VRT - ClearBridge SMID Cap Growth 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.
• SMID cap growth stocks regained comparative performance momentum compared to SMID cap value stocks, narrowing the recent gap in returns.
• Strategy performance during the quarter was supported by contributions from both disruptive growth companies that continue to thrive amidst growing digital transformation as well as more defensive health care companies.
• Pricing power is a key metric we are assessing among our portfolio holdings as we believe inflation is a more serious threat than policymakers are willing to admit. That said, we like our positioning for a period of rising inflation with companies able to push through price increases above input costs.

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