The strategy seeks to generate income yield in all market conditions while preserving capital. It aims to identify and invest in issuers with the greatest potential to improve their social and environmental characteristics. This includes companies that are just beginning on their sustainability journey, as well as those already making substantial progress. The strategy offers measurable impact as well as the upside potential of return-seeking fixed income, while maintaining the volatility and defensive characteristics of core-like bond exposures. The following characteristics will be represented in every investment:
Our primary focus is on evaluating the underlying business fundamentals and credit risk of corporate securities. If we don’t know a bond well or don’t find its price attractive, we will not own it. This common-sense approach is surprisingly uncommon. Our process is disciplined but adaptable:
We seek to create long-term value by providing access to capital, rather than denying it. We feel stewardship is investor-led and core to our fiduciary responsibilities and that active ownership promotes the responsible use of capital to reduce sustainability and fundamental risks. Our shared investment philosophy focuses on:
We incorporate macroeconomic themes when structuring the Brandywine Global – Global Multi-Sector Impact Strategy. The top down process establishes the cyclical quality bias and the beta hedging themes. Macroeconomic country and currency perspectives are combined and incorporated with fundamental analysis in determining sector allocation and issue selection. Fundamental research is grounded in evaluation of business model (and cash flows), specific issuer bond covenants, recovery rate, and position in the capital structure. We aim to identify sectors and issuers that offer greater yield and total return potential with lower risk.
Brandywine Global’s Global Multi-Sector strategies are managed by members of the Global Fixed Income team and include portfolio managers with expertise in macroeconomic strategy, corporate and structured credit, developed and emerging market sovereign debt, and currencies. The team-based structure and cross-sector, generalist approach enable sharing of ideas and research across the team. Portfolio managers share joint decision-making responsibility.
Notably, associate portfolio manager, Will Vaughan, is a member of the UN PRI credit committee, with the objective of improving the ESG related impact from credit rating agencies. He earned his M.Sc. in Carbon Management and Economics from the University of Edinburgh Business School and his B.Sc. in Environmental Geoscience from Durham University.
This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. All investments involve risks, including possible loss of principal. There is no guarantee that a strategy will meet its objective. Performance may also be affected by currency fluctuations. Reduced liquidity may have a negative impact on the price of the assets. Currency fluctuations may affect the value of overseas investments. Where a strategy invests in emerging markets, the risks can be greater than in developed markets. Where a strategy invests in derivative instruments, this entails specific risks that may increase the risk profile of the strategy. Where a strategy invests in a specific sector or geographical area, the returns may be more volatile than a more diversified strategy.
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INFORMATION RELATING TO PORTFOLIO HOLDINGS
Portfolio Holdings for Non-U.S. Funds/Non-U.S.Advisers - From time to time Franklin Templeton Resources Inc (FRI) and its subsidiaries, partnerships, joint ventures and related and affiliated business entities (“FTI”) may provide you with a partial listing of portfolio securities including but not limited to top contributors and detractors to portfolio performance owned by one or more non-US domiciled funds that are registered or passported with local regulatory authorities and are sponsored by FTI (each a “Fund” and together “Funds”) and any such additional information relating to the Fund(s) that may not otherwise be publicly disseminated. Such listing of portfolio securities and any other non-public information is subject to the following terms and conditions below and is herein referred to as “Holdings Information”. IF YOU ARE NOT AUTHORISED TO ACCESS HOLDINGS INFORMATION OR YOU DO NOT WANT TO BE BOUND BY THE TERMS OF THIS AGREEMENT YOU SHOULD NOT ACCEPT HOLDINGS INFORMATION.
FRANKLIN TEMPLETON INVESTMENTS TERMS AND CONDITIONS RELATING TO THE USE AND NON-DISCLOSURE OF PORTFOLIO HOLDINGS FOR NON-U.S. FUNDS/NON-U.S. ADVISERS
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Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
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Trade in shares of any U.S. registered investment company sponsored by FTI that is substantially similar to the Fund.
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