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Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BrandywineGLOBAL - Flexible Bond Fund

LFLAX | Fund

$9.51

$423 M

6.13%

$0.58

1.10%

Vitals

YTD Return

-1.0%

1 yr return

4.7%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

3.6%

Net Assets

$423 M

Holdings in Top 10

29.4%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.10%

SALES FEES

Front Load 4.25%

Deferred Load N/A

TRADING FEES

Turnover 55.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$250

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BrandywineGLOBAL - Flexible Bond Fund

LFLAX | Fund

$9.51

$423 M

6.13%

$0.58

1.10%

LFLAX - Profile

Distributions

  • YTD Total Return -1.0%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return 3.6%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 2.41%
DIVIDENDS
  • Dividend Yield 6.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    BrandywineGLOBAL - Flexible Bond Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    May 31, 2016
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Kloss

Fund Description

Under normal market conditions, the fund will invest at least 80% of its net assets in fixed income securities or other instruments with similar economic characteristics. The subadviser has broad discretion to invest in multiple types of fixed income securities including, but not limited to, sovereign debt, emerging markets debt, corporate debt, high yield debt, bank loans, supranational issues, Separate Trading of Registered Interest and Principal of Securities (“STRIPS”), inflation-linked securities and hybrid securities.
The fund may invest in fixed income securities issued in foreign currencies and U.S. dollar denominated securities. The fund can seek investment opportunities anywhere in the world. Under normal market conditions, the fund’s foreign currency exposure will be limited to 25% of the fund’s assets. For example, the fund would be in compliance with this limitation if it invests 75% of its assets in U.S. dollar-denominated bonds and 25% in bonds denominated in non-U.S. currencies. Alternatively, the fund could invest more than 25% in bonds denominated in non-U.S. currencies if it uses derivatives strategies to hedge the non-U.S. currency exposure back to the U.S. dollar so that the fund would have no more than 25% exposure to non-U.S. currencies. 
The fund may invest in derivative instruments such as foreign currency forwards, bond futures, interest rate futures, index futures, swaps (including interest rate, total return and inflation swaps), credit default swaps, credit default swap index products, instruments involved in currency risk management strategies, options, options on futures and structured credit products. The fund may use derivatives to enhance total return, as a means of providing additional exposure to certain types of investments, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of its portfolio, as a cash flow management technique or as a substitute for the purchase or sale of securities or currencies. Derivatives are taken into account when determining compliance with the fund’s 80% investment policy. 
The fund may invest without limit in securities that are rated or unrated, including “high yield” or “junk” bonds (that is, securities rated below the Baa/BBB categories or, if unrated, determined to be of comparable credit quality by the subadviser). 
Under normal conditions, the dollar-weighted average effective duration of the fund’s portfolio is expected to range from 0 to 10 years. However, the fund may invest without limit in securities of any maturity or duration. 
The fund may invest in asset-backed and mortgage-backed securities. Asset-backed securities may include securities backed by automobile loans, student loans, credit card receivables or other types of collateral. Mortgage-backed securities may be backed by pools of residential or commercial mortgage loans and may be issued by U.S government agencies or U.S. government-sponsored entities or by private issuers. The fund will not invest more than 25% of its assets in asset-backed and mortgage-backed securities that are not issued or guaranteed by, or comprised of securities issued or guaranteed by, a U.S. government agency or U.S. government-sponsored entity. 
The fund may invest up to 25% of its assets in convertible securities, up to 10% of its assets in preferred equity securities of companies of any size, and up to 10% of its assets in common equity securities of companies of any size. Derivatives that provide exposure to equity securities (such as stock index futures) will be taken into account for purposes of the 10% limitation on common equity securities. In addition, no more than 5% of the fund shall be invested in any one non-sovereign issue at time of purchase. 
The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. 
Read More

