MLCO - ClearBridge Value Equity Strategy Portfolio Manager Commentary Q3 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 catalyst of Vaccine Monday, valuation extremes between growth and value stocks and a rotation in market leadership into traditional value sectors are all indicative that we are transitioning into a new market cycle.
• We think the big driver of change will be the trillions of dollars spent on the global energy transition, shifting the economy to investing in an intelligent and updated electric grid that can handle the added complexity of renewable energy sources.
• We are refining our portfolio positioning and composition to reflect more historical levels after using our valuation discipline to take advantage of record high volatility during parts of the last year.

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