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Announcements
  • 4Q 2014 Webcasts are now available in the "Webcasts" section of the site
Portfolio Reports
Monthly and quarterly details of your Brandywine Global investments, including performance, portfolio positioning and portfolio details
Portfolio Manager Commentary
Analysis and insight direct from your portfolio team on the market environment, portfolio performance, investment strategy and outlook
Topical Research Articles
Research articles authored by our portfolio teams covering a wide range of market and investment topics
Webcasts
Watch online as a member of your investment team discusses the portfolio's performance and positioning
Investment Strategy Spotlight
  
     
  
At a Glance
  • Primary Benchmark: Citigroup World Government Bond Index (unhedged) or other global bond benchmark, as specified by client direction
  • Universe: The sovereign debt and currencies of countries in the Citigroup World Government Bond Index, as well as the investment-grade corporate bond and mortgage-backed securities markets in those countries. We may also invest, to limited degrees, in emerging market and high yield debt, as well as in non-index countries rated A or better by a nationally recognized statistical rating organization
  • Real yield is our primary measure of value, followed closely by currency valuation. Inflation, monetary trends, political risks, the business cycle, and liquidity measures are also considered
  • We strive for efficient duration management and country rotation (driven primarily by currency considerations) to add incremental value
  • Investments typically are concentrated in 8-16 countries that we believe have the best total return potential
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD
0.14
0.03
-1.49
-1.44
YTD
6.84
6.36
-0.48
0.00
1 Year
6.84
6.36
-0.48
0.00
3 Year
5.73
5.26
-0.97
-0.23
5 Year
7.87
7.39
1.67
2.29
7 Year
7.15
6.68
3.06
3.57
10 Year
6.83
6.33
3.08
3.57
Since Inception
8.74
8.20
4.96
5.32

Data as of 12/31/2014. Index 1 = Citigroup WGBI (USD). Index 2 = 90% Citi WGBI / 5% ML High Yield / 5% JPM EMBI+.

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 1/1/1998
Strategy AUM ($M) 20,349
 
Characteristics*
Average Quality A
Average Maturity (Years) 11.09
Average Modified Duration (Years) 5.70
Average Coupon (%) 4.44
Current Yield (%) 3.93
Yield to Maturity (%) 3.42
Number of Issues 65
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.

At a Glance
  • Primary Benchmark: Russell 1000® Value Index
  • Universe: Companies with market capitalization in excess of $1 billion that we believe are substantially undervalued on a price-to-earnings (P/E), price-to-book (P/B), price-to-cashflow (P/CF), or other valuation basis. Dividend paying companies receive greater emphasis
  • Portfolio: Our portfolios are designed to be well-diversified and carefully structured with regard to economic sensitivity. Greater than 50% of companies will have a market capitalization in excess of $5 billion
  • We focus on industry leaders
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD
2.17
1.99
4.98
4.93
YTD
11.37
10.60
13.45
13.69
1 Year
11.37
10.60
13.45
13.69
3 Year
24.30
23.45
20.87
20.39
5 Year
15.76
14.96
15.42
15.44
7 Year
9.43
8.68
6.44
7.26
10 Year
10.41
9.65
7.30
7.67
Since Inception
11.06
10.30
8.15
8.40

Data as of 12/31/2014. Index 1 = Russell 1000 Value. Index 2 = S&P 500.

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 10/1/2004
Strategy AUM ($M) 6,311
 
Characteristics*
Price/Earnings 13.3
Price/Book 1.7
Price/Cash Flow 8.1
Dividend Yield (%) 2.3
Average Market Capitalization ($B) 102.7
Number of Securities 59
Turnover (% Last 12 Months) 37.0
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.

At a Glance
  • Primary Benchmark: Barclays Capital Global Sovereign Credit Index (60% Emerging / 40% Developed)
  • Real yield is our primary measure of value, followed closely by currency valuation. Inflation, monetary trends, political risks, the business cycle, and liquidity measures are also considered
  • Efficient duration management and country rotation add incremental value
  • Investments are typically concentrated in 10-14 countries deemed to have the best total return potential
Annualized Composite Returns
PERIOD GROSS NET INDEX 1
QTD
0.18
0.08
-3.21
YTD
10.93
10.49
-1.64
1 Year
10.93
10.49
-1.64
Since Inception
7.04
6.61
-0.83

Data as of 12/31/2014. Index 1 = Barclays 60/40 Sovereign Credit Index (USD).

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 5/1/2012
Strategy AUM ($M) 2,667
 
Characteristics*
Average Quality A
Average Maturity (Years) 11.27
Average Modified Duration (Years) 6.39
Average Coupon (%) 5.75
Current Yield (%) 5.21
Yield to Maturity (%) 4.83
Number of Issues 25
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.

