SHLS - ClearBridge SMID Cap Growth Strategy Portfolio Manager Commentary Q3 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 Strategy delivered positive returns and outperformed the benchmark due to strength among our health care names, which demonstrated resilience as providers of key products and services to enable scientific breakthroughs.
• Results were mixed among our cohort of IT and Internet companies, with enterprise software makers thriving while more consumer-oriented stocks faced headwinds.
• The initial public offering market remained active with $27 billion in deals during the quarter, yet we maintained a selective approach in assessing new issues.

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