Legg Mason Brandywine
Global Income Optimiser Fund

Navigate the global fixed-income markets with Brandywine Global’s Income Optimiser Fund. Designed to source global income while protecting capital.

Brandywine Global

Legg Mason Brandywine Global Income Optimiser Fund

A nimble, all-weather, global fixed income strategy that seeks attractive income generation and total return while guarding against downside risks.

Dual Approach

A combination of top-down macroeconomic research and bottom-up fundamental analysis creates a holistic view of global fixed-income opportunities.

Dynamic Rotation

Active rotation across the global fixed-income universe provides diversified sources of alpha.

Defensive

Active risk management aims to protect capital and navigate market volatility.

Learn More About the Fund

Philosophy & Process

The strategy seeks to balance income with the pursuit of total return based on the prevailing market environment. It leverages Brandywine Global’s fundamental research and top-down macroeconomic analysis.


Broad Opportunity Set

Geographic, quality and sector flexibility enables responsiveness and adaptability across market environments.


Diverse Drivers of Return

Multiple alpha sources include: local currency, sovereign debt, global investment grade and high yield credit, duration management and structured credit.


Active Approach

Relative value approach is independent of sector allocations within the benchmark and instead reflects tactical changes in response to fundamental and macro outlook.

Meet the Team

Brandywine Global’s Fixed Income team shares expertise across the global fixed income universe, including macro conditions, sovereign bonds, currencies, corporate bonds, and structured credit. We incorporate cross-sector analysis and research, enabling managers to consider all risks and opportunities in our multi sector positions and portfolios.

Tracy Chen

Tracy Chen, CFA, CAIA

Portfolio Manager,
Tenure - 2008

Brian Kloss

Brian Kloss, JD, CPA

Portfolio Manager,
Tenure - 2009

Jack P. McIntyre

Jack P. McIntyre, CFA

Portfolio Manager
Tenure - 1998

Anujeet Sareen

Anujeet Sareen, CFA

Portfolio Manager
Tenure - 2016

Renato Latini

Renato Latini, CFA

Associate Portfolio Manager
Tenure - 2006

Michael Arno

Michael Arno, CFA

Associate Portfolio Manager
Tenure - 2006


Holistic Risk Management

The Fund takes a holistic approach to risk management, utilising the strategy’s flexibility to limit credit risk, interest rate risk, and currency risk.

Credit Risk

The managers seek to position the portfolio with the appropriate credit-quality bias while monitoring positive or negative political and economic developments. They vigilantly monitor the credit/default risk in the portfolio, both for individual credits and of sovereign bonds. Credit risk is managed through the use of derivatives, such as credit default swaps, interest-rate futures, and currency forwards during periods of volatility.

Interest Rate Risk

The managers take an active approach to managing interest rate risk and volatility by adjusting the interest rate exposure of the strategy based on the prevailing macro outlook and market conditions. The manager has made active use of the 0-10 year portfolio duration range.

Currency Risk

Currency is predominantly hedged to limit foreign currency exposure and help control volatility. The team also uses currency forwards and short-duration exposure to hedge systemic macro risk.

Internal Risk Reviews

The team reviews daily reports that monitor attribution, value-at-risk, and tracking error which are also leveraged for internal risk oversight and compliance reporting.


Commitment to ESG

Brandywine Global believes that relevant and material ESG factors can affect investment performance. They are thus essential in crafting a complete picture of the risks and opportunities as part of the investment process.


Environmental Factors

Unsustainable or controversial environmental policies risk financial penalties, compromised reputation, competitive disadvantage, and negative growth outcomes.


Social Factors

Poor labor practices or human rights violations place companies and countries at risk of unrest or upheaval, impairing economic progress.


Governance Factors

Insufficient governance creates an environment that can ignore investor rights and interests while enabling fraud or corruption, limiting prospective returns and exacerbating risks.


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