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Legg Mason Clearbridge U.S. Equity Sustainability Leaders Fund

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Legg Mason Clearbridge U.S. Equity Sustainability Leaders Fund Legg Mason ClearBridge U.S. Equity Sustainability Leaders Fund August 2019 The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested. This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients. ClearBridge Investments A Distinguished History in Equity Investing About Us Asset Growth Over Time • Well-established global investment manager with a legacy dating back more than 160 $146.4 $137.0 50 years 140 $125.5 $114.6 $112.4 • Headquartered in New York and operating from Baltimore, London, San Francisco 120 $107.5 $89.9 and Wilmington 100 80 $57.2 60 • Operating with investment independence, wholly-owned subsidiary of Legg Mason Billion $ 40 20 Culture of Longevity and Consistency 0 2012 2013 2014 2015 2016 2017 2018 2019 • Portfolio management team averages 28 years of investment industry experience YTD and 20 years with the Firm • Investment continuity ensured through team management and a commitment to Assets by Client Type internal promotion Client Focus Institutional • Alignment of interests with our clients across every aspect of our business, from $46.2 generating consistent investment performance to promoting sustainable business practices and delivering exceptional client service Intermediaries • Ongoing centrally deployed research and risk management functions ensure $96.0 Offshore constant diligence $4.2 B1 Institutional $31.5 Billion Data as of June 30, 2019. 1Represents funds only – Institutional includes offshore AUM of approximately $1.0 billion. 3 What is Environmental, Social & Governance (ESG) Investing? Performance Risk Companies with positive environmental, social Companies with negative and governance attributes are more likely to ESG characteristics represent significant risk to outperform their peers over the long term shareholder value Fundamentals Active Ownership ESG analysis is integral to understanding the Active ownership – active proxy voting and fundamentals of a business, leading to a broader engagement with companies to improve view of companies and industries and ESG practices – is an essential aspect of active contributing to better investment decisions investment management 4 ESG Integration Models Model 1 Model 2 ClearBridge Model Third party Segregated One team integrating ESG research internal ESG ESG and fundamental firm research team research Preferred approach to ESG integration: • Same person (investment professional) doing fundamental ESG research • ESG considerations influence fundamental view of company • ESG issues brought up in CEO/CFO engagements vs. separate ESG engagements 5 ESG Integration into Fundamental Research at ClearBridge Proprietary ESG Rating System B A AA AAA Flagged Beginner Intermediate Best in Class Company that has Company recognizes Company sees value Company has integrated not focused on potential to capitalize in ESG factors, has ESG strategy into its ESG, has a poor on ESG begun to incorporate business model, usually with ESG record or improvements. sustainability into full CEO and/or employee operates in an business operations support, formally measures unsustainable and products, and sustainability efforts and industry. has started reporting proactively communicates to its progress. investors. Often, these are companies that are providing goods and services that have a positive effect or impact on society or industry. Progression 6 ESG Considerations Vary by Sub-Sector Sample Sector Considerations Retailer Software and Technology Services Green Buildings, HVAC, Power Energy Management, Efficiency, Retail Footprint, Waste and Wastewater Packaging, Transportation Management Environmental Hourly Wages Supply Chains Data Security Social Employee Productivity Gender Diversity Systemic Risk Management Board Independence Competitive Behavior Executive Compensation Governance 7 Portfolio Management Team Sustainability Leaders Strategy Industry ClearBridge Name and Position Education, Experience and Professional Designations Experience Tenure Derek Deutsch CFA 20 years • Joined predecessor in 1999 • Member of the CFA Institute Managing Director, • Member of the CFA Society New York Portfolio Manager • Special Assistant, U.S. Department of Health and Human Services, Washington, DC • Journalist, health care policy, American Political Network, Washington, DC • MBA from Georgetown University • BA from Brown University Mary Jane McQuillen 23 years • Joined predecessor in 1996 • Professional Organization Memberships: UN PRI Listed Equities Steering Committee & ESG Managing Director, • Member of Proxy Committee Integration Sub-Committee, Member of the Board of Directors, Sustainable