BrandywineGLOBAL - Global Unconstrained Bond Fund

C000097871 Fund Overview

BrandywineGLOBAL - Global Unconstrained Bond Fund is a US mutual fund managed by Legg Mason Global Asset Management Trust, categorised as Intermediate Securitized (MBS/ABS/CMBS) Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Legg Mason Global Asset Management Trust
• Category: Intermediate Securitized (MBS/ABS/CMBS) Bond
• Assets under management: $50.43M
• 1-year return: 4.9%
• SEC CIK: 0001474103
• SEC series ID: S000031479
• Share class ID: C000097871

C000097871 Investment Objective and Strategy

BrandywineGLOBAL - Global Unconstrained Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Legg Mason Global Asset Management Trust.

Investment objective

Positive returns that are independent of market cycles. Prior to December 29, 2017, BrandywineGLOBALGlobal Unconstrained Bond Fund was named Legg Mason BW Absolute Return Opportunities Fund.

Principal investment strategy

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 funds 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 funds 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 funds portfolio, including derivatives, is expected to range from -5 to +5 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 funds 80% policy. The funds use of derivatives may be extensive. However, the notional principal of the funds aggregate net short currency exposure will not be greater than 70% of the funds 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 funds total assets.

When the fund enters into derivative transactions, it may be required to segregate assets, or enter into offsetting positions, in accordance with applicable regulations. 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.

C000097871 Holdings

Top 10 holdings of BrandywineGLOBAL - Global Unconstrained Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000097871 holdings

C000097871 Portfolio Allocation

Asset-class allocation of BrandywineGLOBAL - Global Unconstrained Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000097871 Performance

Total returns for C000097871 (as of 2026-10-01), from SEC filings.

C000097871 Risk Information

Risk metrics for C000097871, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 5.9%

C000097871 Costs and Fees

C000097871 costs about $164 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.64%
• Gross expense ratio: 1.64%
• Portfolio turnover: 190%
• Brokerage commissions: 1.18 bps of average net assets (SEC N-CEN)

C000097871 Cashflows

Over the 12 months to 2026-04, BrandywineGLOBAL - Global Unconstrained Bond Fund had net outflows of $49.13M, from monthly SEC N-PORT filings.

C000097871 Debt Constituents

Largest debt holdings of BrandywineGLOBAL - Global Unconstrained Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000097871 Prospectus and SEC Filings

Official BrandywineGLOBAL - Global Unconstrained Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-24
• Prospectus (485BPOS) — filed 2025-02-21
• Prospectus (485BPOS) — filed 2024-02-23
• Portfolio holdings (N-PORT) — filed 2026-09-23
• Portfolio holdings (N-PORT) — filed 2026-06-22
• Portfolio holdings (N-PORT) — filed 2026-03-26
• Annual census (N-CEN) — filed 2026-01-09
• Annual census (N-CEN) — filed 2025-01-10

Related Funds

Other Intermediate Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:

• JPMorgan Short Duration Bond Fund (HLLVX)
• Fpa New Income Fund (FPNIX)
• Victory Pioneer Multi-Asset Ultrashort Income Fund (MYFRX)
• DoubleLine Low Duration Bond Fund (DBLSX)
• Virtus Newfleet Multi-Sector Short Term Bond Fund (NARAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.