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Managed Fund Since 2023
Fixed Income
BGGCX BrandywineGLOBAL - Corporate Credit Fund
- Strong historical risk-adjusted outcomes. The fund has a proven track record and continually strives to generate strong returns relative to the investment risk taken.
- Full cycle and active approach to management. The team invests with an emphasis on long-term investment outcomes and downside management and focuses on alpha, rather than beta.
- Execution edge. Portfolio managers trade primarily in the secondary market and build a portfolio designed to provide maximum flexibility, especially amid times of distress in the corporate bond market.
Popular Documents
Overview
Fund Facts
Fund description
A nimble, actively managed fixed income strategy that seeks high current income consistent with capital preservation by investing in both investment grade and below-investment grade corporate bonds with a bias to defensive high yield corporate bonds.
- Benchmark
- ICE BofA US Corporate & High Yield Index
- Additional Benchmark
- Consumer Price Index- All Urban Consumers from the Bureau of Labor Statistics +3% annual risk premium
- Dividend Frequency, if any
- Monthly
- Distribution Rate at NAV
3 As of 03/10/2026 (Updated Daily) - 4.85%
- Fund Inception Date
- 09/30/2002
Identifiers
- Fund Number
- 7987
- Ticker
- BGGCX
- CUSIP Code
- 52472T759
Average Annual Total Returns As of 02/28/2026
Class C
- 1.52%1 Year
- 7.18%3 Years
- 3.26%5 Years
- 5.56%10 Years
- 5.60%Since Inception
09/30/2002
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 02/28/2026 - Market Value % of Total (Updated Monthly)
Financial Services17.71% | |
Leisure10.97% | |
Energy8.36% | |
Basic Industry7.76% | |
Insurance6.61% |
Additional Fund Info
- Share Class Inception Date
- 07/30/2021
- Investment Style
- Corporate Credit
- Morningstar Category
10 - High Yield Bond
- Lipper Classification
- High Yield Funds
Manager and Commentary
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
December 31, 2025- Markets: The U.S. fixed income market edged higher during the fourth quarter. The market was supported by central bank rate cuts, resilient economic growth, and overall solid investor demand. These factors more than offset tariff policy. uncertainty, concerns about higher unemployment, and a 43-day government shutdown in the US. As expected, the Federal Reserve (Fed) lowered its benchmark interest rate 0.25% (25 basis points) at its meetings in October and December. The 10-year U.S. Treasury yield rose three basis points (bps), ending the quarter at 4.18%. Falling US yields on the front end and continued strong demand were supportive of the credit market and kept spreads in a narrow range despite credit making headlines after Tricolor and First Brands quickly filed for bankruptcy. U.S. investment-grade and high-yield spreads marginally widened over the quarter. Primary market activity in the fourth quarter finished strong, capping the strongest year of issuance for both investment-grade and high-yield markets since the low rate environment of 2020-2021.
- Contributors : Issue selection in the basic industry sector.
- Detractors : Issue selection overall.
- Outlook : Positive economic growth, business-friendly tax policy, and an accommodative Federal Reserve should benefit the corporate world.
Franklin Templeton Fixed Income
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Managed Fund Since 2006
Performance
Average Annual Total Returns
As of 02/28/2026
Selected Month February 2026
Class C - With Sales Charge (POP) (%)
Month End
As of 02/28/2026
Class C - Without Sales Charge (NAV) (%)
Month End
As of 02/28/2026
ICE BofA US Corporate & High Yield Index (%)
Month End
As of 02/28/2026
Consumer Price Index- All Urban Consumers from the Bureau of Labor Statistics +3% annual risk premium (%)
Month End
As of 02/28/2026
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. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Effective August 2, 2021, Class C shares generally convert to Class A shares after the shares have been held for 8 years. Class C share performance shown has not been adjusted to reflect the conversion. Customers of certain Service Agents may be subject to different terms or conditions as set by their Service Agent, including non-conversion. Please refer to the Prospectus for more information or contact your Service Agent directly.
The performance in the accompanying chart and table is that of the Predecessor. The fund acquired the assets and liabilities of Diamond Hill Corporate Credit Fund, a series of the Diamond Hill Funds (the “Predecessor Fund”) on July 30, 2021. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. The performance information reflects the expenses of the Predecessor adjusted to reflect the fees and expenses of the new fund. The performance is shown net of annual management fees and other expenses. Historical performance for Class C and IS shares prior to their inception is based on the performance of Class A shares (which is, in turn, based on the performance of Investor shares of the Predecessor Fund), adjusted to reflect differences in sales charges.
Ratings 13
©2025 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.
Portfolio
Assets
As of02/28/2026 (Updated Monthly)
- Total Net Assets
- $2.19 Billion
Positions
As of 02/28/2026 (Updated Monthly)
Number of Holdings
- Fund
- 201
Portfolio Statistics
As of 02/28/2026 (Updated Monthly)
Weighted Average Maturity 11
- Fund
- 4.86 Years
- Fund
- 6.47%
- Fund
- 2.47 Years
Geographic Allocation
As of 02/28/2026 - Market Value % of Total (Updated Monthly)
| Geography | Fund |
|---|---|
North & Central America | 82.24% |
| United States | 77.97% |
| Canada | 3.66% |
| Puerto Rico | 0.61% |
Europe ex-Eurozone | 5.64% |
| United Kingdom | 4.07% |
| Switzerland | 1.57% |
Eurozone | 2.92% |
| Germany | 1.36% |
| Ireland | 0.98% |
| Finland | 0.56% |
| Luxembourg | 0.01% |
Asia-Pacific ex-Japan | 0.56% |
| Australia | 0.56% |
South America | 0.42% |
| Colombia | 0.42% |
Middle East/Africa | 0.13% |
| Zambia | 0.13% |
Japan | 0.02% |
| Japan | 0.02% |
Cash & Cash Equivalents | 8.07% |
| Cash & Cash Equivalents | 8.07% |
Holdings
As of 12/31/2025 (Updated Quarterly)
WA Premier Institutional U.S. Treasury Reserves
PROG HOLDINGS INC 6.0000% Mat 11/15/2029
HOWDEN UK REFINANCE PLC / HOWD 7.2500% Mat 02/15/2031
WELLS FAR 3.9% 15/03/73
UNITED WHOLESALE MORTGAGE LLC 5.5000% Mat 04/15/2029
Credit Ac 9.25% 12/15/28
SATURN OIL & GAS INC 9.6250% Mat 06/15/2029
Travel + 6.625% 07/31/26
COGENT COMMUNICATIONS GROUP LL 6.5000% Mat 07/01/2032
PANTHER ESCROW ISSUER LLC 7.1250% Mat 06/01/2031
Distributions & Tax
Federal ID Number 421550571
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Jan 31
Feb 28
Mar 31
Apr 30
May 30
Jun 30
Jul 31
Aug 29
Sep 30
Oct 31
Nov 24
Nov 28
Dec 31
Supplemental Tax Information
- Foreign Source Income
- —
- Foreign Source Qualified Dividends
- —
- Direct U.S. Government Obligations
- —
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- —
- Section 163(j)
- 96.62%
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - BrandywineGLOBAL - Corporate Credit Fund | |||
| Product Commentary - BrandywineGLOBAL - Corporate Credit Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - BrandywineGLOBAL - Corporate Credit Fund - Class C | |||
| Annual Financial Statements and Other Information - BrandywineGLOBAL Corporate Credit Fund | |||
| Semi-Annual Report - BrandywineGLOBAL - Corporate Credit Fund - Class C | |||
| Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL Corporate Credit Fund | |||
| Prospectus - BrandywineGLOBAL Corporate Credit Fund | |||
| Summary Prospectus - BrandywineGLOBAL Corporate Credit Fund | |||
| Statement of Additional Information - Legg Mason Partners Investment Trust Book 44 | |||
| Fiscal Q1 Holdings - BrandywineGLOBAL ? Corporate Credit Fund | |||
| Fiscal Q3 Holdings - BrandywineGLOBAL - Corporate Credit Fund |
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. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
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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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.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Consumer Price Index for All Urban Consumers (CPI-U) is a monthly measure of the average change over time in the prices paid by consumers for a market basket of consumer goods and services.
Source: Bureau of Labor Statistics.
The ICE BofA US Corporate & High Yield Index is comprised of U.S. dollar-denominated investment grade and below investment-grade corporate debt publicly issued in the U.S. domestic market.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.