APG - ClearBridge SMID Cap Growth Strategy Portfolio Manager Commentary Q1 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 outperformed through a rotation out of growth stocks as our preference for sturdy fundamentals and value-creating management teams provided ballast amid rising speculation in lower-quality names.
• We established nine new positions during the quarter across five sectors, increasing our exposure to innovative growth companies and those geared for a reopening of the economy.
• Recent results reflect the work done over the last several quarters to maintain diversified exposure to small and mid-cap growth companies while paying close attention to risk.

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