Unconventional Approach. Uncommon Results.

The BrandywineGLOBAL—Global Opportunities Bond Fund offers a holistic, macro-driven and value-oriented approach to global fixed income, seeking to maximize total returns while actively exploring the full universe of global bonds. The Fund invests in sovereign debt and currencies, including emerging markets, and will also opportunistically invest in corporate and structured credit when valuations are favorable. 


By taking the broadest view, the Fund’s managers look to identify the most attractive relative investment opportunities across developed markets and fundamentally strong emerging countries. The team seeks to uncover the best combination of high real yield potential, undervalued currencies, attractive macro fundamentals and the potential to deliver attractive risk-adjusted returns across changing market environments.

 

The Potential Advantages of Going Global

Brandywine Global believes that maintaining a global, macro approach can help deliver strong long-term results. 

  • Actively managed investment decisions are driven by value opportunities, not benchmark composition.
  • Multiple sources of alpha include country selection, currency allocation, duration/term structure decisions, emerging market exposure and credit rotation.
  • Exposure to sectors of the global bond market that may not move in tandem with U.S. stocks and bonds could provide diversification to a broader portfolio.
  • A solid long-term total return track record including attractive upside/downside capture ratios (see chart below).

Upside/Downside Capture Ratio (%)

BrandywineGLOBAL-Global Opportunities Bond Fund (GOBAX) versus FTSE WGBI since fund inception (March 10, 2010)

Upside/Downside Capture Ratio (%) of BrandywineGLOBAL-Global Opportunities Bond Fund (GOBAX) versus FTSE WGBI since fund inception on March 10, 2010


Source: Legg Mason, as of 6/30/18. Performance shown represents past performance and is no guarantee of future results. Information above assumes reinvestment of dividends and capital gains, but does not include sales charges. If sales charges were included, performance shown would be lower. Performance for other share classes will vary due to differences class expenses. Click here for full performance, risks, charges and expenses and other important information. The FTSE World Government Bond Index (WGBI) is a market capitalization-weighted benchmark that tracks the performance of the government bond markets of 14 countries. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

Upside Capture ratios are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside Capture ratios are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. A downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark declined. 

 

 

In This Series

The Case for Global Bonds

3 compelling reasons.


Why Brandywine Global

Challenging conventional thinking.


Global Opportunities Bond Fund

An actively managed, global fixed income strategy that seeks to maximize total return through strategic investment in countries, currencies and sectors.


 

 

IMPORTANT PERFORMANCE INFORMATION: Fixed-income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed-income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. High yield bonds are subject to greater price volatility, illiquidity, and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. As a non-diversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. Leverage may increase volatility and possibility of loss. Active management does not ensure gains or protect against market declines. 

Diversification does not guarantee a profit or protect against loss.