RTX - ClearBridge Value Equity Strategy Portfolio Manager Commentary Q3 2020

• 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 investing world has never expected less of U.S. value stocks relative to U.S. growth stocks, but the value tail of the distribution may be where the real opportunity lies, and it is where fewer and fewer investors are looking.
• Value isn’t a homogenous basket of dead zombie companies; there are many value stocks earning solid returns on capital, generating ample earnings and free cash flow and paying down debt.
• As another layer of portfolio diversification and robustness, we are balancing the continued negative price momentum in deep value sectors, primarily in energy and financials, with value names that are starting to rebound powerfully.

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