VST - ClearBridge Value Equity Strategy Portfolio Manager Commentary Q1 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.
• Value and recovery stocks have started to climb and should continue to as the negative demand shock of COVID-19 gives way to a positive demand shock from a reawakening economy.
• In terms of equity duration, all else equal, higher rates are considered neutral to positive for short-duration value stocks and negative for long-duration growth stocks.
• We have remained active in the current environment, adding 14 new names, which is unusually high for us, but reflects the current breadth of valuation opportunities we are seeing.

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