*Fundamental Equity Non-Discretionary assets of $2.1bn are included in AUM numbers. Non-discretionary assets are reported on a one-month lag.1Brandywine Global Investment Management (Canada), ULC; 2Brandywine Global Investment Management (Europe) Limited is authorized and regulated by the Financial Conduct Authority (the “FCA”). (FRN 472774), registered in England and Wales, No. 06324517; 3Brandywine Global Investment Management (Asia) Pte. Ltd.4As a wholly owned subsidiary of Legg Mason, Brandywine Global is affiliated through common ownership with all of Legg Mason’s other subsidiaries and joint ventures. Please refer to Part 2 of our ADV for a discussion of the affiliates with whom Brandywine Global has a direct business relationship; for example, where we provide advisory services.
Experience and Stability with a Global Presence
Experienced and Tenured› Founded in 1986 with headquarters in
Philadelphia and offices in San Francisco, Toronto1, Montreal1, London2, and Singapore3
› 250 employees worldwide
› Signatory of the UN-supported Principles for Responsible Investment (PRI)
Independent with Global Support› Structure combines investment autonomy with
access to broad global resources
› Managed by investors, executive board includes senior portfolio managers averaging over 25 years with the firm and 36 years in the industry
› An independent affiliate of Legg Mason4 since 1998, we retain full control over investments, hiring, and compensation
› Cost efficiencies and scale gained from Legg Mason shared corporate services
The above represents the views and opinions of Brandywine Global and are not intended as a guarantee for future results. Brandywine Global’s investment process may prove incorrect, which may cause a negative impact on performance. Fixed income instruments are subject to credit risk and investment rate risk. International securities may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/orlegal factors; these risks may be magnified in emerging markets. *Emerging Markets are defined as markets with a local currency long-term debt rating below A- (or the equivalent) assigned by all NRSROs that provide such a rating.**High Yield Debt consists of nonsovereign investments with below investment grade ratings (below BBB- or the equivalent) assigned by all NRSROs that provide such a rating.
Brandywine Global: Fixed Income Solutions
Global Opportunistic Fixed Income• Long-only• Sovereign debt• Credit Constrained: Can invest in credit
opportunistically• Credit Quality: A- or Above
Global Unconstrained Fixed Income• Long/Short• Sovereign debt focused• Credit Constrained: Can invest in credit and EM
opportunistically• Credit Quality: A- or above
Emerging Market Debt (EMD)/Global Sovereign Credit (GSC)• EMD - Long-only, index agnostic• EMD - Sovereign debt focused• GSC - Sovereign-only, managed against a custom
60% EM/40% DM index that removes the biases of market cap weightedindices
• GSC - Long/Short
Global Multi-Sector • Identifies the most attractive fixed income sectors
globally• Employs Long/Short risk management• Targets an average quality range of BB/BBB
Global Alternative Credit• Long/Short• Allocates to the most attractive fixed income
opportunities• Credit unconstrained• No ratings quality limitations
Global High Yield• Long-only• Credit Unconstrained• Credit Quality: BB+ or below• Offered in Global and U.S. High Yield higher quality
B/BB versions
Sovereign & Gov't-RelatedGlobal
Investment Grade Credit
Global
Investment Grade Credit
Global
Emerging Market Debt
Sovereign & Gov't-RelatedGlobal
Investment Grade CreditGlobal
Emerging Market Debt
Investment Grade CreditGlobal
High Yield Credit
Global
Securitized Credit
High Yield Credit
Global
Securitized Credit
Short Currency Positions
Short Bond/Rate Positions
Emerging Market Debt
Sovereign & Gov't-RelatedEx-US
Emerging Market Debt
Investment Grade CreditEx-US
High Yield Credit
Global
Securitized Credit
Investment Grade CreditGlobal
High Yield Credit
Global
Securitized Credit
Short Currency Positions
Short Bond/Rate Positions
High Yield Credit
Global
Securitized Credit
Short Currency Positions
Short Bond/Rate Positions
Short Currency Positions
Short Bond/Rate Positions
20
Traditional Global Bond Indices: Divergence from Investor Interest
Regional Allocation (%)As of 12/31/2017
BB 60/40 GSC Index (USD PH)
• Traditional benchmark construction methodology assigns weightings based on level of debt issuance rather than economic fundamentals.
