U.S. Fixed Income

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The views expressed herein are not intended to be a recommendation or investment advice and do not take into account the individual financial circumstances or objectives of the investor who receives it. The securities described herein may not be suitable for all investors. There is no guarantee that any investment objectives will be met or achieved.   Source: Bloomberg (© 2024, Bloomberg Finance LP).  In rendering portfolio management services, Brandywine Global Investment Management, LLC may use the portfolio management services, research and other resources of its affiliates.  Characteristics, region and currency weightings are subject to change and should not be considered as investment recommendations. It should not be assumed that investment in the regions or currencies listed and account quality ratings or duration ranges were or will prove profitable, or that investment decisions we make in the future will be profitable. Region and currency weights, account quality ratings or duration ranges with regard to any particular client account may vary based on any investment restrictions applicable to the account.  Fixed income instruments are subject to credit risk and investment rate risk.  Ratings by S&P or another Nationally Recognized Statistical Rating Organization.  Brandywine Global believes that transactions in any option, future, commodity, or other derivative product are not suitable for all persons, and that accordingly, clients should be aware of the risks involved in trading such instruments. There may be significant risks which should be considered prior to investing. Derivatives transactions may increase liquidity risk and introduce other significant risk factors of a complex character. All securities trading, whether in stocks, options or other investment vehicles, is speculative in nature and involves substantial risk of loss.  Indices are unmanaged and not available for direct investment.  This information should not be considered a solicitation or an offer to provide any Brandywine Global service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction.  Target Returns are aspirational in nature; criteria and assumptions were not used in their calculation.  Performance results of the named strategy are presented gross and net of management fees. Gross performance returns include transaction costs but do not reflect the deduction of Brandywine Global’s management fee. Net performance returns reflect the deduction of all applicable management fees and expenses, before custody charges, withholding taxes and other indirect expenses. Gross and net performance returns over one year are annualized and assume the reinvestment of all dividends, interest, and capital gains. Please refer to Part 2A of Brandywine Global’s Form ADV for a description of its advisory fees. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance.  The above are the views of Brandywine Global and are not intended as a forecast or guarantee of future results. Brandywine Global’s selection process may prove incorrect, which may have a negative impact on performance.  Please refer to our GIPS® report, which includes performance footnotes, fee schedules, index descriptions and disclosures. 

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Past performance is no guarantee of future results.

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