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The U.S. election could introduce vast policy changes on several fronts. While fiscal policy and taxes may be at the forefront, proposed trade policies could have massive implications.
Jul 9 2024 | Paul Mielczarski
The U.S. election could introduce vast policy changes on several fronts. While fiscal policy and taxes may be at the forefront, proposed trade policies could have massive implications.
The U.S. election could introduce vast policy changes on several fronts. While fiscal policy and taxes may be at the forefront, proposed trade policies could have massive implications.
Jul 9 2024 | Paul Mielczarski
The U.S. election could introduce vast policy changes on several fronts. While fiscal policy and taxes may be at the forefront, proposed trade policies could have massive implications.
Investment Strategy Spotlight
Universe: Primarily below-investment-grade corporate bonds with a focus to value the underlying business and associated credit risk
The portfolio is highly convicted and follows a common-sense approach; we will not own a bond unless we know it well and find its price attractive
Employs tactical trading to exploit opportunities providing an execution edge
| Period (%) | Gross | Net | BAUHY2 |
| 1 Year | 15.01 | 14.28 | 11.04 |
| 3 Year | 3.98 | 3.34 | 2.21 |
| 5 Year | 7.36 | 6.76 | 4.03 |
| Since Inception | 7.83 | 7.31 | 4.77 |
Data as of 3/31/2024
BAUHY2 = ICE BofAML U.S. High Yield
Inception Date: 2015-01-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
John McClain, CFA
Portfolio Manager |
|
Bill Zox, CFA
Portfolio Manager |
|
Jack Parker, CFA
Associate Portfolio Manager |
| Characteristic | Brandywine Global | BAUHY2 |
| Average Quality1 | BB- | - |
| Average Maturity (Years) | 5.07 | 4.80 |
| Average Effective Duration (Years) | 2.81 | 3.22 |
| Average Coupon (%) | 6.78 | 6.22 |
| Current Yield (%) | 6.49 | - |
| Average Yield To Maturity (%) | 7.38 | 7.85 |
| Number of Issues | 186 | 1,862 |
Data as of 3/31/2024
BAUHY2 = ICE BofAML U.S. High Yield II
2015-01-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
| Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024 |
| Global Macro Overview: 1st Quarter 2024 - Apr 15, 2024 |
| Corporate Credit and High Yield Webcast: 1st Quarter 2024 - Apr 11, 2024 |
| Macroeconomic Update: 1st Quarter 2024 - Apr 8, 2024 |
| Corporate Credit and High Yield Webcast: 4th Quarter 2023 - Jan 12, 2024 |
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Investment Strategy Spotlight
Unconstrained fixed income strategy
Global macro research with fundamental bottom-up security analysis
Allocations across asset classes, countries, and currencies
| Period (%) | Gross | Net | F3MTB |
| 1 Year | 6.64 | 6.05 | 5.52 |
| 3 Year | -0.89 | -1.44 | 2.70 |
| 5 Year | 3.73 | 3.16 | 2.07 |
| 10 Year | 3.87 | 3.23 | 1.39 |
| Since Inception | 4.17 | 3.50 | 1.27 |
Data as of 3/31/2024
F3MTB = FTSE 3 Month T-Bill
Inception Date: 2013-04-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
Jack P. McIntyre, CFA
Portfolio Manager |
|
Anujeet Sareen, CFA
Portfolio Manager |
|
Brian L. Kloss, JD, CPA
Portfolio Manager |
|
Tracy Chen, CFA, CAIA
Portfolio Manager |
|
Michael Arno, CFA
Portfolio Manager & Senior Research Analyst |
|
Renato Latini, CFA
Portfolio Manager & Senior Research Analyst |
|
Andrew Bogle
Associate Portfolio Manager & Senior Research Analyst |
| Characteristic | Brandywine Global | F3MTB |
| Average Quality1 | BBB- | - |
| Average Maturity (Years) | 11.95 | - |
| Average Effective Duration (Years) | 5.33 | 0.25 |
| Average Coupon (%) | 6.19 | - |
| Average Yield To Worst (%) | 7.38 | 5.30 |
| Average Yield To Maturity (%) | 7.41 | 5.30 |
| Number of Issues | 133 | - |
Data as of 3/31/2024
F3MTB = FTSE 3 MONTH T-BILL
2013-04-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
| Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024 |
| Global Macro Overview: 1st Quarter 2024 - Apr 15, 2024 |
| Global Multi-Sector Income Webcast: 1st Quarter 2024 - Apr 11, 2024 |
| Macroeconomic Update: 1st Quarter 2024 - Apr 8, 2024 |
| Global Multi-Sector Income Webcast: 4th Quarter 2023 - Jan 12, 2024 |
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Investment Strategy Spotlight
Primary Benchmark: Bloomberg U.S. Aggregate Index
Investment process applies the top-down macroeconomic investment themes of our Global Fixed Income team to U.S. fixed income markets
We are seeking to capture interest income and total return potential across U.S. fixed income markets
Investments typically are concentrated in sectors and individual issuers that we believe offer the best total return potential
| Period (%) | Gross | Net | BUSA |
| 1 Year | -0.73 | -1.06 | 1.70 |
| 3 Year | -2.00 | -2.31 | -2.45 |
| 5 Year | 3.80 | 3.49 | 0.36 |
| 10 Year | 4.87 | 4.56 | 1.54 |
| Since Inception | 6.44 | 6.13 | 4.26 |
Data as of 3/31/2024
BUSA = Bloomberg U.S. Aggregate
Inception Date: 1995-10-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
|
Jack P. McIntyre, CFA
Portfolio Manager |
|
|
Anujeet Sareen, CFA
Portfolio Manager |
|
|
Brian L. Kloss, JD, CPA
Portfolio Manager |
|
|
Tracy Chen, CFA, CAIA
Portfolio Manager |
|
Kevin O’Neil
Associate Portfolio Manager & Senior Research Analyst |
| Characteristic | Brandywine Global | BUSA |
| Average Quality1 | AA+ | AA |
| Average Maturity (Years) | 19.09 | 8.44 |
| Average Effective Duration (Years) | 8.94 | 6.21 |
| Average Coupon (%) | 4.56 | 3.30 |
| Current Yield (%) | 4.52 | 3.54 |
| Average Yield To Maturity (%) | 4.72 | 4.85 |
| Number of Issues | 33 | 13,530 |
Data as of 3/31/2024
BUSA = Bloomberg U.S. Aggregate
1995-10-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
| Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024 |
| Global Macro Overview: 1st Quarter 2024 - Apr 15, 2024 |
| Macroeconomic Update: 1st Quarter 2024 - Apr 8, 2024 |
| Global Fixed Income Perspectives: 4th Quarter 2023 - Jan 12, 2024 |
| Global Macro Overview: 4th Quarter 2023 - Jan 12, 2024 |
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Investment Strategy Spotlight
Universe: The sovereign debt and currencies of countries in the FTSE World Government Bond Index, as well as the investment-grade credits in those countries. We may also invest, to limited degrees, in emerging market and high yield debt
Real yield is our primary measure of value, followed closely by currency valuation
Investments typically are concentrated in 10-20 countries that we believe have the best total return potential
| Period (%) | Gross | Net | WGBI |
| 1 Year | -0.94 | -1.38 | -0.84 |
| 3 Year | -4.80 | -5.23 | -6.11 |
| 5 Year | -0.19 | -0.64 | -2.20 |
| 10 Year | 0.95 | 0.50 | -0.82 |
| Since Inception | 5.87 | 5.36 | 2.98 |
Data as of 3/31/2024
WGBI = FTSE WGBI (USD)
Inception Date: 1/1/1998
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
David F. Hoffman, CFA
Managing Director & Portfolio Manager |
|
|
Jack P. McIntyre, CFA
Portfolio Manager |
|
|
Anujeet Sareen, CFA
Portfolio Manager |
|
|
Brian L. Kloss, JD, CPA
Portfolio Manager |
|
|
Tracy Chen, CFA, CAIA
Portfolio Manager |
| Characteristic | Brandywine Global | WGBI |
| Average Quality1 | AA- | AA |
| Average Maturity (Years) | 19.92 | 9.67 |
| Average Effective Duration (Years) | 7.97 | 7.29 |
| Average Coupon (%) | 5.68 | 2.33 |
| Current Yield (%) | 5.54 | - |
| Average Yield To Maturity (%) | 5.83 | 3.44 |
| Number of Issues | 42 | 1,267 |
Data as of 3/31/2024
WGBI = FTSE WGBI (USD)
1/1/1998
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
| Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024 |
| Global Fixed Income Webcast: 1st Quarter 2024 - Apr 15, 2024 |
| Global Macro Overview: 1st Quarter 2024 - Apr 15, 2024 |
