Benefits of investing in the Brandywine Global Opportunistic Fixed Income Fund Class A

The Fund offers a number of significant benefits:

• exposure to fixed income securities that the investment manager believes are undervalued and offer high real yield (inflation adjusted);

• active currency management;

• professional management of your investment with an experienced investment manager;

• diversification benefits that would be difficult to achieve through direct investment;

• disciplined portfolio construction; and

• web-based reporting that includes performance, market commentary and portfolio strategy.

Risk level

Medium to High

Investor suitability

The Fund should be suitable mainly for investors seeking an investment in Global Fixed Income securities with long-term financial goals.

About the Fund

• Unconstrained, high conviction global fixed income strategy with a go anywhere' opportunistic style 

• Targets investment in markets offering the highest real yields 

• Employs active currency management to protect capital and enhance returns

Significant features

The Fund is an actively managed portfolio of sovereign bonds, investment grade corporate bonds, mortgage securities, currencies and other similar securities. The Fund can also invest in emerging market and high yield debt.

The investment process of the Fund is based on a "top down value driven approach. Real yield is the primary measure of value. Currency valuation is the next most important measure because the real yield must be captured in the investor's local currency. Brandywine Global also focuses on identifying undervalued currencies as well as overvalued currencies that can be hedged. Inflation trends, political risks, monetary trends, business cycles and liquidity measures are also considered.

How we invest your money

The Fund generally aims to invest in countries that are included in the Benchmark however up to 40% of the Fund can be invested in countries outside the Benchmark.

The Fund generally aims to hold investments such that:

• fixed income securities and cash in the Fund shall have a weighted average rating of A or better, including subcategories or gradations therein, as measured by the Barclay's Capital Global Bond Indices methodology;

• below investment grade non-sovereign debt, as rated by all Agencies that provide such a rating, is limited to 15% of the Fund at time of purchase with below investment grade currencies outside the Benchmark limited to 10% of the Fund at the time of purchase;

• no more than 5% of the Fund will be invested in the obligations of any one Investment Grade corporate bond issuer;

• exposure to any below investment grade issuer comprises no more than 3% of the Fund at time of purchase;

• fixed income securities of companies of any one industry will not exceed 25% of the Fund; and

• the Fund's duration (a measure of the sensitivity of the price of a fixed income security to a change in interest rates, expressed as a number of years) will be limited to a range of zero to ten years. The Fund, through the use of derivatives, may hold short positions in individual currencies. All such derivative exposures are fully supported by cash, cash equivalents or securities.

The Fund, through the use of derivatives, may hold short positions in individual currencies. All such derivative exposures are fully supported by cash, cash equivalents or securities.

The Fund will not invest in securities issued by companies involved in:

• the production or distribution of cluster munitions

• the manufacture of tobacco products.

The Fund may also use certain derivatives to implement investment decisions, to manage cash flows or to facilitate timely exposure to securities.

The Fund does not intend to borrow.