CDRE - ClearBridge Small Cap Value Strategy Portfolio Manager Commentary Q4 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.
• The outperformance of value over growth in 2021 comes after four straight years of underperformance by the value index, and both indexes now contain many companies that aren’t self-financing or are very overvalued.
• The trend of a decline in public companies that started in the 1990s has reversed, as 2021 witnessed a two-decade record in number of offerings.
• A bigger pool of investment candidates and alternative ways to close price-to-value gaps tend to be positive contributors for the Strategy.

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