WAL - ClearBridge SMID Cap Growth 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.
• A focus on de-risking investments prior to purchase and managing position sizes has supported absolute and relative results through recent market turbulence.
• With this mosaic as backdrop, we continued to find companies with disruptive products and services, sound leadership and capital adequacy, adding six new positions.
• Small and mid cap growth stocks are expected to deliver higher earnings growth rates relative to larger companies and remain positioned at the nexus of innovation.

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