• As a result, indices are not always representative ofglobal growth trends. Instead countries with strongcurrencies and larger debt issuance receive highestweightings.
• We designed the 60/40 Global Sovereign Credit Index to better align the beta to the current global bond opportunity set and reduce this misalignment.
YTM: 2.80%Duration: 6.86 years
FTSE WGBI
Emerging Economies
1%
Emerging Economies
60%
YTM: 1.26%Duration: 7.76 years
U.S.
Japan
U.K.
Germany
France
Other Developed
15%
4%
2%
3%
2%
14%
Total De ve lope d 41%
Contribution to Global GDP (PPP Basis) by RegionAs of 10/31/2017
De ve lope d Economie s:
Emerging Economies
59%
U.S.Japan France Germany U.K.
Other Developed
34%20%8%6%6%
25%
Total De ve lope d 99%
De ve lope d Economie s:
U.S.Japan U.K.France Germany
Other Developed
10%10%4%3%2%11%
Total Deve loped 40%
De ve lope d Economie s:
Data has been obtained by International Monetary Fund, which Brandywine Global believes to be accurate & reliable. Brandywine Global will not undertake to supplement, update or revise such information at a later date. The information contained herein is for informational purposes only and is not intended to be a recommendation, investment advice, forecast or guarantee of future results. All indices discussed are unmanaged and not available for direct investment. There may be additional risks associated with international investments. International securities may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. International investing may not be suitable for everyone. Fixed Income securities are subject to credit risk and interest rate risk. Please refer to the Appendix at the end of this presentation for a description of the indices that Brandywine Global uses in connection with this strategy. Past performance is no guarantee of future results.
21
Developing Markets: Improving Credit QualityAs of 12/31/2017
AA = Very high grade, high quality
A = Upper medium grade
BBB = Lower medium grade
BB = Non-investment grade speculative
1993 20162009
27%
42%
2%
98%
73%
Examples of Investment-Grade Emerging Debt Markets (S&P Rating)
Singapore Hong Kong South Kore a Chile
AAA
China
AA+
Malaysia
AA
Mexico
AA-
Peru Poland Thailand
A+ A A- A- A- A-
Colombia Panama India Indonesia Kazakhstan Russia
BBB BBB BBB- BBB- BBB- BBB-
58%
Investment GradeNon-Investment Grade
Source: Bloomberg Finance, LP. Index provider for J.P. Morgan EMBI and S&P Indices. Indices are unmanaged and not available for direct investment. Fixed income securities are subject to credit risk and interest rate risk. International securities maybe subject to market/currency fluctuations, investment risks and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. International investing may not be suitable for everyone. Past performance is noguarantee of future results. 22
information regarding the firm's policies and procedures for calculating and reporting performance returns is also available upon request.
Simulated Returns Calculation Methodology: The simulated results are estimates of returns that would have been achieved if a portfolio invested in the Global Sovereign Credit (“GSOVC”) strategy was partially hedged into EUR, using currency forwardsequivalent to the currency weightings of Barclay’s 60/40 Global Treasury Index ("B6040"). The hedging effect transforms the EUR Composite returns into simulated EUR Partially Hedged returns. We believe that differences between the returns of partiallyhedged and un-hedged indices are a true proxy for the costs of hedging a portfolio using the global benchmark currency basket. (i.e. partially hedged benchmark return = un-hedged return + hedging cost.) Hence, we use the officially published B6040 (partiallyhedged and un-hedged) indices' historical monthly returns to determine the net monthly costs of hedging. Monthly net cost of hedging is calculated by subtracting monthly B6040 un-hedged USD returns from monthly B6040 partially hedged in EUR returns.We then add these monthly hedging costs to monthly GSOVC Composite un-hedged (EUR) returns to create simulated monthly currency partially hedged alpha returns. Past performance does not guarantee future results. Additional 23
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0
Risk (Standard Deviation)
To
tal R
etu
rn (
An
nu
aliz
ed
)
SIM GSC PH EUR
Return per
Risk (Standard Deviation)
To
tal R
etu
rn (
An
nu
aliz
ed
)
BBG Barc 60/40 PH EUR
Return per Unit of Risk (RUR)
BBG Barc 60/40 PH EUR
BBG BARC EMLC CC (EUR)
BBG BARC GT CC (EUR H)
RFR 3M EURIBOR
SIM GSC PH EUR
