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2Q 2016 Webcasts are now available in the "Webcasts" section of the site.
Monthly and quarterly details of your Brandywine Global investments, including performance, portfolio positioning and portfolio details.
Analysis and insight direct from your portfolio team on the market environment, portfolio performance, investment strategy and outlook.
Research articles authored by our portfolio teams covering a wide range of market and investment topics.
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Investment Strategy Spotlight
Global Opportunistic Fixed Income
Global Sovereign Credit
Diversified Small Cap Value Equity
Global Multi-Sector Income
Global Alternative Credit
Dynamic Large Cap Value Equity
Global High Yield
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 1.66 1.54 3.41 3.67
YTD 10.61 10.37 10.74 10.76
1 Year 5.51 5.04 11.26 10.88
3 Year 2.81 2.35 2.64 2.95
5 Year 4.43 3.97 1.18 1.68
7 Year 7.30 6.82 2.73 3.39
10 Year 6.72 6.24 4.21 4.60
Since Inception 8.10 7.57 4.92 5.26
Data as of 6/30/2016. 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) 25,720
Characteristics*
Avg. Quality A
Avg. Maturity (Years) 12.82
Avg. Modified Duration (Years) 7.01
Avg. Coupon (%) 4.75
Current Yield (%) 4.29
Yield to Maturity (%) 3.91
Number of Issues 99
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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 2.14 1.96 1.52
YTD 11.59 11.21 9.66
1 Year 3.57 2.85 3.88
3 Year 2.49 1.77 -0.23
Since Inception 4.00 3.28 -0.60
Data as of 6/30/2016. 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) 3,170
Characteristics*
Avg. Quality A+
Avg. Maturity (Years) 11.70
Avg. Modified Duration (Years) 6.81
Avg. Coupon (%) 5.14
Current Yield (%) 4.48
Yield to Maturity (%) 3.59
Number of Issues 31
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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
  • Universe: Small-capitalization U.S. common stocks
  • We purchase stocks with a low valuation based on either P/E or P/B that pass through our quantitative and fundamental deselection processes
  • Our portfolios generally purchase all holdings on a capitalization-weighted basis
  • Cash is residual of the investment process, and we manage portfolios with the goal of remaining fully invested at all times
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD 1.25 1.05 4.31 3.79
YTD 3.66 3.25 6.08 2.22
1 Year -1.12 -1.91 -2.58 -6.73
3 Year 9.07 8.21 6.35 7.08
5 Year 10.62 9.75 8.14 8.34
7 Year 15.40 14.50 13.51 13.93
10 Year 5.89 5.05 5.15 6.19
Since Inception 11.26 10.39 10.33 9.21
Data as of 6/30/2016. Index 1 = Russell 2000 Value. Index 2 = Russell 2000.
Data and returns shown in $USD terms.
*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
Inception 10/1/1988
Strategy AUM ($M) 1,857
Characteristics*
Price/Earnings 15.2
Price/Book 1.3
Price/Cash Flow 8.9
Dividend Yield (%) 1.6
Avg. Market Capitalization ($B) 1.5
Number of Securities 407
Turnover (% Last 12 Months) 57.2
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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
  • The investment objective for the strategy is to generate a high and consistent level of income in all market conditions over a full market cycle with a secondary objective of capital preservation
  • Portfolio construction combines the Global Fixed Income team's macroeconomic, country, and currency themes with the quantitative and fundamental sector and security selection analysis of the Global Credit team
  • Derivatives may be used to enhance credit exposure in advantageous market conditions or, more commonly, as a hedging mechanism to protect principal during market drawdowns, manage portfolio volatility, and dampen idiosyncratic market risks
  • Investments typically are concentrated in sectors and individual issuers that we believe offer the best combination of yield and total return potential while minimizing potential loss
  • Portfolios normally consist of 50 to 100 corporate, sovereign, or securitized issues from domestic and foreign issuers
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD 3.43 3.20 0.16 4.43
YTD 8.74 8.26 0.31 8.73
1 Year 4.28 3.35 0.50 3.76
3 Year 5.17 4.23 0.33 4.35
Since Inception 4.51 3.58 0.33 3.54
Data as of 6/30/2016. Index 1 = US 3 month LIBOR. Index 2 = Barclays Global High Yield.
Data and returns shown in $USD terms.
*Supplemental Information. Please refer to our GIPS compliant presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
Inception 4/1/2013
Strategy AUM ($M) 1,055
Characteristics*
Avg. Quality BBB+
Avg. Maturity (Years) 11.52
Avg. Modified Adj. Duration (Years) 9.58
Avg. Coupon (%) 5.17
Yield to Worst (%) 4.44
Yield to Maturity (%) 4.48
Number of Issues 70
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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 40 to 70 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 0.55 0.24 1.62 4.43
YTD 0.27 -0.35 3.26 8.73
1 Year -3.79 -4.99 6.50 3.76
3 Year 4.36 2.90 6.32 4.35
5 Year 7.92 6.28 6.34 5.70
Since Inception 14.30 12.54 6.34 7.01
Data as of 6/30/2016. 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) 681
Characteristics*
Avg. Quality BB-
Avg. Effective Duration (Years) 6.36
Avg. Coupon (%) 3.70
Yield to Worst (%) 5.53
Yield to Maturity (%) 5.53
Number of Issues 58
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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
  • We purchase stocks with attractive valuations as indicated by either a low P/E or P/B and with high rankings based on our quantitative multifactor score.
  • The factor weights in our multifactor score vary depending on market conditions as determined by our dynamic shifting tool.
  • Our portfolios generally purchase all stocks on a capitalization-weighted basis.
  • Cash is residual of the investment process. We manage portfolios with the goal of remaining fully invested at all times.
Annualized Composite Returns
PERIOD GROSS NET INDEX 1 INDEX 2
QTD -1.78 -1.96 4.58 2.46
YTD -1.05 -1.42 6.30 3.84
1 Year -6.70 -7.40 2.86 3.99
3 Year 9.61 8.80 9.86 11.64
5 Year 12.98 12.14 11.34 12.09
7 Year 16.26 15.40 14.49 14.91
Since Inception 8.87 8.07 4.93 6.47
Data as of 6/30/2016. 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) 514
Characteristics*
Price/Earnings 12.6
Price/Book 2.6
Price/Cash Flow 8.7
Dividend Yield (%) 2.5
Avg. Market Capitalization ($B) 67.6
Number of Securities 105
Turnover (% Last 12 Months) 120.4
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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 3.13 2.96 4.43 4.45
YTD 7.47 7.13 8.73 8.54
1 Year -0.11 -0.76 3.76 2.21
3 Year 3.78 3.11 4.35 3.69
5 Year 6.22 5.54 5.70 5.25
Since Inception 8.40 7.70 7.58 7.10
Data as of 6/30/2016. 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) 493
Characteristics*
Avg. Quality BB-
Avg. Maturity (Years) 8.80
Avg. Modified Adj. Duration (Years) 6.60
Avg. Coupon (%) 6.04
Yield to Worst (%) 5.79
Yield to Maturity (%) 5.87
Number of Issues 77
Additional Information

Overview

GIPS Composite

Allocation

Commentary

Team

Factsheet
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.