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Managed Fund Since 2023
Fixed Income
BGHSX BrandywineGLOBAL - High Yield 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
Total Net Assets
$3.62B
As of 09/30/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
A nimble, actively managed fixed income strategy that seeks high current income and capital appreciation by investing primarily in high yield corporate bonds.
- Benchmark
- ICE BofA US High Yield Index
- Dividend Frequency, if any
- Monthly
- Distribution Rate at NAV
4 As of 10/31/2025 (Updated Daily) - 6.86%
- Fund Inception Date
- 12/04/2014
Identifiers
- Fund Number
- 7995
- Ticker
- BGHSX
- CUSIP Code
- 52472T718
Average Annual Total Returns As of 09/30/2025
Class IS
- 6.54%1 Year
- 11.39%3 Years
- 6.22%5 Years
- 7.80%10 Years
- 7.37%Since Inception
12/04/2014
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 09/30/2025 - Market Value % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 12/31/2015
- Investment Style
- High Yield
- Lipper Classification
- High Yield Funds
- Morningstar Category
- High Yield Bond
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, equity and alternative solutions.
Commentary Highlights
June 30, 2025- Markets: After initially widening upon the announcement of tariffs in early April, U.S. investment-grade and high-yield credit spreads narrowed to produce positive returns for the quarter and year-to-date. Potential trade deals and overall solid demand for yield supported credit markets, which thawed from their April freeze. The risk-on rally in the second quarter was evident across markets. The ICE BofA US High Yield index returned 3.57%, outpacing investment grade by over 175 basis points (bps). CCC and below was the best performing credit segment.
- Contributors: A lower duration position contributed to performance.
- Detractors: Security selection detracted from returns.
- Outlook: With uncertainty on monetary, fiscal, geopolitical, and trade policy at elevated levels, the high income and contractual maturity dates offered by high-yield are compelling, we believe.
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Managed Fund Since 2015
Latest Brandywine Global Insights
October 7, 2025
September 1, 2025
July 9, 2025
Performance
Average Annual Total Returns
As of 09/30/2025
Selected Month September 2025
Class IS - With Sales Charge (POP) (%)
Month End
As of 09/30/2025
Class IS - Without Sales Charge (NAV) (%)
Month End
As of 09/30/2025
ICE BofA US High Yield Index (%)
Month End
As of 09/30/2025
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.
The quoted performance for the Fund reflects the past performance of Diamond Hill High Yield Fund L.P. (the “High Yield Partnership”), a private fund managed with full investment authority by the fund’s Adviser. The Fund is managed in all material respects in a manner equivalent to the management of the predecessor unregistered fund. The performance of the High Yield Partnership has been restated to reflect the net expenses and maximum applicable sales charge of the fund for its initial years of investment operations. The High Yield Partnership was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the High Yield Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Performance is measured from December 4, 2014, the inception of the High Yield Partnership and is not the performance of the fund. The assets of the High Yield Partnership were converted, based on their value on December 31, 2015, into assets of the fund prior to commencement of operations of the fund. The High Yield Partnership’s past performance is not necessarily an indication of how the fund will perform in the future either before or after taxes. The performance in the accompanying chart and table is that of the Predecessor. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions to which the Predecessor was not subject. The performance information reflects the expenses of the Predecessor adjusted to reflect the fees and expenses of the fund. The performance is shown net of annual management fees and other expenses which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.
Ratings 3
©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 of09/30/2025 (Updated Monthly)
- Total Net Assets
- $3.62 Billion
Positions
As of 09/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 232
- Benchmark
- 1,910
Portfolio Statistics
As of 09/30/2025 (Updated Monthly)
Weighted Average Coupon
- Fund
- 6.86%
- Benchmark
- 6.57%
- Fund
- 5.21 Years
- Benchmark
- —
- Fund
- 2.52 Years
- Benchmark
- 2.93 Years
Sector Allocation
As of 09/30/2025 - Market Value % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Financial Services | 19.07% |
Leisure | 10.48% |
Energy | 10.18% |
Basic Industry | 9.27% |
Health Care | 6.27% |
Retail | 5.71% |
Insurance | 4.97% |
Banking | 4.73% |
Telecommunications | 4.39% |
Technology & Electronics | 3.42% |
Services | 3.05% |
Capital Goods | 2.52% |
Automotive | 1.92% |
Media | 1.88% |
Real Estate | 1.69% |
Consumer Goods | 1.24% |
Utility | 1.05% |
Transportation | 0.95% |
Asset Backed | 0.17% |
Cash & Other | 7.05% |
Holdings
As of 06/30/2025 (Updated Quarterly)
WA Premier Institutional U.S. Treasury Reserves
PROG HOLDINGS INC 6.0000% Mat 11/15/2029
SATURN OIL & GAS INC 9.6250% Mat 06/15/2029
Mativ Hol 8% 10/01/29
RYAN SPECIALTY 5.8750% Mat 08/01/2032
JEFFERSON CAPITAL HOLDINGS LLC 9.5000% Mat 02/15/2029
UNITED WHOLESALE MORTGAGE LLC 5.5000% Mat 04/15/2029
ALLEGIANT TRAVEL CO 7.2500% Mat 08/15/2027
HOWDEN UK REFINANCE PLC / HOWD 8.1250% Mat 02/15/2032
FORTREA HOLDINGS INC 7.5000% Mat 07/01/2030
Distributions & Tax
Federal ID Number 475451062
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Jan 31
Feb 29
Mar 28
Apr 30
May 31
Jun 28
Jul 31
Aug 30
Sep 30
Oct 31
Nov 25
Nov 29
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)
- 86.01%
- 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 - High Yield Fund | |||
| Product Commentary - BrandywineGLOBAL - High Yield Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - BrandywineGLOBAL High Yield Fund - Class IS | |||
| Annual Financial Statements and Other Information - BrandywineGLOBAL High Yield Fund | |||
| Semi-Annual Report - BrandywineGLOBAL - High Yield Fund - Class IS | |||
| Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL High Yield Fund | |||
| Prospectus - BrandywineGLOBAL High Yield Fund | |||
| Summary Prospectus - BrandywineGLOBAL High Yield Fund | |||
| Statement of Additional Information - Legg Mason Partners Investment Trust Book 44 | |||
| Fiscal Q1 Holdings - BrandywineGLOBAL – High Yield Fund | |||
| Fiscal Q3 Holdings - BrandywineGLOBAL ? High Yield 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
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.
The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as "junk") 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.
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.