The above are the views of Brandywine Global and are not intended as a forecast or guarantee of future results. Brandywine Global’s selection process may prove incorrect, which may have a negative impact on performance. Internationalsecurities may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. Country and currency weights, account duration range and actualcharacteristics with regard to any particular client account may vary based on investment restrictions applicable to the account. There may be additional risks associated with international investments. International investing may not be suitable foreveryone. Fixed income instruments are subject to credit risk and investment rate risk. Indices are unmanaged and not available for direct investment. Past performance is not guarantee of future results. 2769 24
Emerging Market Debt Strategies
Simulated Global Sovereign Credit Composite (EUR Partial Hedge) 1 Year 3 Year 5 Year Since Inception*Net Returns -0.84% 2.91% 5.08% 4.74%
Barclays 60/40 Sovereign Credit Index (EUR Partial Hedge) 4.10% 2.43% 3.44% 2.37%
Difference -4.94% 0.47% 1.63% 2.37%
Inception Date: 5/1/2012
UCITS: Legg Mason Brandywine Global Sovereign Credit Fund
Global Sovereign Credit Composite (USD) 1 Year 3 Year 5 Year Since Inception*Net Returns
(6.79%) 4.20% 4.97% 2.44%
Bloomberg Barclays 60/40 Sovereign Credit (USD)(2.05%) 4.96% 4.59% 0.86%
Difference(4.74%) 0.37% 1.58% 2.28%
Inception Date: 5/1/2012
Emerging Markets Debt Composite (EUR) 1 Year 3 Year 5 Year Since Inception*Net Returns 4.43% 6.05% 6.36% 4.74%
JP Morgan GBI-EM Global Diversified (EUR) 2.78% 5.59% 4.37% 2.71%
Difference 1.65% 0.45% 1.99% 2.03%
Inception Date: 1/1/2012
As of 1/31/2019
Investment Return Objective:
• Seek to outperform the benchmark by 2.5% per annum gross of fees over rolling three-year periods
• Minimise volatility of return relative to the benchmark
Risk Objective:
• Seek to achieve an active risk of 0% to 6% per annum measured over rolling three-year periods on an ex-post basis
• The ex-ante active risk of the portfolio will be measured each month using a quantitative model
The above are the views of Brandywine Global and are not intended as a forecast or guarantee of future results. Brandywine Global’s selection process may prove incorrect, which may have a negative impact on performance. Internationalsecurities may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. Country and currency weights, account duration range and actualcharacteristics with regard to any particular client account may vary based on investment restrictions applicable to the account. There may be additional risks associated with international investments. International investing may not be suitable foreveryone. Fixed income instruments are subject to credit risk and investment rate risk. Indices are unmanaged and not available for direct investment. Past performance is not guarantee of future results. 2769 25
Investment Objectives – Global Sovereign Credit
Benchmark:
• The benchmark is the Bloomberg Barclays 60/40 Sovereign Credit Index, an unhedged customised blend of the Bloomberg Barclays Global Treasury Index and the Bloomberg Barclays Emerging Markets Local Currency Government Index
• The weighting between developed and emerging markets is fixed at 40%/60% respectively
• The maximum weight per country is 10%
• Non-investment grade countries are excluded
Benchmark:
Rating by an
NRSRO2
Individual
Holdings1
AAA -20% to 40% +/- 3 Years to Index
AA-, AA, or AA+ -20% to 30% A-
A-, A, or A+ -5% to 25% BB-
BBB-, BBB, BBB+ -5% to 15% A1
BB-, BB, or BB+ -5% to 5%
Eligible Countries1
Argentina Cyprus India Mexico Singapore Thailand
Australia Czech Republic Indonesia Netherlands Slovakia Turkey
Austria Denmark Ireland New Zealand Slovenia United Kingdom
Belgium Finland Israel Norway South Africa USABrazil France Italy Peru South Korea Venezuela
Canada Germany Japan Poland SpainChile Greece Luxembourg Portugal Sweden
Columbia Hong Kong Malaysia Romania SwitzerlandCroatia Hungary Malta Russia Taiwan
Permitted Currency
Exposure1
Relative Currency
Allocation Range1
CHF DKK HKD PENAUD KRW CLP CZK Primary Currencies +/-10%NZD BRL TWD HUF Secondary Currencies +/-5%CAD GBP MYR RUB US Dollar -20% to +40%SEK MXN THB SGD Euro -20% to +40%NOK PLN IDR COP Japanese Yen +/-20%
INR HRKPHP ILSCNY TRYZAR
Bloomberg Barclays 60/40 Sovereign Credit Index
The index is an unhedged, blend of the Bloomberg Barclays Emerging Markets Local Currency Government Index and the Bloomberg Barclays Global Treasury Index. The weighting between emerging markets and developed markets is fixed
at 60% and 40% respectively, and the maximum weight per country is 10%.
