V - ClearBridge  Large Cap Value 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.
• U.S. equities overcame a new COVID-19 variant, sharply higher inflation data and a decidedly more hawkish Fed outlook to make strong gains in the fourth quarter and year.
• The Strategy outperformed for the year, driven in part by long-term holdings within the technology sector that are not household names.
• The pandemic created opportunities for us to be more aggressive in a variety of areas of the market, including travel- and payments-related companies and more defensive areas.

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