FTDR - Clearbridge Small Cap 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 stocks had a rough ride during the first quarter, as increases in market volatility and investor uncertainty from major macro catalysts weighed on performance.
• The process of ending a decade of cheap and available capital has begun, creating headwinds that pose a challenge for the market as a whole.
• Our charge of constructing a portfolio of high-quality companies at attractive valuations is a never-ending process, and we remain vigilant in searching for outstanding value.

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