Short Term Obligation Quality:
Primary Currencies1 Secondary Currencies1
Overall Duration:
Minimum Overall Portfolio Quality:
Minimum Individual Security Quality:
Overall Portfolio Limits1
Investment Parameters – Global Sovereign Credit
1Client-approved adjustments to guideline allocations may occur depending on market conditions. 2NRSRO means one of the following Nationally Recognized Statistical Rating Organizations: Standard & Poor’s Ratings Services, Moody’s Investor Service, Inc., andFitch, Inc. In the case of split ratings, the highest rating will apply. Ratings for country and currency are determined by the local currency long-term debt ratings assigned by NRSROs. 3The Minimum Average Portfolio Credit Quality is determined by using the middlerating from the three major NRSROs (S&P, Moody’s, and Fitch) assigned to each security. In the event that ratings are provided by only two agencies, the lowest rating will be assigned. If only one agency assigns a rating, that rating will be applied. If the security is notrated by one of the three major agencies, U.S. treasuries and certain U.S. agencies are given the U.S. issuer rating. Sovereign treasuries are given the sovereign issuer rating. All other unrated securities are given a rating equivalent to a defaulted bond. The equivalentnumerical rating is assigned to each security based on the Security Level scale. A Portfolio Level scale is applied on the weighted average calculation to round for fractional numerical ratings and then converted to an alpha weighted average rating. Cash is included andreceived the highest ratingGlobal Sovereign Credit portfolios are subject to interest rate, credit and currency risks, among others, and there can be no assurance that such portfolios will achieve their stated objectives. Above data based on Global Sovereign Creditrepresentative account, not subject to taxation. The data represents the aggregate characteristics/investment parameters of all bonds held in the representative account, and is included for informational purposes only. The countries and currencies discussed hereinshould not be perceived as investment recommendations. It should not be assumed that investment in the countries or currencies listed and account duration range were or will prove to be profitable, or that the investment decisions we make in the future will beprofitable. Country and currency weights, account duration range and actual characteristics with regard to any particular client account may vary based on any investment restrictions applicable to the account. International securities may be subject to market andcurrency fluctuations and other investment risks. Please refer to Appendix 1 at the end of this presentation for our GIPS presentations, which include performance footnotes, fee schedules, index descriptions, and disclosures. Past performance is no guarantee offuture results. 6392
26
Global Sovereign Credit Composite (USD) Performance*As of 12/31/2018 Results shown in USD
Annualized Performance (%) Calendar Year Performance (%)
*Supplemental information to the attached GIPS Global Sovereign Credit Composite (USD).
Returns are presented gross and net of management fees and include the reinvestment of all income. Gross returns will be reduced by the investment advisory fee and other expenses incurred in the management of the account. Net of fee performance was calculated using the highest management fee as described in Brandywine Global’s Form ADV Part 2A, which is available upon request. The Bloomberg Barclays 60/40 Sovereign Credit Index; an unhedged, customized blend of the Bloomberg Barclays Global Treasury Index and the Bloomberg Barclays Local Emerging Market index. The weighting between developed (DM) and emerging markets (EM) is fixed at 40%/60% respectively, and the maximum weight per country is 10%. Non-investment grade countries are excluded. If a country is included in both the Bloomberg Barclays EM and DM indices, it is deemed to be EM and therefore fall into the 60% bucket. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. Please refer to our GIPS® presentations, which include performance footnotes, fee schedules, detailed index descriptions, and disclosures. Past performance is no guarantee of future results.
