DRI - ClearBridge Value Equity 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.
• We believe the shift from pandemic to endemic, and resulting recovery in services and travel, will be the next big event of this new market cycle; the valuation upside in select recovery stocks is still extremely compelling.
• Fundamental improvements in our holdings drove returns, rather than valuation expansion, with energy and financials as key examples.
• Despite the positive returns, the valuation of the portfolio is more attractive entering 2022 than it was last year.

For further details see: