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Managed Fund Since 2017
Fixed Income
GOBCX BrandywineGLOBAL - Global Opportunities Bond Fund
Popular Documents
Overview
Fund Facts
Fund description
An actively managed, global fixed income strategy that seeks to maximize total return through strategic investment in countries, currencies, and sectors. Employs a top-down, value-oriented, and macro-driven investment approach to find the most attractive combination of high real yields, undervalued currencies, and improving fundamentals across global fixed income markets. Invests in sovereign debt and currencies, including emerging markets, and will also make opportunistic allocations to corporate or securitized credit when valuations are favorable.
- Benchmark
- FTSE World Government Bond Index
- Dividend Frequency, if any
- Quarterly
- Fund Inception Date
- 11/01/2006
- Distribution Rate at NAV
3 As of 10/28/2026 (Updated Daily) - 4.56%
- Effective Duration
As of 09/30/2026 (Updated Monthly) - 5.99 Years
Identifiers
- Ticker
- GOBCX
- Fund Number
- 7500
- CUSIP Code
- 524686375
Average Annual Total Returns As of 09/30/2026
Class C1
- -0.83%1 Year
- 4.38%3 Years
- -1.68%5 Years
- 0.36%10 Years
- 2.05%Since Inception
03/11/2010
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 C1 shares generally convert to Class A shares after the shares have been held for 8 years. Class C1 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.
Additional Fund Info
- Share Class Inception Date
- 03/11/2010
- Investment Style
- Government
- Lipper Classification
- Global Income Funds
- Morningstar Category
9 - Global Bond
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.
Commentary Highlights
September 30, 2026- Markets: The global fixed income market sold off sharply during the third quarter, posting its worst quarterly performance since 2024. Market sentiment was dominated by the escalation of the war in Iran, which pushed oil prices back above $100 per barrel, reviving inflation fears and prompting central banks to tighten monetary policy. Heavy sovereign issuance and growing fiscal concerns added to the pressure on longer-dated bonds. In the U.S., yields moved sharply higher over the quarter, with the 10-year Treasury yield rising 85 basis points to 5.29%, its highest level since 2002. Second quarter 2026 annualized gross domestic product (GDP) in the U.S. was 2.2%, versus a revised 2.5% in the prior quarter. The Federal Reserve met twice, holding rates steady in July before raising the federal funds target range by 25 basis points to 3.75%–4.00% in September—its first increase since 2023—and signaled that another hike might follow before year-end. The Bank of England (BoE) kept rates on hold in July and September, the European Central Bank (ECB) paused in July, before raising rates 25 basis points in September, and the Bank of Japan raised rates 25 basis points to 1.25%—the highest level since 1995. For the quarter, the Bloomberg Global Aggregate Bond Index returned -2.46%, bringing its year-to-date return to -2.67%.
- Contributors: The Fund’s currency positioning contributed to performance.
- Detractors: The Fund’s rate positioning detracted from performance.
- Outlook: Entering the fourth quarter, we expect resilient global growth, supported by an AI-led investment cycle broadening into infrastructure and defense, to keep interest rates structurally higher for longer.
Franklin Templeton Fixed Income
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Managed Fund Since 2025
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Managed Fund Since 2020
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Managed Fund Since 2020
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Managed Fund Since 2026
Latest Insights
October 27, 2026
October 19, 2026
October 14, 2026
October 14, 2026
Performance
Average Annual Total Returns
As of 09/30/2026
Selected Month September 2026
Class C1 - With Sales Charge (POP) (%)
Month End
As of 09/30/2026
- 1 Year
- -0.83
- 3 Years
- 4.38
- 5 Years
- -1.68
- 10 Years
- 0.36
- Since Inception(03/11/2010)
- 2.05
Class C1 - Without Sales Charge (NAV) (%)
Month End
As of 09/30/2026
- 1 Year
- 0.13
- 3 Years
- 4.38
- 5 Years
- -1.68
- 10 Years
- 0.36
- Since Inception(03/11/2010)
- 2.05
FTSE World Government Bond Index (%)
Month End
As of 09/30/2026
- 1 Year
- -2.70
- 3 Years
- 3.15
- 5 Years
- -2.90
- 10 Years
- -0.80
- Since Inception(03/11/2010)
- 0.45
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 C1 shares generally convert to Class A shares after the shares have been held for 8 years. Class C1 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.