LFLAX - Performance

Return Ranking - Trailing

Period LFLAX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.0% -12.7% 9.3% 72.95%
1 Yr 4.7% -9.6% 26.8% 60.28%
3 Yr -1.3%* -17.6% 17.9% 67.97%
5 Yr 3.6%* -13.4% 14.7% 10.17%
10 Yr N/A* -13.6% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period LFLAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.7% -12.0% 15.7% 29.94%
2022 -13.7% -31.8% 18.4% 58.70%
2021 -1.8% -26.6% 25.7% 57.19%
2020 10.8% -49.2% 18.7% 0.53%
2019 4.4% -35.1% 15.3% 54.10%

Total Return Ranking - Trailing

Period LFLAX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.0% -12.7% 9.3% 72.95%
1 Yr 4.7% -9.6% 26.8% 60.28%
3 Yr -1.3%* -17.6% 17.9% 67.97%
5 Yr 3.6%* -13.4% 14.7% 10.17%
10 Yr N/A* -13.6% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period LFLAX Return Category Return Low Category Return High Rank in Category (%)
2023 9.3% -7.0% 22.2% 30.86%
2022 -11.1% -31.8% 21.1% 66.30%
2021 0.8% -13.5% 49.9% 67.81%
2020 14.8% -28.6% 24.1% 1.77%
2019 10.4% -4.8% 19.1% 32.95%

NAV & Total Return History

LFLAX - Holdings

Concentration Analysis

LFLAX Category Low Category High LFLAX % Rank
Net Assets 423 M 2.53 M 143 B 54.90%
Number of Holdings 197 4 9868 71.99%
Net Assets in Top 10 124 M -1.57 B 65.8 B 54.79%
Weighting of Top 10 29.45% 0.7% 170.6% 47.37%

Top 10 Holdings

  1. United Kingdom Gilt 5.98%
  2. Mexican Bonos 4.51%
  3. Colombian TES 3.99%
  4. Spain Government Bond 3.06%
  5. Petroleos Mexicanos 2.57%
  6. Brazil Notas do Tesouro Nacional Serie F 2.39%
  7. Fannie Mae Pool 2.16%
  8. Western Asset Premier Institutional US Treasury Reserves 2.00%
  9. Freddie Mac Pool 1.43%
  10. CITGO Petroleum Corp 1.36%

Asset Allocation

Weighting Return Low Return High LFLAX % Rank
Bonds 		94.49% -150.81% 203.29% 32.72%
Cash 		4.11% -94.66% 258.91% 46.73%
Convertible Bonds 		3.31% 0.00% 33.50% 28.91%
Other 		1.40% -62.91% 100.00% 57.69%
Stocks 		0.00% -1.60% 99.88% 77.32%
Preferred Stocks 		0.00% 0.00% 30.46% 51.75%

Bond Sector Breakdown

Weighting Return Low Return High LFLAX % Rank
Corporate 		24.11% 0.00% 96.66% 63.42%
Government 		17.14% 0.00% 99.43% 37.05%
Securitized 		11.50% 0.00% 99.65% 63.11%
Cash & Equivalents 		2.00% 0.00% 88.14% 61.83%
Derivative 		1.40% -62.91% 37.37% 10.53%
Municipal 		0.00% 0.00% 54.26% 46.78%

Bond Geographic Breakdown

Weighting Return Low Return High LFLAX % Rank
US 		73.47% -151.11% 203.29% 52.82%
Non US 		21.02% 0.00% 67.77% 18.57%

LFLAX - Expenses

Operational Fees

LFLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.10% 0.01% 20.67% 52.81%
Management Fee 0.55% 0.00% 2.29% 32.18%
12b-1 Fee 0.25% 0.00% 1.00% 24.86%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

LFLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.25% 0.00% 5.75% 28.33%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

LFLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LFLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.00% 0.00% 632.00% 29.23%

LFLAX - Distributions

Dividend Yield Analysis

LFLAX Category Low Category High LFLAX % Rank
Dividend Yield 6.13% 0.00% 23.30% 25.34%

