Fixed Income

Legg Mason Brandywine Global Income Optimiser Fund

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Morningstar Rating

Legg Mason Brandywine Global Income Optimiser Fund
Investment Objective
The Fund’s investment objective is to seek 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. 
Highlights
  • Aims to provide an attractive and stable income by investing across diverse sources of income in global fixed income markets
  • Seeks the best global income opportunities, with a strong focus on protecting capital
  • Seeks to limit downside risk by rotating risk across different sectors of the fixed income market and through tactical hedging of credit and interest rate risk 

  • Risks   

    It is important to understand that the value of the investments may go up and down, investment returns are not guaranteed and investors may lose some of their money. The appropriate level of risk for each person depends on a range of factors, including age, investment time frame and the investor’s risk tolerance.

    For more detailed information relating to the risks of the Fund, please refer to the relevant Product Disclosure Statement.

Annualised Performance (%)

As of
The reported share class has insufficient data history to be able to show past performance.
1-y % 3-y % 5-y % 10-y % Inception

Calendar Performance

As of 
Calendar performance data is not available for selected share class
The reported share class has insufficient data history to be able to show past performance.

(As of ) At NAV excluding sales charges
The reported share class has insufficient data history to be able to show past performance.

  • Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The returns shown have been calculated using the net asset value of the Fund from one period to the next and are after fees and expenses. The return of capital is not guaranteed.

Rolling 12 Month Performance

As of
Annual discrete performance data is not available for selected share class
The reported share class has insufficient data history to be able to show past performance.

(As of ) At NAV
The reported share class has insufficient data history to be able to show past performance.

Cumulative Performance

As of
The reported share class has insufficient data history to be able to show past performance.
YTD % 1-m % 3-m % 1-y % 3-y % 5-y % 10-y %

  • Past Performance is not a reliable indicator of future performance. Please note all performance figures are quoted net of fees.

Daily Statistics

As of
Daily Statistics data is not available for selected share class
Entry Price -
Exit Price -
Total AUM -

Fund Facts

Share class inception date
APIR code
Distribution frequency
Management Cost (%)
Performance Fee
Buy/Sell spread (%)
Suggested investment timeframe
Unit price frequency

  • Management costs and Buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

Three-Year risk statistics (Annualised)

As of
Three Year Risk Statistics data is not available for selected share class
Risk adjusted alpha
Beta
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Literature

Product Literature

Forms & Applications

Regulatory Documents

Featured Documents

Legg Mason Brandywine Global Income Optimiser Fund - Video

Gary Herbert, Portfolio Manager and Head of Global Credit, Brandywine Global, gives a Fund update and discusses the outlook.

Portfolio Characteristics

Portfolio statistics

As of
Number of Holdings
Current Yield (%)
Effective Duration
Average Credit Quality
Weighted Average Maturity
Percentage of Top 10 Holdings (%)

Sector breakdown (%)

As of 31/10/2019
Corporate Bond 54.09
Government Sovereign 25.09
Mortgage Backed Securities 13.49
Credit Default Swap 0.34
Currency Forwards 0.19
Bond Futures 0.04
Cash 6.76

Currency exposure

As of 31/10/2019
Australian Dollar 99.54
Egyptian Pound 6.02
Brazilian Real 2.98
Mexican Peso 2.95
Euro 0.27
Japanese Yen 0.11
US Dollar -11.88

Credit quality breakdown (%)

As of 31/10/2019
AAA 16.54
AA 4.83
A 23.83
BBB 29.87
BB 11.83
B 6.31
Cash 6.80

Country of issue (%)

As of 31/10/2019
United States 74.33
Brazil 2.98
Egypt 2.96
Mexico 2.95
France 2.15
Germany 1.65
Australia 1.64
United Kingdom 1.39
Italy 1.26
Canada 0.99
Japan 0.74
Currency Forwards 0.19
Cash & Cash Equivalents 6.76

  • Portfolio holdings and allocation breakdowns are subject to change at any time without notice. The information provided is provided for information purposes only and should not be considered a recommendation to purchase or sell any particular security in the industries shown. Due to rounding totaled percentages may not equal 100%.

