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Name

As of 01/31/2025

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 - Global Unconstrained Bond Fund

LBARX | Fund

$10.78

$124 M

6.47%

$0.70

1.37%

Vitals

YTD Return

2.4%

1 yr return

1.7%

3 Yr Avg Return

-0.7%

5 Yr Avg Return

0.6%

Net Assets

$124 M

Holdings in Top 10

57.0%

52 WEEK LOW AND HIGH

$10.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.37%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 79.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 01/31/2025

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 - Global Unconstrained Bond Fund

LBARX | Fund

$10.78

$124 M

6.47%

$0.70

1.37%

LBARX - Profile

Distributions

  • YTD Total Return 2.4%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return 0.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.39%
DIVIDENDS
  • Dividend Yield 6.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    BrandywineGLOBAL - Global Unconstrained Bond Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    Oct 31, 2011
  • Shares Outstanding
    N/A
  • Share Class
    R
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jack McIntyre

Fund Description

Under normal market conditions, the fund seeks to meet its investment objective through strategic investments in domestic and foreign fixed income securities, currencies and derivatives. The fund will initiate long and short exposures by investing across bond sectors, including sovereign debt and corporate bonds; currencies; and derivative instruments. Short exposure will be established primarily through the use of derivatives, including currency forwards, interest rate swaps and futures. The fund is “unconstrained” in that the portfolio managers do not attempt to keep the portfolio structure or the fund’s performance consistent with any designated stock, bond or market index.
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. Fixed income securities in which the fund may invest are debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation index linked securities and municipal bonds); debt securities of supranational organizations such as bonds, debentures and freely transferable promissory notes; corporate debt securities, including debentures, bonds (including zero coupon bonds), convertible and non-convertible notes, commercial paper, certificates of deposits, freely transferable promissory notes and bankers acceptances issued by industrial, utility, finance, commercial banking or bank holding company organizations; mortgage-backed securities (including collateralized debt obligations); asset-backed securities; emerging markets debt; and high yield debt (often called “junk bonds”).
While the fund may invest in securities of any rating level, or unrated securities, the portfolio managers intend to maintain an average weighted portfolio quality of A-or better, whether composed of rated securities or unrated securities deemed by the subadviser to be of comparable quality. The fund will invest in both investment grade and below investment grade securities and currencies of developed and emerging countries. Fixed income securities rated below investment grade are commonly known as “junk” bonds. Investment grade securities are securities rated at the time of
purchase by at least one nationally recognized statistical ratings organization (“NRSRO”) within one of the top four categories (without regard to +/‑ designations), or, if unrated, judged by the subadviser to be of comparable credit quality.
The fund typically has significant exposure to foreign currencies and foreign countries. As a global fund, under normal market conditions, the fund will invest in or have exposure to at least three countries, which may include the United States. The fund considers an investment to be tied economically to a country if the issuer: (i) has a class of securities whose principal securities market is in the country; (ii) is organized under the laws of, or has a principal office in, the country, (iii) derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in the country, or (iv) maintains 50% or more of its assets in the country. The fund may invest a significant portion of its assets in a particular geographic region or country, including emerging market countries. Normally, the fund will not invest more than 20% of the fund’s assets in securities or issuers in any one foreign country, other than the United States, Canada, the United Kingdom, Japan, Australia and member countries of the European Union, or denominated in any one currency, other than the U.S. dollar, the Canadian dollar, the pound, the euro, the Australian dollar or the yen.
The fund may invest in securities of any maturity. The weighted average effective duration of the fund’s portfolio, including derivatives, is expected to range from -5 to +8 years. The fund may have a negative weighted average effective duration due to holding certain instruments that have negative effective duration, such as through the use of derivative instruments.
The fund achieves certain investment exposures, including short positions, primarily through derivative transactions, including foreign currency forwards, bond futures, interest rate 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, including cross hedges, options and options on futures and warrants. The fund may use derivatives in an effort to enhance total return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of its portfolio, to manage certain investment risks and/or as a substitute for the purchase or sale of securities or currencies. These instruments are taken into account when determining compliance with the fund’s 80% policy. The fund’s use of derivatives may be extensive. However, the notional principal of the fund’s aggregate net short currency exposure will not be greater than 70% of the fund’s total assets. For example, if the fund holds 5% of its assets in euro-denominated securities, and the fund sells euros and buys U.S. dollars through a currency forward contract for 10% of its assets, the fund will have a net short euro position of 5% of the fund’s total assets.
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

LBARX - Performance

Return Ranking - Trailing

Period LBARX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -1.7% 3.5% 3.10%
1 Yr 1.7% -12.6% 16.4% 95.19%
3 Yr -0.7%* -16.8% 13.9% 90.51%
5 Yr 0.6%* -15.5% 13.7% 82.00%
10 Yr 0.5%* -7.3% 7.0% 92.47%