27
Global Sovereign Credit Composite (USD) DisclosureAs of 12/31/2018 Results shown in USD
Composite Return Gross of Fees (%) Composite Return Net of Fees (%) B6040¹ Return (%)
Organization: Brandywine Global Investment Management, LLC (the "Firm") is a wholly owned, independently operated, subsidiary of Legg Mason, Inc. Brandywine Global Investment Management, LLC claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Brandywine Global Investment Management, LLC has been independently verified for the periods July 1, 2000 through June 30, 2017. The verification report(s) is/are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmâ s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Global Sovereign Credit Composite (USD) has been examined for the periods May 1, 2012 through June 30, 2017. The verification and performance examination reports are available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Disclosed total firm assets represent the total market value of all discretionary and nondiscretionary, fee-paying and non-fee-paying assets under the Firm's management. ?1 Composite Description: The Global Sovereign Credit Composite (the "Composite") Inception date: May 1, 2012. Creation date: May 1, 2012. The Composite includes all fully discretionary, fee-paying, actively managed accounts within the Global Sovereign Credit strategy that are unhedged. The strategy strives to capture interest income and additionally generate principal growth through capital appreciation when market conditions permit. Our goal is to outperform the investment benchmark by at least 2.5% per annum over rolling three-year periods while minimizing volatility of return relative to the composite index. The Composite utilizes over-the-counter forward exchange rate contracts to manage its currency exposure. These contracts are valued daily using closing forward exchange rates. Brandywine uses WM/Reuters daily FX rates taken at 4 p.m. London time. Benchmark indices' exchange rates may vary from Brandywine's exchange rates periodically. Benchmark: The Bloomberg Barclays 60/40 Sovereign Credit Index; an unhedged, customized blend of the Bloomberg Barclays Global Treasury Index and the Bloomberg Barclays Local Emerging Market index. The weighting between developed (DM) and emerging markets (EM) is fixed at 40%/60% respectively, and the maximum weight per country is 10%. Non-investment grade countries are excluded. If a country is included in both the Bloomberg Barclays EM and DM indices, it is deemed to be EM and therefore fall into the 60% bucket. Performance Calculation: Preliminary data, if so noted, reflects unreconciled data for the most recent reporting period. Portfolios are valued daily on a trade date basis and include dividends and interest as well as all realized and unrealized capital gains and losses. Return calculations at the portfolio level are time-weighted to account for periodic contributions and withdrawals. Performance results are calculated on a before tax, total return basis. The Composite returns consist of size-weighted portfolio returns using beginning of period values to weight the portfolio returns. Monthly linking of interim performance results is used to calculate quarterly and annual returns. Composite's valuations and returns are computed in U.S. Dollars ("USD"). The results are presented in USD or in other currencies (to accommodate overseas investors), the latter by converting monthly USD returns into other currency returns using the appropriate currency exchange rate returns. Gross returns reflect the deduction of trading expenses. Net of fee returns reflect the deduction of trading expenses and the highest investment management fees charged within the composite membership as stated in the fee schedule below. Composite dispersion is calculated using the asset-weighted standard deviation method for all portfolios that were in the Composite for the entire year. Composite dispersion is not presented for periods with five or fewer portfolios. The number of accounts and market values are as of the end of the period. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Past performance is no guarantee of future results. A complete list describing the Firm's composites as well as any additional information regarding the Firm's policies for calculating and reporting performance results is available upon request. Fee Schedule: Institutional Client Separate Account Management Fee Schedule (minimum initial investment: $75million): 0.650% on the first $75 million and 0.600% on portion of assets in excess of $75 million. Institutional Client Commingled Account Management Fee Schedule (minimum investment $1 million): 0.650% on the first $75 million and 0.600% on portion of assets in excess of $75 million. Additional information on the Firm's fee schedule can be found in Form ADV Part 2A which is available upon request. ?1 28
Emerging Markets Debt Composite Performance*As of 12/31/2018 Results shown in USD
Annualized Performance (%) Calendar Year Performance (%)
¹JPGEMG = JP Morgan GBI-EM Global Diversified ²JPGEMB = JP Morgan GBI-EM Broad Div Inception Date: 1/1/2012
*Supplemental information to the attached GIPS Emerging Markets Debt Composite.