| Macroeconomic Update: 1st Quarter 2024 - Apr 8, 2024 |
| Global Fixed Income Webcast: 4th Quarter 2023 - Jan 12, 2024 |
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Investment Strategy Spotlight
Universe: Large-capitalization U.S. common stocks
To be considered for purchase, a stock typically must fall in the bottom half or quartile of all price-to-earnings (P/E) or price-to-book (P/B) ratios in our universe
Our primary focus is to exploit quantitative investment opportunities identified by our proprietary multifactor model
All stocks are purchased on a capitalization-weighted basis
| Period (%) | Gross | Net | R1000V |
| 1 Year | 21.22 | 20.44 | 20.27 |
| 3 Year | 8.30 | 7.60 | 8.10 |
| 5 Year | 12.95 | 12.23 | 10.30 |
| 10 Year | 10.71 | 9.97 | 9.00 |
| Since Inception | 10.78 | 10.00 | 7.21 |
Data as of 3/31/2024
R1000V = Russell 1000 Value
Inception Date: 1/1/2007
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
Michael J. Fleisher
Portfolio Manager |
|
Henry F. Otto
Managing Director & Portfolio Manager |
|
Steven M. Tonkovich
Managing Director & Portfolio Manager |
| Characteristic | Brandywine Global | R1000V |
| Price/Earnings 2 | 14.2 | 19.5 |
| Price/Book | 3.1 | 2.7 |
| Price/Cash Flow | 9.5 | 12.9 |
| Dividend Yield (%) | 2.2 | 2.1 |
| Average Market Capitalization ($B) | 87.3 | 158.6 |
| Number of Securities | 106 | 845 |
| Turnover (% Last 12 Months) | 108.1 | - |
Data as of 3/31/2024
R1000V = Russell 1000 Value
1/1/2007
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
| Quantitative Review of U.S. Equities: 1st Quarter 2024 - Apr 16, 2024 |
| Quantitative Review of U.S. Equities: 4th Quarter 2023 - Jan 11, 2024 |
| Quantitative Review of U.S. Equities: 3rd Quarter 2023 - Oct 20, 2023 |
| Quantitative Review of U.S. Equities: 2nd Quarter 2023 - Jul 26, 2023 |
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Investment Strategy Spotlight
Universe: All-cap companies within all developed and emerging market countries, generally with a $1bn market capitalization at purchase
The portfolio looks for securities trading at a discount to our intrinsic value estimate
Security selection is information by macro team’s signals on catalysts and risks
| Period (%) | Gross | Net | ACWI-RG |
| 1 Year | 16.77 | 15.91 | 23.22 |
| 3 Year | 6.45 | 5.66 | 6.95 |
| 5 Year | 12.26 | 11.43 | 10.90 |
| 10 Year | 9.73 | 8.92 | 8.67 |
| Since Inception | 11.09 | 10.27 | 9.87 |
Data as of 3/31/2024
ACWI-RG = MSCI ACWI linked to Russell Global (prior to Apr18)
Inception Date: 2013-01-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
James J. Clarke
Portfolio Manager & Director of Fundamental Research |
|
Sorin Roibu, CFA
Portfolio Manager & Research Analyst |
| Characteristic | Brandywine Global | ACWI-RG |
| Price/Earnings 2 | 13.5 | 21.1 |
| Price/Book | 1.5 | 3.1 |
| Price/Cash Flow | 10.7 | 14.5 |
| Dividend Yield (%) | 2.8 | 1.9 |
| Average Market Capitalization ($B) | 113.3 | 25.4 |
| Number of Securities | 69 | 2,841 |
| Turnover (% Last 12 Months) | 31.1 | - |
Data as of 3/31/2024
ACWI-RG = MSCI ACWI liked to Russell Global (prior to Apr18)
2013-01-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Investment Strategy Spotlight
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), or price-to-cash flow (P/CF) basis
Portfolios are well-diversified and carefully structured with regard to economic sensitivity
Focus on industry leaders in an adaptable value framework
| Period (%) | Gross | Net | R1000V |
| 1 Year | 21.32 | 20.49 | 20.27 |
| 3 Year | 9.31 | 8.55 | 8.10 |
| 5 Year | 13.78 | 13.00 | 10.30 |
| 10 Year | 9.38 | 8.62 | 9.00 |
| Since Inception | 10.23 | 9.47 | 8.38 |
Data as of 3/31/2024
R1000V = Russell 1000 Value
Inception Date: 2004-10-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance is no guarantee of future results.
