ClearBridge International Small Cap Strategy Portfolio Manager Commentary Q2 2019

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Includes: AGI, AVACF, CELTF, CIMEF, CUPHF, DNACF, DURXF, EGFEY, GMVHF, GRVVF, LXFR, MAWHF, NG, NPSHY, NXEPF, ONXXF, PBYYF, TBAKF
by: ClearBridge Investments
Summary

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.

As value reached historical gaps with other investment factors, global policymakers began to reverse course in favor of lower rates, higher inflation and increased fiscal spending.

Performance was hurt primarily by the portfolio's exposure to China, where trade tensions continue to take a toll on smaller companies.

Positive 2Q contributions from our real estate, materials and energy holdings and our pro-cyclical positioning bode well for a value comeback.