Returns are presented gross and net of management fees and include the reinvestment of all income. Gross returns will be reduced by the investment advisory fee and other expenses incurred in the management of the account. Net of fee performance was calculated using the highest management fee as described in Brandywine Global’s Form ADV Part 2A, which is available upon request. JP Morgan GBI - EM Global Diversified - A comprehensive global local emerging market index, consisting of liquid, investable, domestic currency government bonds. JP Morgan GBI - EM Broad Diversified - A comprehensive global local emerging market index, consisting of all domestic currency government bonds. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. Please refer to our GIPS® presentations, which include performance footnotes, fee schedules, detailed index descriptions, and disclosures. Past performance is no guarantee of future results.
-8
-6
-4
-2
0
2
4
6
8
QTD YTD 1 Year 3 Year 5 Year 7 Year SinceInception
Gross Net JPGEMG JPGEMB
Period
Returns (%) Excess Gross Return (%)
Composite Gross of Fees
Composite Net of Fees JPGEMG¹ JPGEMB²
vs.JPGEMG¹
vs.JPGEMB²
QTD 1.49 1.31 2.11 3.00 -0.62 -1.51
YTD -3.93 -4.60 -6.21 -4.67 2.28 0.74
1 Year -3.93 -4.60 -6.21 -4.67 2.28 0.74
3 Year 6.80 6.06 5.90 5.68 0.90 1.12
5 Year 1.84 1.13 -0.96 0.30 2.80 1.54
7 Year 2.88 2.17 0.18 1.11 2.70 1.77
Since Inception
2.88 2.17 0.18 1.11 2.70 1.77
-20
-15
-10
-5
0
5
10
15
20
25
2011 2012 2013 2014 2015 2016 2017 2018
Gross Net JPGEMG JPGEMB
Period
Returns (%) Excess Gross Return (%)
Composite Gross of
Fees
Composite Net ofFees JPGEMG¹ JPGEMB²
vs.JPGEMG¹
vs.JPGEMB²
2018 -3.93 -4.60 -6.21 -4.67 2.28 0.74
2017 15.33 14.54 15.21 13.91 0.12 1.42
2016 9.96 9.20 9.94 8.71 0.02 1.25
2015 -14.06 -14.66 -14.92 -12.01 0.86 -2.05
2014 4.64 3.91 -5.72 -2.28 10.36 6.92
2013 -7.41 -8.06 -8.98 -7.26 1.57 -0.15
2012 20.28 19.45 16.76 14.75 3.52 5.53
29
Emerging Markets Debt Composite DisclosureAs of 12/31/2018 Results shown in USD
¹JPGEMG = JP Morgan GBI-EM Global Diversified ²JPGEMB = JP Morgan GBI-EM Broad Div Inception Date: 1/1/2012
Organization: Brandywine Global Investment Management, LLC (the "Firm") is a wholly owned, independently operated, subsidiary of Legg Mason, Inc. Brandywine Global Investment Management, LLC claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Brandywine Global Investment Management, LLC has been independently verified for the periods July 1, 2000 through June 30, 2017. The verification report(s)is/are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firmâ s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Emerging Markets Debt Composite has been examined for the periods January 1, 2012 through June 30, 2017. The verification and performance examination reports are available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Disclosed total firm assets represent the total market value of all discretionary and nondiscretionary, fee-paying and non-fee-paying assets under the Firm's management. ?1 Composite Description: Emerging Markets Debt Composite (the "Composite") Inception date: January 1, 2012. Creation date: January 1, 2012. The Composite includes all fully discretionary, actively managed accounts with no minimum market value requirement and no investment restrictions invested in the Emerging Markets Debt strategy. The Composite is primarily invested in sovereign debt and currencies of countries in the JP Morgan GBI-EM Global Diversified Index, and sovereign debt and currencies determined to be 'emerging' by the portfolio managers. The strategy may also invest in corporate debt issued in these countries. Benchmark: JP Morgan GBI - EM Global Diversified - A comprehensive global local emerging market index, consisting of liquid, investable, domestic currency government bondsJP Morgan GBI - EM Broad Diversified - A comprehensive global local emerging market index, consisting of all domestic currency government bonds Performance Calculation: Preliminary data, if so noted, reflects unreconciled data for the most recent reporting period. Portfolios are valued daily on a trade date basis and include dividends and interest as well as all realized and unrealized capital gains and losses. Return calculations at the portfolio level are time-weighted to account for periodic contributions and withdrawals. Performance results are calculated on a before tax, total return basis. The Composite returns consist of size-weighted portfolio returns using beginning of period values to weight the portfolio returns. Monthly linking of interim performance results is used to calculate quarterly and annual returns. Composite's valuations and returns are computed in U.S. Dollars ("USD"). The results are presented in USD or in other currencies (to accommodate overseas investors), the latter by converting monthly USD returns into other currency returns using the appropriate currency exchange rate returns. Gross returns reflect the deduction of trading expenses. Net of fee returns reflect the deduction of trading expenses and the highest investment management fees charged within the composite membership as stated in the fee schedule below. Composite dispersion is calculated using the asset-weighted standard deviation method for all portfolios that were in the Composite for the entire year. Composite dispersion is not presented for periods with five or fewer portfolios. The number of accounts and market values are as of the end of the period. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Past performance is no guarantee of future results. A complete list describing the Firm's composites as well as any additional information regarding the Firm's policies for calculating and reporting performance results is available upon request. Fee Schedule: Institutional Client Separate Account Management Fee Schedule (minimum initial investment: $75 million): 0.600% on the first $75 million; 0.550% on the amount in excess of $75 million. Additional information on the Firm's fee schedule can be found in Form ADV Part 2A which is available upon request. ?1
This presentation has been prepared by Brandywine Global Investment Management, LLC (“Brandywine Global”). It may not be reproduced or used in any form or medium without written permission. The views expressed herein represent the opinions of Brandywine Global and are presented for informational purposes only. In rendering portfolio management services, Brandywine Global may use the portfolio management services, research and other resources of its affiliates including Brandywine Global Investment Management (Europe) Limited. They are not intended to be a recommendation or investment advice and do not take into account the individual financial circumstances or objectives of the investor who receives it. The securities herein may not be suitable for all investors. Brandywine Global recommends that investors independently evaluate each issuer, security or instruments discussed herein and consult any independent advisors they believe necessary.
The views herein are for informational purposes only and represent the opinions of Brandywine Global and are not intended to be a recommendation, investment advice, forecast or guarantee of future results. The information should not be considered a solicitation or offer to provide any Brandywine Global service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. The information contained within this presentation is obtained from sources believed to be accurate, reliable and current as of the presentation date. Brandywine Global will not undertake to supplement, update or revise such information at a later date.
There may be additional risks associated with international investments. International securities may be subject to risks including, but not limited to: market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. These risks may be magnified in emerging markets. Fixed income securities are subject to credit and interest rate risk. High yield, lower-rated, fixed income securities involve greater risk that investment-grade fixed income securities. Asset-backed, mortgage-backed or mortgage related securities are subject to additional risks such as prepayment and extension risks. High yield bonds possess greater price, volatility, illiquidity, and possibility of default. The aforementioned investments may not be suitable for everyone.
Brandywine Global believes that transactions in any option, future, commodity, or other derivative product are not suitable for all persons, and that accordingly, clients should be aware of the risks involved in trading such instruments. There may be significant risks which should be considered prior to investing. Derivatives transactions may increase liquidity risk and introduce other significant risk factors of a complex character. All securities trading, whether in stocks, options or other investment vehicles, is speculative in nature and involves substantial risk of loss.
Certain statements included in this presentation constitute forward looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”, and similar expressions to the extent they relate to the Firm. The forward-looking statements are not historical facts but reflect the current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Brandywine Global’s investment process may prove incorrect, which may have a negative impact on performance.
Please see attached appendix containing description of indices used in connection with this presentation, if any. All indices are unmanaged and are not available for direct investment. The indices do not incur costs including the payment of transaction costs, fees and other expenses.
Past performance is no guarantee of future results.
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