TSC - ClearBridge Small Cap Value Strategy Portfolio Manager Commentary Q2 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.
• It was the fifth consecutive quarter of gains for small cap value stocks, which have more than doubled in value since March 2020 and are up roughly 32% since the end of 2019.
• Our Strategy performed in line with its benchmark, helped by strong performance among consumer discretionary stocks.
• While speculative mania risks permanent loss of capital, we continue to find companies we believe will hold their value and provide investment dollars over the coming years.

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