Small Cap Value Equity

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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.  In rendering portfolio management services, Brandywine Global Investment Management, LLC may use the portfolio management services, research and other resources of its affiliates.  Characteristics, holdings and sector weightings are subject to change and should not be considered as investment recommendations. There is no guarantee that holding securities with relatively high (or low) price-to-earnings, price-to-book, or price-to-cash flow will cause the portfolio to outperform its benchmark or index.  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.  International securities and ADRs may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. There may be additional risks associated with international investments. These risks are magnified in emerging markets. International investing may not be suitable for everyone.  Back-tested and simulated performance results have several inherent limitations. Unlike an actual performance record, back-tested and simulated results do not represent actual performance (i.e. the results of actual trading) and are generally prepared with the benefit of hindsight. There are frequently sharp differences between back-tested and simulated performance results and the actual results subsequently achieved by any particular account, product, or strategy. There are numerous other factors related to the markets in general or the implementation of any specific investment strategy, which cannot be fully accounted for in the preparation of back-tested and simulated results and all of which can adversely affect actual results.  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.  Returns are presented gross and net of management fees and include the reinvestment of all income. Gross returns presented do not reflect the deduction of investment advisory fees. A client's returns will be reduced by the advisory fee and other expenses incurred in the management of the account. Net of fee performance was calculated using the highest management fee as described in Part 2A of the firm's ADV, which is available upon request.  Please refer to our GIPS presentation, which includes performance footnotes, fee schedules, index descriptions and disclosures. 

Past performance is no guarantee of future results.

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