    A negative cash position may be apparent, which is primarily due to the Fund's unsettled trade activity. This is a more concise approach to defining the cash position and it best represents sector exposures in the Fund.

Acting with conviction and discipline, we look beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income, equity, and alternative solutions.

Gerhardt (Gary) P Herbert, CFA

Portfolio Manager

With firm since 2010

Anujeet Sareen, CFA

Portfolio Manager

With firm since 2016

Jack P McIntyre, CFA

Portfolio Manager

With firm since 1998

Tracy Chen, CFA, CAIA

Portfolio Manager, Structured Credit

With firm since 2008

Brian L Kloss, JD, CPA

Portfolio Manager

With firm since 2009

Holdings

Top 10 Holdings (%)

As of 31/10/2019
US TREASURY NOTE 2.3750% Mat 05/15/2029 10.00
SECRETARIA DO TESOURO NACIONAL NOTA DO TESOURO NACIONAL 10.0000% Mat 01/01/2023 2.96
EGYPT TREASURY BILL 0.00PCT MA 0.0000% Mat 11/05/2019 2.94
MEXICO ST 8.5% 05/31/29 2.94
SEQUOIA MORTGAGE TRUST SERIES 4.0000% Mat 12/25/2047 2.65
FRENCH RE 2% 05/25/48 2.14
US TREASURY FRN MATURING 31/10 1.9267% Mat 10/31/2021 1.97
J P MORGAN MTG SRS07-CH3 CLS A 2.1014% Mat 03/25/2037 1.97
DIAMOND 1 FINANCE 6.02PCT MAT 6.0200% Mat 06/15/2026 1.88
APPLE INC 1.70PCT MATURING 11/ 1.7000% Mat 09/11/2022 1.86

  • Portfolio holdings are subject to change at any time without notice. The information provided is provided for information purposes only and should not be considered a recommendation to purchase or sell any particular security. Due to rounding totaled percentages may not equal 100%.

Qualitative & Quantitative Ratings

  • You should refer to respective research houses (and their disclaimers on this page) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date(s) stated. 

  • Brandywine Global

    Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value. Since 1986, Brandywine Global has provided a range of differentiated fixed income, equity and alternative solutions from its headquarters in Philadelphia, USA and offices around the globe. 

  • About Legg Mason

    Guided by a mission of Investing to Improve LivesTM, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason has won the Fund Manager of the Year three times over the last four years in 2015, 2017 and 2018.

  • 2019 FE Money Management. All rights reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE Money Management and Lonsec (2) may not be copied or redistributed (3) do not constitute investment advice offered by FE Money Management or Lonsec (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security (5) are not warranted to be correct, complete, or accurate. FE Money Management and Lonsec shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE Money Management and Lonsec does not guarantee that a fund will perform in line with its Fund Manager of the Year award as it reflects past performance only. Likewise, the Fund Manager of the Year award should not be any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

  • The Professional Planner | Zenith Fund Awards are determined using proprietary methodologies. Fund Awards were issued October 2017, 2016 and 2015 and are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only. 

  • The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http:// www.zenithpartners.com.au/RegulatoryGuidelines.

  • Legg Mason Asset Management Australia Ltd (ABN 76 004 835 849 AFSL 240827) is part of the Global Legg Mason Inc. group. Any reference to Legg Mason Australia is a reference to Legg Mason Asset Management Australia Limited. Legg Mason Australia is the Responsible Entity of the Legg Mason Brandywine Global Australian Funds. Before making an investment decision you should read the Product Disclosure Statement (PDS) for the Fund carefully and you need to consider, with or without the assistance of a financial advisor, whether such an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. The PDS is available and can be obtained by contacting Legg Mason Australia on 1800 679 541. This product has not been prepared to take into account the investment objectives, financial objectives or particular needs of any particular person. Neither Legg Mason Australia, nor any of its related parties guarantees any performance or the return of capital invested. Past performance is not necessarily indicative of future performance. Investments are subject to risks, including, but not limited to, possible delays in payments and loss of income or capital invested. These opinions are subject to change without notice and do not constitute investment advice or recommendation.