This video replay represents statements made live on 5/5/2011.
The views expressed are those of the portfolio manager as of May 5, 2011 and are subject to change based on market and other conditions. These views may differ from other portfolio managers or the firm as a whole, and are not intended to be a forecast of future events, a guarantee of future results or investment advice. The mention of any individual securities or sectors should neither constitute nor be construed as a recommendation to purchase or sell such securities, and the information provided regarding such individual securities is not a sufficient basis upon which to make an investment decision.
The information provided is intended solely to describe the managers' management style, investment strategies and securities selection process, and does not have regard to specific investment objectives, financial situation and particular needs of any specific person who may receive it. The information provided does not constitute, and should not be construed as, an offer or solicitation with respect to any securities, products or services mentioned or discussed.
Past performance is no guarantee of future results. Any statistics have been obtained from sources the portfolio managers believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed. All investments involve risk, including possible loss of principal.
Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.
ClearBridge Multi Cap Growth Portfolios: In addition to large-capitalization companies, investments may include stocks of mid- and small-capitalization companies, which tend to involve more risk and volatility than stocks of larger companies.
Because Multi Cap Growth investments may be concentrated in a limited number of industries and companies and may include small- and medium-capitalization companies, this program involves substantial risk. Investors should consider their ability to assume this heightened risk before opening a Multi Cap Growth account. Certain limits on the amount of investment in any one company may cause individual MCG investment portfolios to vary from each other and thus the performance results of such portfolios may also vary from each other, particularly when combined with the price volatility of stocks in such portfolios.
Investments may be made in ADRs and U.S.-traded ordinary shares of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuations, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets.
Performance
For the most recent information, please visit https://individualinvestor.myleggmason.com/
Definitions
Bottom-up investing is a search for outstanding performance of individual stocks before considering the impact of economic trends.
Top-down refers to an investing style that begins with an assessment of trends in the general economy, followed by selecting those investments that the manager believes will most likely benefit from those trends.
Growth stocks are shares of companies believed to exhibit the potential for faster-than-average growth within their industries. Growth stocks generally provide an opportunity for more capital appreciation than fixed income investments but are subject to greater market fluctuations.
Quantitative easing (QE) is an unconventional monetary policy used by some central banks to stimulate their economy when conventional monetary policy has become ineffective. The central bank buys government bonds and other financial assets, with new money that the bank creates electronically, in order to increase money supply and the excess reserves of the banking system. QE2 refers to the second round of quantitative easing.
Turnover is a measure of a fund's trading activity during its previous fiscal year, expressed as a percentage of its average total assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio's holdings that have changed over the past year. There is no assurance that a fund will maintain its current level of turnover.
The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. Please note an investor cannot invest directly in an index.
The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S. Please note an investor cannot invest directly in an index.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Legg Mason Investor Services, LLC and ClearBridge Advisors, LLC are subsidiaries of Legg Mason, Inc.
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