ClearBridge International Value 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.

While improving earnings and rising bond yields usually favor value stocks, concerns about a second virus wave and renewed lockdowns led to another quarter of strong outperformance for growth.

The powerful trends of digitalization expanding beyond technology and transformational infrastructure projects in green energy and transportation set the stage for long-term growth of the real economy.

We are preparing for an improvement in the value cycle by focusing on cyclical companies with solid dividends, strong free cash flows and low embedded growth expectations.

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