Dividend Distribution Analysis

LFLAX Category Low Category High Category Mod
Dividend Distribution Frequency None SemiAnnual Monthly Monthly

Net Income Ratio Analysis

LFLAX Category Low Category High LFLAX % Rank
Net Income Ratio 2.41% -1.55% 11.51% 69.55%

Capital Gain Distribution Analysis

LFLAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Quarterly Annually

Distributions History

View More +

LFLAX - Fund Manager Analysis

Managers

Brian Kloss

Start Date

Tenure

Tenure Rank

May 31, 2016

6.0

6.0%

Brian L. Kloss, JD, CPA, is a portfolio manager and head of high yield for Brandywine Global. Brian joined Brandywine Global in December 2009。Previously, Brian was co-portfolio manager at Dreman Value Management, LLC (2007-2009); high yield analyst/trader at Gartmore Global Investments (2002-2007); high yield and equity portfolio manager and general analyst at Penn Capital Management, Ltd. (2000-2002); an analyst with The Concord Advisory Group, Ltd. (1998-2000); and an international tax consultant with Deloitte & Touche LLP (1995-1998).

Tracy Chen

Start Date

Tenure

Tenure Rank

May 31, 2016

6.0

6.0%

Tracy Chen, CFA®, CAIA is a portfolio manager and head of Structured Credit for Brandywine Global. She joined the firm in August 2008. Prior to joining Brandywine Global, she was with UBS Investment Bank as director of the fixed income valuation group (2006-2008), GMAC Mortgage Group as a mortgage pricing analyst (2003-2006), Deloitte Consulting as a senior corporate strategy consultant (2001-2003), and J&A Securities Ltd. in Shenzhen, China, as an international corporate finance associate (1995-1999).

Anujeet Sareen

Start Date

Tenure

Tenure Rank

Nov 08, 2017

4.56

4.6%

Anujeet Sareen is a portfolio manager for the Firm’s Global Fixed Income and related strategies. Prior to joining the Firm in 2016, Anujeet was a managing director of global fixed income and a global macro strategist, as well as chair of the Currency Strategy Group at Wellington Management in Boston. Over his 22-year career at Wellington (1994-2016), he held a variety of roles while cultivating extensive fixed income and currency management experience. Anujeet is a CFA® charterholder and earned a B.A. in Computer Science from Brown University.

Jack McIntyre

Start Date

Tenure

Tenure Rank

Nov 08, 2017

4.56

4.6%

John(Jack) P. McIntyre, CFA is Associate Portfolio Manager/Senior Research Analyst and is responsible for research and market insight. Mr. McIntyre has been employed at Brandywine Global since 1998. Previously, he held positions as market strategist with McCarthy, Crisanti & Maffei, Inc. (1995-1998); senior fixed income analyst with Technical Data (1992-1995); quantitative associate with Brown Brothers Harriman & Co. (1990), and investment analyst with the Public Employee Retirement Administration of Massachusetts (1987-1989).

Michael Arno

Start Date

Tenure

Tenure Rank

Dec 31, 2020

1.41

1.4%

Mike is a research analyst on the Global Credit team. He is responsible for providing credit research analysis and support. He joined Brandywine Global as a product specialist within client service in 2006 and has been a member of the Global Credit team since April 2011. Prior to joining Brandywine Global in 2006, Mike was an associate for the Vanguard Group (2004-2006). A CFA® charterholder, he earned a B.S. in Finance from Temple University.

Renato Latini

Start Date

Tenure

Tenure Rank

Dec 31, 2020

1.41

1.4%

Renato is a high yield research analyst on the Global Credit team. He is responsible for providing global macro and credit research analysis and support. Renato joined Brandywine Global in 2006 as a trader for the Firm’s Global Fixed income and related strategies. Prior to joining Brandywine Global in 2006, Renato was an investment analyst at Watson Wyatt Investment Consulting (2004-2006). He is a CFA® charterholder and earned a B.A. in Physics and Economics from the University of Pennsylvania.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19

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