Investments Institute Head of ESG (Si2) Investment, Portfolio • Former Member of the Board of Directors, Investor Responsibility Research Center Institute Manager (IRRC), Former Board Member, CFA Society New York, Former Board Member, Forum for Sustainable and Responsible Investment (US SIF) • Smith Barney Inc. – Business Unit Analyst • MBA in Finance from Columbia Business School • BS in Finance from Fordham University 8 Portfolio Management Team Sustainability Leaders Strategy Industry ClearBridge Name and Position Education, Experience and Professional Designations Experience Tenure Benedict Buckley CFA 6 years • Joined ClearBridge in 2013 • Member of the CFA Institute Vice President, Portfolio • Member of the CFA Society New York Analyst • World Resources Institute – Associate • Trucost – Senior Research Analyst • Kigio Wildlife Conservancy – Rothschild Giraffe Project Manager • Forum for the Future – Research Assistant • MSc in Environmental Technology from Imperial College London • BSc in Biology from University of Manchester Kimberly Gifford CFA 7 years • Joined ClearBridge in 2015 • Member of the CFA Institute Assistant Vice • ClearBridge Investments - Research Associate, Industrials Sector President, Portfolio • Elm Ridge Capital – Equity Research Associate Analyst • BS in Applied Accounting and Finance from Fordham University 9 Executive Summary Sustainability Leaders Strategy • All cap portfolio integrating in-depth financial and ESG research to identify companies that are leaders, or emerging leaders, in their sustainability profile and policies • Employ both quantitative and fundamental analysis to identify high-quality companies with attractive valuations, strong fundamentals, and management teams that allocate capital effectively • Concentrated portfolio of 30-50 high-conviction investments across a broad range of industries • Long-term investment horizon with low anticipated turnover • Integrated ESG and fundamental analysis to identify companies that display ESG leadership characteristics and have attractive risk/reward attributes • Derive the majority of risk from stock selection 10 Investment Process Overview ClearBridge Sustainability Leaders • Russell 3000 and ADRs traded on the major U.S. exchanges Initial Universe • Quantitative analysis to identify companies with quality attributes: Step 1 high returns on capital, strong balance sheets, efficient capital allocation, attractive Quantitative Analysis valuations Step 2 • Integrated ESG and fundamental analysis to identify companies that display ESG Proprietary ESG and leadership characteristics and have attractive risk/reward attributes Fundamental Analysis • Assignment of proprietary ClearBridge ESG rating (A, AA, AAA) Step 3 • Construct concentrated portfolio of high conviction holdings with a multi-year investment horizon Portfolio Construction while applying risk controls to ensure the majority of risk is derived from stock selection and Risk Management Step 4 • Engage management to further develop ESG leadership and prudent financial management Engagement, Portfolio • Continuously review investment positions using both quantitative and fundamental techniques Review and Sell Discipline 11 Fundamental Analysis and ESG Integration Companies with strong ESG and fundamental attributes Industry Analysis Business Model Analysis Management Analysis • Relevant ESG factors • Product quality and impact • Evidence of sustainability strategy • Competitive dynamics • Sustainable competitive advantage • Soundness of strategic plan • Industry concentration • Capital intensity • Record of success • Customers and suppliers • Capital structure • Capital discipline • Cyclicality • Incentives/stock ownership • Secular outlook • Profitability and drivers • Return on assets, equity, invested capital • Recurring revenue • Growth potential Valuation • Cash-on-cash returns • Market implied growth and returns vs. our expectations • Multiple analysis vs. peers and history • Intrinsic value • Risk/reward under bull and bear scenarios Action/No Action 12 Case Study Trex (TREX) Investment Thesis ESG Rating Rationale Company Background • Accelerating revenue growth with successful marketing • Composite deck products are made from blend of recycled Manufacturer and marketer of wood campaign against natural lumber wood and plastic film. One of the largest recyclers of plastic alternative decking products made in the U.S., a position that grows in importance as China • Taking market share from composite competitors from recycled wood fibers and plastic stops accepting scrap plastics for residential and commercial • High incremental gross margins from manufacturing • Use of Trex products contributes to LEED certification for customers efficiencies and improving capacity utilization
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