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Fixed Income

BWG BrandywineGLOBAL - Global Income Opportunities Fund Inc.

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NAV 1 $-0.01(-0.11%)
$8.69
As of 06/08/2026
Market Price 2 $-0.05(-0.64%)
$7.80
As of 06/08/2026
Premium / Discount 3
-10.24%
Distribution Rate at Market Price 4
12.31%

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Overview

Fund Facts

Fund description

Offers investors a leveraged global, flexible portfolio that targets sovereign debt of developed and emerging market countries, U.S. and non-U.S. corporate debt, mortgage backed securities and currency exposure. Seeks current income with a secondary investment objective of capital appreciation. Uses a macro, value-oriented approach to invest across countries, currencies and credits.

Fund Inception Date
03/28/2012
Total Net AssetsAs of 05/31/2026 (Updated Monthly)
$148.56 Million
Dividend Frequency, if any
Monthly
Morningstar Category5
Global Bond
Asset Class
Fixed Income

Expenses & Fees

7
As of 10/31/2025
Management Charge
1.42%
Additional Expenses6
0.36%
Sub TotalAs of 05/31/2026
1.78%
Interest Expenses
3.18%
Income Tax Expense
0.00%
Pure Gross Expense Ratio
4.96%

Identifiers

Ticker
BWG
NAV Symbol
XBWGX
CUSIP Code
10537L104

Average Annual Total Returns

View performance section for additional info As of 04/30/2026
  • 10.49%1 Year
  • 13.07%3 Years
  • 2.75%5 Years
  • 5.00%10 Years
  • 3.07%Since Inception
    03/28/2012

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

Geographic Focus

View portfolio section for additional info

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

United States61.84%
Mexico8.18%
Brazil7.17%
Colombia4.98%
Canada4.05%

Additional Fund Info

Listing Exchange
NYSE - XNYS
Fiscal Year End
October 31
Benchmark
Bloomberg Global Aggregate
Lipper Classification
Global Income Funds
Investment Style
Government

Trading Characteristics

Shares Outstanding
16,791,836

Manager

About the Team

BrandywineGLOBAL

Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income solutions.

Commentary Highlights

March 31, 2026
  • Markets:  The global fixed income market rallied in January and February, as developed market yields largely declined and investor demand was solid. However, hopes for moderating inflation and central bank monetary accommodation quickly fell by the wayside after the war in Iraq commenced, as oil prices surged higher, leading to expectations of a prolonged uptick in inflation and a global economic slowdown. Against this backdrop, hopes for central bank rate cuts were replaced by expectations for “higher for longer” rates and even the possibility of rate hikes if higher oil prices pushed inflation meaningfully higher.
  • Contributors  : Brazilian government bonds were the primary contributor, benefiting from attractive carry, elevated real yields, and improving domestic fundamentals that supported investor confidence.
  • Detractors  : Performance was weighed down by emerging market sovereign exposures (notably Egypt, Mexico, and Chile), weaker currency positioning in the yen and Chilean peso amid U.S. dollar strength, and modest spread widening in U.S. investment-grade credit driven by heightened macro uncertainty.
  • Outlook  : We believe flexibility, valuation discipline and careful country selection remain essential in the current uncertain environment.
Franklin Templeton Fixed Income
[Jack P. McIntyres avatar]

Managed Fund Since 2010

[Anujeet Sareens avatar]

Managed Fund Since 2016

[Paul Mielczarskis avatar]

Managed Fund Since 2025

[Tracy Chens avatar]

Managed Fund Since 2020

[Brian Klosss avatar]

Managed Fund Since 2020

[Michael Arnos avatar]

Managed Fund Since 2026

Portfolio Manager Profile
Years of Experience
Manager Location

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Performance

Calendar Year Returns

As of 04/30/2026

Created with Highcharts 12.6.0-30%-20%-10%0%10%20%30%40%2025202420232022202120202019201820172016
BrandywineGLOBAL - Global Income Opportunities Fund Inc. - Market Price (%)
BrandywineGLOBAL - Global Income Opportunities Fund Inc. - NAV (%)
Bloomberg Global Aggregate (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