At a Glance
  • Primary Benchmark: Russell 2000® Value Index
  • We expect to add value primarily through stock selection
  • We typically invest in 60-90 companies
  • The market capitalization of each of our holdings at purchase will be consistent with the capitalization range of the Russell 2000 Value Index (as of the latest index "reconstitution")
  • Cash and cash equivalents generally account for less than 5% of portfolio assets, although our cash position may vary based on the level of portfolio trading
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD
3.06
2.80
9.40
9.73
YTD
2.29
1.27
4.22
4.89
1 Year
2.29
1.27
4.22
4.89
3 Year
17.30
16.15
18.27
19.19
5 Year
14.90
13.77
14.25
15.54
7 Year
10.40
9.31
7.58
8.17
10 Year
8.60
7.53
6.88
7.76
Since Inception
13.37
12.26
10.07
8.48

Data as of 12/31/2014. Index 1 = Russell 2000 Value. Index 2 = Russell 2000.

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 10/1/1996
Strategy AUM ($M) 979
 
Characteristics*
Price/Earnings 14.7
Price/Book 1.5
Price/Cash Flow 6.8
Dividend Yield (%) 1.4
Average Market Capitalization ($B) 2.0
Number of Securities 86
Turnover (% Last 12 Months) 44.6
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.

At a Glance
  • Portfolio construction combines the Global Fixed Income team macroeconomic strategy with the quantitative and fundamental sector and security selection analysis of the High Yield Credit and Mortgage team
  • Yield, option-adjusted spread and expected total return adjusted for default probability are our primary measures of value
  • Portfolio normally consists of 20 to 50 positions
  • Investments typically are concentrated in sectors and individual issuers we believe offer the best total return potential
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD
-0.88
-1.19
1.52
-2.51
YTD
11.35
9.98
6.23
0.01
1 Year
11.35
9.98
6.23
0.01
3 Year
13.41
11.66
6.31
8.68
Since Inception
20.77
18.85
6.31
8.14

Data as of 12/31/2014. Index 1 = US 3 month LIBOR + 600bps. Index 2 = Barclays Global High Yield.

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 9/1/2010
Strategy AUM ($M) 837
 
Characteristics*
Average Quality BB
Average Effective Duration (Years) 3.15
Average Coupon (%) 1.14
Yield to Worst (%) 3.11
Yield to Maturity (%) 3.12
Number of Issues 68
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.

At a Glance
  • Primary Benchmark: Barclays Capital Global Unhedged High Yield Index or other high yield benchmark, as specified by client direction
  • Portfolio construction combines the Global Fixed Income team macroeconomic and currency strategy with the quantitative and fundamental sector and security selection analysis of the High Yield team
  • Yield, option-adjusted spread, and expected total return adjusted for default probability are our primary measures of value
  • Investments typically are concentrated in sectors and individual issuers that we believe offer the best total return potential
  • Portfolios normally consist of 50 to 100 corporate domestic and foreign issuers with position sizes limited to 5% at purchase
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD
-2.19
-2.35
-2.51
-2.41
YTD
1.02
0.37
0.01
-0.15
1 Year
1.02
0.37
0.01
-0.15
3 Year
8.61
7.91
8.68
8.68
5 Year
10.27
9.57
8.73
8.46
Since Inception
10.27
9.57
8.73
8.46

Data as of 12/31/2014. Index 1 = Barclays Global High Yield. Index 2 = BofA Merrill Lynch Global High Yield Index.

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 1/1/2010
Strategy AUM ($M) 573
 
Characteristics*
Average Quality BB-
Average Maturity (Years) 10.66
Average Modified Adjusted Duration (Years) 3.71
Average Coupon (%) 6.57
Yield to Worst (%) 6.66
Yield to Maturity (%) 6.78
Number of Issues 65
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.

At a Glance
  • Primary Benchmark: Russell 1000® Value Index
  • Universe: Large-capitalization U.S. common stocks
  • To be considered for purchase, a stock typically must fall in the bottom half or quartile of all price-to-earnings (P/E) or price-to-book (P/B) ratios in our universe depending on market conditions and also must qualify based on a multifactor algorithm
  • Our primary focus is to exploit quantitative investment opportunities identified by our proprietary multifactor model
  • All stocks are purchased on a capitalization-weighted basis
  • While cash is a residual of the investment process, portfolios are managed with the goal of remaining fully invested at all times
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD
5.07
4.87
4.98
4.93
YTD
11.80
10.98
13.45
13.69
1 Year
11.80
10.98
13.45
13.69
3 Year
24.68
23.76
20.87
20.39
5 Year
19.05
18.18
15.42
15.44
7 Year
11.56
10.73
6.44
7.26
Since Inception
11.18
10.36
5.59
7.04

Data as of 12/31/2014. Index 1 = Russell 1000 Value. Index 2 = S&P 500.

Data and returns shown in $USD terms.

*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.


Inception 1/1/2007
Strategy AUM ($M) 308
 
Characteristics*
Price/Earnings 14.0
Price/Book 2.1
Price/Cash Flow 10.2
Dividend Yield (%) 1.9
Average Market Capitalization ($B) 81.4
Number of Securities 104
Turnover (% Last 12 Months) 52.5
 
Additional Information
Strategy Overview GIPS-Compliant Performance Disclosure Portfolio Allocation
Portfolio Manager Commentary Investment Team Download the Fact Sheet

Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets.