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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
$3.64B
As of 10/31/2025 (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 11/26/2025 (Updated Daily) - 6.64%
- Fund Inception Date
- 12/04/2014
Identifiers
- Fund Number
- 7995
- Ticker
- BGHSX
- CUSIP Code
- 52472T718
Average Annual Total Returns As of 10/31/2025
Class IS
- 6.07%1 Year
- 10.55%3 Years
- 6.02%5 Years
- 7.51%10 Years
- 7.28%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 10/31/2025 - Market Value % of Total (Updated Monthly)
Financial Services18.52% | |
Leisure10.98% | |
Energy9.64% | |
Basic Industry8.56% | |
Retail5.83% |
Additional Fund Info
- Share Class Inception Date
- 12/31/2015
- Investment Style
- High Yield
- Lipper Classification
- High Yield Funds
- Morningstar Category
3 - 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
September 30, 2025- Markets: The U.S. fixed income market continued its ascent over the third quarter. The Bloomberg U.S. Aggregate Bond Index gained 2.03%, raising its year-to-date return to 6.13%. U.S. investment-grade and high-yield credit spreads narrowed further, leading to positive total returns. Investment-grade slightly outpaced high-yield over the quarter, benefiting from lower yields along the longer end of the curve. Overall solid investor demand and falling U.S. yields were supportive of credit markets and kept spreads tight. Primary markets were especially active following an abrupt slowdown in the aftermath of tariff announcements in April, with September issuance in the high-yield market being the highest on record.
- Contributors: Issue selection.
- Detractors: Underweight duration.
- Outlook: High-yield corporate credit continues to serve as a gateway between core bonds and stocks, offering higher income with reduced interest rate risk, stable fundamentals, and a well-diversified backdrop.
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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 10/31/2025
Selected Month October 2025
Class IS - With Sales Charge (POP) (%)
Month End
As of 10/31/2025
Class IS - Without Sales Charge (NAV) (%)
Month End
As of 10/31/2025
ICE BofA US High Yield Index (%)
Month End
As of 10/31/2025
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 of10/31/2025 (Updated Monthly)
- Total Net Assets
- $3.64 Billion
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 223
- Benchmark
- 1,919
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Weighted Average Coupon
- Fund
- 6.84%
- Benchmark
- 6.58%
- Fund
- 5.16 Years
- Benchmark
- —
- Fund
- 2.48 Years
- Benchmark
- 2.95 Years
Sector Allocation
As of 10/31/2025 - Market Value % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Financial Services | 18.52% |
Leisure | 10.98% |
Energy | 9.64% |
Basic Industry | 8.56% |
Retail | 5.83% |
Health Care | 5.58% |
Insurance | 4.95% |
Banking | 4.25% |
Telecommunications | 4.23% |
Technology & Electronics | 3.53% |
Services | 3.38% |
Capital Goods | 2.91% |
Media | 1.96% |
Automotive | 1.91% |
Real Estate | 1.69% |
Consumer Goods | 1.18% |
Utility | 1.06% |
Transportation | 0.95% |
Asset Backed | 0.17% |
Cash & Other | 8.71% |
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
ENOVA INTERNATIONAL INC 11.2500% Mat 12/15/2028
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an Accrual fund.
- Capital Gain Distributions
- June, December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 6.64%
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
12/10/2025
10/31/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
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 or statement of additional information for specific information regarding distributions.
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.