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Portfolio

Assets

As of04/30/2026 (Updated Monthly)

Loans
30.45%
Preferred Shares
10.02%
Total Assets 8
$249.62 Million
Total Net Assets 8
$148.62 Million

Portfolio Statistics

As of 04/30/2026 (Updated Monthly)

Effective Duration
Fund
4.46 Years
Weighted Average Coupon 9
Fund
7.27%

Credit Quality Allocation 11

As of 04/30/2026 - Market Value (Updated Monthly)

Credit Quality Fund
AAA
0.06%
AA
11.14%
A
6.46%
BBB
18.60%
BB
22.34%
B
27.71%
CCC
7.31%
CC
0.24%
C
0.99%
Cash & Cash Equivalents
5.17%
Created with Highcharts 12.6.0AAAAAABBBBBBCCCCCCCash & Cash​Equivalents0%10%20%30%
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Distributions & Tax

Distribution Frequency
MonthlyThis fund is an ex-Dividend fund

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate 4

As of 06/08/2026 (Updated Daily)
At Net Asset Value (NAV) 11.05%
At Market Price 12.31%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

08/24/2026
07/24/2026
06/23/2026
05/21/2026
04/23/2026
03/24/2026
02/20/2026
01/23/2026

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report for specific information regarding distributions.

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Pricing

Pricing History

As of 06/08/2026 (Updated Daily)

Created with Highcharts 12.6.0[products.performance-value]Jan 15Jan 20Jan 25$5$10$15$20$25
NAV
Market Price

Daily Fund Prices

As of 06/08/2026

Share Prices

As of 06/08/2026

NAV  1(Net Asset Value)
$8.69
NAV Change  1
$-0.01
NAV Change (%)  1
-0.11%
Market Price  2
$7.80
Market Price Change  2
$-0.05
Market Price Change (%)  2
-0.64%

52-Week Range

Highest NAV As of 09/16/2025
$9.51
Lowest NAV As of 03/30/2026
$8.53
Highest Market Price
$8.91
Lowest Market Price
$7.46

Premium / Discount

As of 06/08/2026

Avg. of Market Price vs. NAV at Close
-10.24%
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Press Releases

05/29/2026
05/14/2026
04/30/2026
04/29/2026
04/17/2026
03/31/2026
03/23/2026
02/27/2026
02/23/2026
01/30/2026
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Documents

Fund Literature
 Name Download Add to Cart
Factsheet - BrandywineGLOBAL - Global Income Opportunities Fund Inc.Download Document
Product Commentary - BrandywineGLOBAL - Global Income Opportunities Fund Inc.Download Document
Brochure - Closed-end funds Product GuideDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - BrandywineGLOBAL Global Income Opportunities Fund Inc.Download Document
Semi-Annual Report - BrandywineGLOBAL - Global Income Opportunities Fund Inc.Mailed hardcopies unavailable.Download Document
Policy and Procedures - Audit Committee CharterMailed hardcopies unavailable.Download Document
Policy and Procedures - Compensation Committee CharterMailed hardcopies unavailable.Download Document
Policy and Procedures - Nominating Committee Charter February 2024Mailed hardcopies unavailable.Download Document
RIT, ESD, SBW, BWG - Section 19 Notice as of May 29, 2015Mailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - BrandywineGLOBAL - Global Income Opportunities Fund Inc.Mailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - BrandywineGLOBAL - Global Income Opportunities Fund Inc.Mailed hardcopies unavailable.Download Document

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated.

Important Information

The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. 

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

The Bloomberg Global Aggregate Index is a global investment-grade debt index including treasury, government-related, corporate and securitized fixed-rate bonds.
Source: Bloomberg Indices.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

  1. Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).

  2. Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.

  3. Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV. 

  4. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.

  5. ©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

  6. Includes operating and other expenses.

  7. Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.

  8. The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings and other liabilities; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded. 

  9. Weighted Average Coupon is calculated without the deduction of fees and expenses.

  10. Based on the fund’s Net Asset Value (NAV)

  11. Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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