Ratings 11
©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.
Portfolio
Assets
As of09/30/2026 (Updated Monthly)
- Total Net Assets
- $1.25 Billion
Positions
As of 09/30/2026 (Updated Monthly)
Number of Holdings
- Fund
- 55
- Benchmark
- 1,453
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Effective Duration 10
- Fund
- 5.99 Years
- Benchmark
- 6.36 Years
- Fund
- 6.04%
- Benchmark
- 2.82%
- Fund
- 14.96 Years
- Benchmark
- —
- Fund
- 10.56 Years
- Benchmark
- 10.56 Years
Sector Allocation
As of 09/30/2026 - Market Value % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Government Sovereign | 61.32% |
Mortgage Backed Securities | 17.27% |
Government Regional Agencies | 11.96% |
Supranational | 3.01% |
Currency Derivatives | 1.75% |
Collateralized Loan Obligation | 1.17% |
Asset-Backed Securities | 0.71% |
Government Owned - No Guarantee | 0.45% |
Bond Futures | 0.00% |
Cash & Cash Equivalents | 2.37% |
Holdings
As of 09/30/2026 (Updated Monthly)
US TS 4.625% 08/15/36
BUNDESREPUBLIK DEUTSCHLAND BUN 3.0000% Mat 08/15/2036
UNITED KINGDOM GILT 4.7500% Mat 10/22/2035
MEXICAN BONOS 8.0000% Mat 07/31/2053
BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2035
MEXICAN BONOS 8.0000% Mat 04/29/2055
COLOMBIAN TES 11.5000% Mat 07/25/2046
UNITED STATES TREASURY FLOATIN 4.2031% Mat 07/31/2028
US TR FRN 04/30/28 3.9093%
TREASURY CORP OF VICTORIA 4.7500% Mat 09/15/2036
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- QuarterlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- June, December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 4.56%
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
12/17/2026
09/29/2026
06/29/2026
03/30/2026
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 or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
Product Commentary - BrandywineGLOBAL - Global Opportunities Bond Fund
Regulatory Documents
Annual Report - BrandywineGLOBAL - Global Opportunities Bond Fund - Class C1
Annual Financial Statements and Other Information - BrandywineGLOBAL Global Opportunities Bond Fund
Semi-Annual Report - BrandywineGLOBAL - Global Opportunities Bond Fund - Class C1
Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL Global Opportunities Bond Fund
Prospectus - BrandywineGLOBAL Global Opportunities Bond Fund
Summary Prospectus - BrandywineGLOBAL Global Opportunities Bond Fund
Statement of Additional Information - Legg Mason Global Asset Management Trust Book 34
Fiscal Q1 Holdings - BrandywineGLOBAL - Global Opportunities Bond Fund
Fiscal Q3 Holdings - BrandywineGLOBAL - Global Opportunities Bond Fund
Additional Resources
Brandywine Global: Winner of Institutional Investor's 3rd Annual U.S. Investment Management Awards for Global Fixed Income
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. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. 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. 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.
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.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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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.
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 FTSE World Government Bond Index ("WGBI") measures the performance of fixed-rate, local-currency, investment-grade sovereign bonds. The WGBI currently comprises sovereign debt from multiple countries, denominated in a variety of currencies. The WGBI provides a broad benchmark for the global sovereign fixed income market.
Source: FTSE.
All Putnam-named funds and Franklin Retirement Advantage, Franklin Dynamic Asset Allocation, and Franklin Multi-Asset Income-named funds and Royce funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.