MLCO - ClearBridge Value Equity 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.
• A perceived shift in monetary policy and the emergence of the Delta variant has put a pause on the cyclical and value rotation, creating an opportunity for valuation-driven strategies.
• We expect an ESG-driven value cycle as the environmental focus of ESG will marry digital technologies with capital and resource-intensive investments in green infrastructure.
• The portfolio remains diversified among the mostattractive current valuation opportunities in the market:financials, energy, consumer recovery plays and large capbiotech and drug stocks.

For further details see: