Despite limited mega cap exposure, the ClearBridge All Cap Growth Strategy held its own through the shift in market leadership. The combination of underweights to Apple and Microsoft, as well as the reclassification of payment providers PayPal (PYPL) and Visa (V) from IT to financials, caused the Strategy to finish the quarter close to 550 bps underweight IT. While diversification goals limit the Strategy from maintaining market weights in the index's largest components, our positioning also reflects caution as we anticipate further multiple compression and earnings pressure among IT and shadow tech stocks due to exposure to economically-sensitive end markets."