* Annualized

Return Ranking - Calendar

Period LBARX Return Category Return Low Category Return High Rank in Category (%)
2024 -8.0% -16.0% 6.4% 98.14%
2023 0.3% -17.6% 8.9% 82.04%
2022 -6.0% -31.8% 18.4% 13.17%
2021 -3.0% -16.2% 25.7% 77.34%
2020 5.9% -31.1% 18.7% 9.64%

Total Return Ranking - Trailing

Period LBARX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -1.7% 3.5% 3.10%
1 Yr 1.7% -12.6% 16.4% 95.19%
3 Yr -0.7%* -16.8% 13.9% 90.51%
5 Yr 0.6%* -15.5% 13.7% 82.00%
10 Yr 0.5%* -7.3% 7.0% 92.47%

* Annualized

Total Return Ranking - Calendar

Period LBARX Return Category Return Low Category Return High Rank in Category (%)
2024 -2.4% -14.6% 18.6% 97.98%
2023 3.1% -10.7% 22.2% 90.71%
2022 -5.2% -31.8% 21.1% 26.98%
2021 -1.5% -13.5% 49.9% 90.31%
2020 6.3% -28.6% 24.1% 43.21%

NAV & Total Return History

LBARX - Holdings

Concentration Analysis

LBARX Category Low Category High LBARX % Rank
Net Assets 124 M 2.63 M 143 B 80.70%
Number of Holdings 98 4 9638 82.81%
Net Assets in Top 10 70.7 M -204 M 89.4 B 70.94%
Weighting of Top 10 56.97% 5.8% 265.8% 20.16%

Top 10 Holdings

  1. United States Treasury Floating Rate Note 20.91%
  2. United States Treasury Floating Rate Note 6.44%
  3. Mexican Bonos 5.89%
  4. Brazil Notas do Tesouro Nacional Serie F 4.38%
  5. Western Asset Premier Institutional US Treasury Reserves 3.64%
  6. Colombian TES 3.60%
  7. Egypt Treasury Bills 3.22%
  8. Egypt Treasury Bills 3.19%
  9. Republic of Poland Government Bond 2.95%
  10. Brazil Notas do Tesouro Nacional Serie F 2.75%

Asset Allocation

Weighting Return Low Return High LBARX % Rank
Bonds 		93.98% 0.00% 199.60% 35.47%
Convertible Bonds 		7.49% 0.00% 33.50% 7.06%
Cash 		5.88% -94.66% 99.97% 35.16%
Other 		0.13% -75.22% 147.15% 72.34%
Stocks 		0.00% -10.16% 99.69% 80.31%
Preferred Stocks 		0.00% 0.00% 21.58% 64.06%

Bond Sector Breakdown

Weighting Return Low Return High LBARX % Rank
Government 		17.20% 0.00% 99.43% 36.45%
Corporate 		6.37% 0.00% 96.66% 85.97%
Cash & Equivalents 		3.64% 0.00% 94.89% 42.48%
Securitized 		1.77% 0.00% 99.65% 86.61%
Derivative 		0.13% -75.22% 147.15% 28.21%
Municipal 		0.00% 0.00% 54.26% 59.68%

Bond Geographic Breakdown

Weighting Return Low Return High LBARX % Rank
US 		64.22% 0.00% 199.60% 70.31%
Non US 		29.77% 0.00% 76.68% 11.09%

LBARX - Expenses

Operational Fees

LBARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.37% 0.03% 34.13% 42.06%
Management Fee 0.65% 0.00% 2.29% 60.47%
12b-1 Fee 0.50% 0.00% 1.00% 62.21%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

LBARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

LBARX 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.

LBARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 79.00% 0.00% 632.00% 47.92%

LBARX - Distributions

Dividend Yield Analysis

LBARX Category Low Category High LBARX % Rank
Dividend Yield 6.47% 0.00% 23.30% 81.58%

Dividend Distribution Analysis

LBARX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

LBARX Category Low Category High LBARX % Rank
Net Income Ratio 1.39% -1.55% 11.51% 87.94%

Capital Gain Distribution Analysis

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

Distributions History

View More +

LBARX - Fund Manager Analysis

Managers

Jack McIntyre

Start Date

Tenure

Tenure Rank

Feb 28, 2011

11.26

11.3%

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

11.26

11.3%

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

5.33

5.3%

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.

Tracy Chen

Start Date

Tenure

Tenure Rank

Dec 31, 2020

1.41

1.4%

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).

Brian Kloss

Start Date

Tenure

Tenure Rank

Dec 31, 2020

1.41

1.4%

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).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19

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