year has been a remarkable period, during which every one of the factors involved in option valuation has been favorable.
• We are finding no lack of investments with current cash flows and asset values at attractive prices in the market.

For further details see: