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1Q 2015 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.
Watch online as a member of your investment team discusses the portfolio's performance and positioning.
Investment Strategy Spotlight
Global Opportunistic Fixed Income
Classic Large Cap Value
Global Sovereign Credit
Global Alternative Credit
Small Cap Value Equity
Global High Yield
Dynamic Large Cap Value Equity
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 -0.38 -0.49 -2.51 -2.05
YTD -0.38 -0.49 -2.51 -2.05
1 Year 1.96 1.51 -5.50 -4.65
3 Year 4.46 4.00 -1.64 -0.92
5 Year 7.25 6.77 1.42 2.03
7 Year 6.77 6.29 1.35 2.07
10 Year 7.03 6.54 3.09 3.61
Since Inception 8.59 8.05 4.73 5.11
Data as of 3/31/2015. 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) 22,364
Characteristics*
Avg. Quality A
Avg. Maturity (Years) 11.74
Avg. Modified Duration (Years) 6.29
Avg. Coupon (%) 4.49
Current Yield (%) 3.92
Yield to Maturity (%) 3.26
Number of Issues 69
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: 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 1.19 1.02 -0.72 0.95
YTD 1.19 1.02 -0.72 0.95
1 Year 8.85 8.10 9.33 12.73
3 Year 18.68 17.86 16.44 16.11
5 Year 14.46 13.67 13.75 14.46
7 Year 11.04 10.27 7.73 8.95
10 Year 10.36 9.60 7.21 8.01
Since Inception 10.91 10.15 7.88 8.30
Data as of 3/31/2015. 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) 6,499
Characteristics*
Price/Earnings 13.5
Price/Book 1.7
Price/Cash Flow 7.4
Dividend Yield (%) 2.3
Avg. Market Capitalization ($B) 98.7
Number of Securities 63
Turnover (% Last 12 Months) 36.9
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 -2.55 -2.65 -3.18
YTD -2.55 -2.65 -3.18
1 Year 2.05 1.64 -6.94
Since Inception 5.48 5.07 -1.85
Data as of 3/31/2015. 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) 2,611
Characteristics*
Avg. Quality A
Avg. Maturity (Years) 12.32
Avg. Modified Duration (Years) 7.12
Avg. Coupon (%) 5.66
Current Yield (%) 5.04
Yield to Maturity (%) 4.41
Number of Issues 29
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 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 1.95 1.63 1.53 0.65
YTD 1.95 1.63 1.53 0.65
1 Year 8.79 7.45 6.24 -2.25
3 Year 11.01 9.34 6.29 6.38
Since Inception 20.05 18.17 6.31 7.84
Data as of 3/31/2015. 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) 1,218
Characteristics*
Avg. Quality BBB-
Avg. Effective Duration (Years) 4.53
Avg. Coupon (%) 1.66
Yield to Worst (%) 3.16
Yield to Maturity (%) 3.18
Number of Issues 83
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
  • 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 0.39 0.14 1.98 4.32
YTD 0.39 0.14 1.98 4.32
1 Year 2.01 1.00 4.43 8.21
3 Year 12.61 11.50 14.79 16.27
5 Year 13.31 12.20 12.53 14.56
7 Year 11.94 10.84 8.93 10.46
10 Year 8.90 7.83 7.53 8.81
Since Inception 13.21 12.10 10.04 8.61
Data as of 3/31/2015. 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) 976
Characteristics*
Price/Earnings 16.5
Price/Book 1.5
Price/Cash Flow 7.4
Dividend Yield (%) 1.5
Avg. Market Capitalization ($B) 2.1
Number of Securities 91
Turnover (% Last 12 Months) 71.0
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 2.75 2.59 0.65 0.29
YTD 2.75 2.59 0.65 0.29
1 Year 0.71 0.06 -2.25 -2.59
3 Year 7.74 7.05 6.38 6.26
5 Year 10.39 9.69 7.92 7.57
Since Inception 10.34 9.63 8.44 8.11
Data as of 3/31/2015. 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) 561
Characteristics*
Avg. Quality BB-
Avg. Maturity (Years) 10.25
Avg. Modified Adj. Duration (Years) 3.57
Avg. Coupon (%) 6.34
Yield to Worst (%) 5.65
Yield to Maturity (%) 5.78
Number of Issues 63
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 2.38 2.19 -0.72 0.95
YTD 2.38 2.19 -0.72 0.95
1 Year 13.17 12.33 9.33 12.73
3 Year 21.21 20.32 16.44 16.11
5 Year 18.18 17.31 13.75 14.46
7 Year 13.13 12.30 7.73 8.95
Since Inception 11.14 10.32 5.33 6.95
Data as of 3/31/2015. 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) 316
Characteristics*
Price/Earnings 14.7
Price/Book 2.4
Price/Cash Flow 10.0
Dividend Yield (%) 1.8
Avg. Market Capitalization ($B) 84.9
Number of Securities 103
Turnover (% Last 12 Months) 59.3
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.