Celia R. Hoopes, CFA
Portfolio Manager & Research Analyst |
|
Patrick S. Kaser, CFA
Managing Director & Portfolio Manager |
| Characteristic | Brandywine Global | R1000V |
| Price/Earnings 2 | 13.9 | 19.5 |
| Price/Book | 1.7 | 2.7 |
| Price/Cash Flow | 13.0 | 12.9 |
| Dividend Yield (%) | 2.5 | 2.1 |
| Average Market Capitalization ($B) | 111.3 | 158.6 |
| Number of Securities | 61 | 845 |
| Turnover (% Last 12 Months) | 22.2 | - |
Data as of 3/31/2024
R1000V = Russell 1000 Value
2004-10-01
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS report, which includes performance footnotes, fee schedules, index descriptions and disclosures. Past performance is no guarantee of future results.
| Large Cap Value Equity Webcast: 1st Quarter 2024 - Apr 15, 2024 |
| Large Cap Value Equity Webcast: 4th Quarter 2023 - Jan 12, 2024 |
| Large Cap Value Equity Webcast: 3rd Quarter 2023 - Oct 11, 2023 |
High Yield
Global Multi-Sector Income
U.S. Fixed Income
Global Opportunistic Fixed Income
Dynamic Large Cap Value Equity
Global Opportunistic Equity
Classic Large Cap Value
Micro and Small Cap Webcast
Global Fixed Income Webcast
Global Opportunistic Equity and International Oppo...
Large Cap Value Equity Webcast
Global Macro Overview
Micro and Small Cap Webcast
Global Fixed Income Webcast
Global Opportunistic Equity and International Oppo...
Large Cap Value Equity Webcast
Global Macro Overview
Micro and Small Cap Webcast
Global Fixed Income Webcast
Global Opportunistic Equity and International Oppo...
Large Cap Value Equity Webcast
Global Macro Overview
Micro and Small Cap Webcast
Global Fixed Income Webcast
Global Opportunistic Equity and International Oppo...
Large Cap Value Equity Webcast
Global Macro Overview
Micro and Small Cap Webcast
Global Fixed Income Webcast
Global Opportunistic Equity and International Oppo...
Large Cap Value Equity Webcast
Global Macro Overview
Global Fixed Income Perspectives
Quantitative Review of U.S. Equities
Macroeconomic Update
Global Fixed Income Perspectives
Quantitative Review of U.S. Equities
Macroeconomic Update
Global Fixed Income Perspectives
Quantitative Review of U.S. Equities
Macroeconomic Update
London Office
Brandywine Global Investment Management (Europe) Limited
5th Floor / Cannon Place / 78 Cannon Street / London EC4N 6HL
Phone: +44 20 7073 8620 / Fax: +44 20 3070 0173
Brandywine Global Investment Management (Europe) Limited
5th Floor / Cannon Place / 78 Cannon Street / London EC4N 6HL
Phone: +44 20 7073 8620 / Fax: +44 20 3070 0173
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Past performance is no guarantee of future results.
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