LAOCX: BrandywineGLOBAL Global Unconst Bond C

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LAOCX BrandywineGLOBAL Global Unconst Bond C


Profile

LAOCX - Profile

Vitals

  • YTD Return -0.9%
  • 3 Yr Annualized Return -2.3%
  • 5 Yr Annualized Return -1.1%
  • Net Assets $725 M
  • Holdings in Top 10 36.0%

52 WEEK LOW AND HIGH

$11.61
$10.25
$11.72

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.84%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 44.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000
  • IRA $250

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Nontraditional Bond

Distributions

  • YTD Total Return -0.9%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.65%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    BrandywineGLOBAL - Global Unconstrained Bond Fund
  • Fund Family Name
    Legg Mason
  • Inception Date
    Aug 01, 2012
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Stephen Smith

Fund Description

The fund normally invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in fixed income securities or other instruments with similar economic characteristics. It will initiate long and short exposures by investing across bond sectors, including sovereign debt and corporate bonds; currencies; and derivative instruments. The weighted average effective duration of the fund's portfolio, including derivatives, is expected to range from -5 to +8 years. The fund is non-diversified.


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Categories

Performance

LAOCX - Performance

Return Ranking - Trailing

Period LAOCX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.9% -23.2% 10.8% 42.17%
1 Yr 0.9% -23.5% 9.7% 18.46%
3 Yr -2.3%* -13.0% 4.8% 67.04%
5 Yr -1.1%* -6.9% 3.0% 55.56%
10 Yr N/A* -4.4% 2.4% N/A

* Annualized

Return Ranking - Calendar

Period LAOCX Return Category Return Low Category Return High Rank in Category (%)
2019 4.5% -7.4% 12.4% 32.25%
2018 -6.3% -9.5% 3.1% 82.61%
2017 3.4% -12.3% 9.4% 16.22%
2016 3.5% -2.8% 10.7% 34.44%
2015 -9.8% -11.1% 4.8% 98.08%

Total Return Ranking - Trailing

Period LAOCX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.9% -23.2% 10.8% 42.17%
1 Yr 0.9% -23.5% 9.7% 18.46%
3 Yr -0.8%* -9.9% 4.5% 49.81%
5 Yr 0.7%* -4.6% 5.2% 38.22%
10 Yr N/A* -4.4% 4.6% N/A

* Annualized

Total Return Ranking - Calendar

Period LAOCX Return Category Return Low Category Return High Rank in Category (%)
2019 4.5% -7.0% 12.6% 33.55%
2018 -4.3% -9.2% 8.0% 71.01%
2017 7.3% -3.1% 15.2% 4.63%
2016 3.5% -2.8% 17.7% 52.70%
2015 -6.2% -10.1% 5.4% 83.65%

NAV & Total Return History


Holdings

LAOCX - Holdings

Concentration Analysis

LAOCX Category Low Category High LAOCX % Rank
Net Assets 725 M 10.3 K 31.4 B 42.72%
Number of Holdings 216 1 4656 63.08%
Net Assets in Top 10 291 M -3.21 B 7.79 B 24.31%
Weighting of Top 10 35.99% 5.4% 866.9% 53.47%

Top 10 Holdings

  1. Goldman Sachs Group, Inc. 2.43% 5.77%
  2. United States Treasury Notes 0.24% 5.05%
  3. Republic of Colombia 6% 4.01%
  4. NBCUniversal Enterprise Inc 2.31% 3.79%
  5. Daimler Finance North America LLC 2.13% 3.15%
  6. Caterpillar Financial Services Corporation 0.97% 3.05%
  7. Indonesia (Republic of) 9% 2.94%
  8. Citibank, N.A. 2.06% 2.86%
  9. Mexico (United Mexican States) 8.5% 2.73%
  10. Wells Fargo & Company 2.82% 2.64%

Asset Allocation

Weighting Return Low Return High LAOCX % Rank
Bonds
83.40% -2367.93% 206.87% 44.92%
Cash
12.73% -417.73% 2217.71% 46.46%
Convertible Bonds
3.87% -1.28% 136.57% 17.23%
Stocks
0.00% -35.76% 392.18% 56.31%
Preferred Stocks
0.00% 0.00% 21.63% 47.69%
Other
0.00% -14.56% 100.00% 55.69%

Bond Sector Breakdown

Weighting Return Low Return High LAOCX % Rank
Derivative
73.72% -238.73% 73.72% 0.31%
Corporate
12.13% 0.00% 100.00% 60.00%
Government
7.31% -7.42% 398.07% 52.92%
Cash & Equivalents
3.68% -103.66% 100.00% 84.92%
Securitized
3.16% 0.00% 98.57% 68.62%
Municipal
0.00% 0.00% 80.02% 48.62%

Bond Geographic Breakdown

Weighting Return Low Return High LAOCX % Rank
US
58.85% -136.19% 252.28% 42.15%
Non US
24.55% -2231.74% 183.34% 32.31%

Expenses

LAOCX - Expenses

Operational Fees

LAOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.84% 0.31% 14.11% 23.34%
Management Fee 0.65% 0.00% 2.15% 59.35%
12b-1 Fee 1.00% 0.00% 1.00% 84.08%
Administrative Fee N/A 0.03% 0.45% N/A

Sales Fees

LAOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 6.50% N/A
Deferred Load 1.00% 1.00% 5.00% 36.17%

Trading Fees

LAOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.40% 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.

LAOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 44.00% 2.00% 532.00% 18.60%

Distributions

LAOCX - Distributions

Dividend Yield Analysis

LAOCX Category Low Category High LAOCX % Rank
Dividend Yield 0.00% 0.00% 4.67% 28.49%

Dividend Distribution Analysis

LAOCX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

LAOCX Category Low Category High LAOCX % Rank
Net Income Ratio 2.65% -0.23% 6.94% 70.63%

Capital Gain Distribution Analysis

LAOCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

LAOCX - Fund Manager Analysis

Managers

Stephen Smith


Start Date

Tenure

Tenure Rank

Feb 28, 2011

9.34

9.3%

Steve is co-lead portfolio manager for the Firm's Global Fixed Income and related strategies. He joined the Firm in 1991 to diversify the Firm's investment strategies and start the global fixed income product. Previously, Steve was with Mitchell Hutchins Asset Management, Inc. as managing director of taxable fixed income (1988-1991); Provident Capital Management, Inc. as senior vice president overseeing taxable fixed income (1984-1988); Munsch & Smith Management as a founding partner (1980-1984), and First Pennsylvania Bank as vice president and portfolio manager in the fixed income division.

Jack McIntyre


Start Date

Tenure

Tenure Rank

Feb 28, 2011

9.34

9.3%

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).

David Hoffman


Start Date

Tenure

Tenure Rank

Feb 28, 2011

9.34

9.3%

David is co-lead portfolio manager for the Firm's Global Fixed Income and related strategies. He joined the Firm in 1995. Previously, David was president of Hoffman Capital, a global financial futures investment firm (1991-1995); head of fixed income investments at Columbus Circle Investors (1983-1990); senior vice president and portfolio manager at INA Capital Management (1979-1982), and fixed income portfolio manager at Provident National Bank (1975-1979).

Anujeet Sareen


Start Date

Tenure

Tenure Rank

Jan 31, 2017

3.41

3.4%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 25.52 5.73 1.93