BLBR1V = 60% Russell 1000 V / 40% Bloomberg Barc U.S. Gov't/Credit
BLBSP5 = 60% S&P 500 / 40% Bloomberg Barc U.S. Gov't/Credit
Returns shown in USD
Brandywine Global Investment Management, LLC (the "Firm") is a wholly owned, independently operated, subsidiary of Legg Mason, Inc. Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Brandywine Global Investment Management, LLC has been independently verified for the periods January 1, 1993 through June 30, 2018. The verification report(s) is/are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Disclosed total firm assets represent the total market value of all discretionary and nondiscretionary, fee-paying and non-fee-paying assets under the Firm's management. Domestic Balanced Composite (the "Composite") inception date is April 1, 1994. The Composite creation date is April 1, 1994. The Composite includes all fully-discretionary, fee-paying, domestic balanced accounts with no minimum market requirement and no investment restrictions invested in our domestic equity and domestic fixed income products. The portfolios are usually invested in approximately 60 - 80 positions. Leverage is not used in this composite. There is no minimum account size on the composite level. The Russell 1000 Value Index offers investors access to the large-cap value segment of the U.S. equity universe. The Russell 1000 Value is constructed to provide a barometer of the large-cap value market. The Barclays Capital U.S. Government/Credit Index includes treasuries, agencies, publicly issued U.S. corporate and foreign debentures, that meet specified maturity, liquidity, and quality requirements. It excludes securitized debt. The S&P 500 is a broad measure of U.S. domestic large cap stocks. The 500 stocks in this capitalization-weighted index are chosen based on industry representation, liquidity, and stability. The Barclays Capital U.S. Government/Credit Index includes treasuries, agencies, publicly issued U.S. corporate and foreign debentures, that meet specified maturity, liquidity, and quality requirements. It excludes securitized debt. Preliminary data, if so noted, reflects unreconciled data for the most recent reporting period. Portfolios are valued daily on a trade date basis and include dividends and interest as well as all realized and unrealized capital gains and losses. Return calculations at the portfolio level are time-weighted to account for periodic contributions and withdrawals. Performance results are calculated on a before tax, total return basis. Prior to July 1, 2007, portfolios were included in the Composite beginning with the first full quarter of performance through the last full quarter of performance. After July 1, 2007, portfolios are included in the Composite beginning with the first full month of performance through the last full month of performance. Composite returns are reported on quarterly basis. The Composite returns consist of size-weighted portfolio returns using beginning of period values to weight the portfolio returns. Monthly linking of interim performance results is used to calculate quarterly and annual returns. Composite's valuations and returns are computed in U.S. Dollars ("USD"). The results are presented in USD or in other currencies (to accommodate overseas investors), the latter by converting monthly USD returns into other currency returns using the appropriate currency exchange rate returns. Gross returns reflect the deduction of trading expenses. Net of fee returns reflect the deduction of trading expenses and the highest investment management fees charged within the composite membership as stated in the fee schedule below. Composite dispersion is calculated using the asset-weighted standard deviation method for all portfolios that were in the Composite for the entire year. Composite dispersion is not presented for periods with five or fewer portfolios. The number of accounts and market values are as of the end of the period. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Past performance is no guarantee of future results. A complete list describing the Firm's composites as well as any additional information regarding the Firm's policies for calculating and reporting performance results is available upon request. Institutional Client Separate Account Management Fee Schedule (minimum initial investment $10 million): 0.700% on the first $10 million; 0.500% on the next $40 million; 0.40 0% on any portion of assets in excess of $50 million. Private Client Account Management (SMA) Fee Schedule (minimum initial investment $250,000): 1.000% on the first $5 million; 0.900% on the next $5 million; 0.700% on the next $10 million; 0.600% on the next $30 million; 0.500% on the next $20 million; 0.400% on the next $30 million; 0.300% on any portion of assets in excess of $100 million. Additional information on the Firm's fee schedule can be found in Form ADV Part 2A which is available upon request.
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.
Fixed income instruments are subject to credit risk and investment rate risk.
Ratings by S&P or another Nationally Recognized Statistical Rating Organization.
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.