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Managed Fund Since 2017
Fixed Income
LFLAX BrandywineGLOBAL - Flexible Bond Fund
Popular Documents
Total Net Assets
$452.40M
As of 09/30/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
A nimble, actively managed global fixed income strategy that seeks income and capital appreciation by investing across the fixed income spectrum.
The fund's managers apply a “3D” investment strategy, which consists of:
- Dual Approach: Pairs top-down macroeconomic perspective with deep fundamental analysis
- Dynamic Rotation: Adapts sector, duration and quality exposures to align with current market environment
- Downside Management: Utilizes duration management, quality rotation and portfolio hedges looking to reduce downside risk.
The investment team seeks to achieve the fund's investment objective through sector rotation, security selection, duration management and quality rotation.
- Benchmark
- Bloomberg U.S. Aggregate Index
- Dividend Frequency, if any
- Quarterly
- Fund Inception Date
- 06/01/2016
- Distribution Rate at NAV
4 As of 10/28/2026 (Updated Daily) - 6.80%
- Effective Duration
As of 09/30/2026 (Updated Monthly) - 3.52 Years
Identifiers
- Ticker
- LFLAX
- Fund Number
- 7207
- CUSIP Code
- 52471E456
Average Annual Total Returns As of 09/30/2026
Class A
- -1.90%1 Year
- 5.28%3 Years
- 0.78%5 Years
- 3.42%10 Years
- 3.80%Since Inception
05/31/2016
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.
Top Sectors
As of 09/30/2026 - Market Value % of Total (Updated Monthly)
Corporate Bond40.55% | |
Government Sovereign25.95% | |
Mortgage Backed Securities14.26% | |
Asset-Backed Securities8.68% | |
Government Owned - No Guarantee5.26% |
Additional Fund Info
- Share Class Inception Date
- 05/31/2016
- Investment Style
- Multi-Sector
- Lipper Classification
- Multi-Sector Income Funds
- Morningstar Category
10 - Multisector 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. In the U.S., yields moved sharply higher, 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 kept rates on hold in July and September, the European Central Bank (ECB) paused in July before raising rates another 25 basis points in September, and the Bank of Japan raised rates 25 basis points to 1.25%—the highest level since 1995. U.S. investment-grade spreads widened modestly and generated negative total returns as yields rose. High-yield spreads widened materially in September, although high-yield outperformed investment grade given its shorter duration and higher coupons. Risk-on/risk-off periods impacted the credit markets.
- Contributors: Exposures to Brazil and Colombia contributed to performance.
- Detractors: U.S. Treasury futures were the largest detractor over the quarter.
- Outlook: 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 2013
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Managed Fund Since 2016
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Managed Fund Since 2020
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Managed Fund Since 2020
Latest Insights
October 27, 2026
October 19, 2026
October 14, 2026
October 14, 2026
Performance
Risk Measures
As of 09/30/2026
Class A - Without Sales Charge (NAV)
Measured against: Bloomberg U.S. Aggregate Index
Statistics
Alpha (%)
Beta
R-Squared
Historical Tracking Error
Information Ratio
Upside Capture Ratio
Downside Capture Ratio
Standard Deviation (%)
Class A
Sharpe Ratio (%)
Class A
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.
Ratings 3
©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
- $452.40 Million
Positions
As of 09/30/2026 (Updated Monthly)
Number of Holdings
- Fund
- 200
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Effective Duration 11
- Fund
- 3.52 Years
- Fund
- 7.38%
- Fund
- 12.47 Years
- Fund
- 6.50 Years
Geographic Allocation
As of 09/30/2026 - Market Value % of Total (Updated Monthly)
| Geography | Fund |
|---|---|
North & Central America | 72.68% |
| United States | 55.40% |
| Mexico | 8.64% |
| Argentina | 5.51% |
| Canada | 2.74% |
| Dominican Republic | 0.22% |
| Panama | 0.17% |
South America | 17.67% |
| Colombia | 8.70% |
| Brazil | 7.53% |
| Peru | 0.79% |
| Chile | 0.35% |
| Ecuador | 0.29% |
Middle East/Africa | 3.64% |
| Egypt | 2.23% |
| Zambia | 0.60% |
| Israel | 0.48% |
| Saudi Arabia | 0.18% |
| Ghana | 0.16% |
Europe ex-Eurozone | 1.70% |
| United Kingdom | 1.70% |
Eurozone | 0.78% |
| Greece | 0.45% |
| Ireland | 0.33% |
Asia-Pacific ex-Japan | 0.58% |
| Australia | 0.32% |
| India | 0.25% |
Cash & Cash Equivalents | 2.95% |
| Currency Derivatives | 0.33% |
| Cash & Cash Equivalents | 2.61% |
Holdings
As of 09/30/2026 (Updated Monthly)
COLOMBIAN TES 11.5000% Mat 07/25/2046
MEXICAN BONOS 8.0000% Mat 07/31/2053
BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2033
US TR FRN 01/31/28 3.9053%
REPUBLIC OF ARGENTINA 4.1250% Mat 07/09/2035
BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2035
CONSOLIDATED COMMUNICATIONS LL 9.4080% Mat 05/20/2055
ZAYO ISSUER LLC 9.4890% Mat 06/20/2055
MEXICAN BONOS 7.5000% Mat 05/26/2033
ZAYO ISSUER LLC 8.6590% Mat 03/20/2055
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) 6.80%
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
Factsheet - BrandywineGLOBAL - Flexible Bond Fund
Product Commentary - BrandywineGLOBAL - Flexible Bond Fund
Regulatory Documents
Annual Report - BrandywineGLOBAL - Flexible Bond Fund - Class A
Annual Financial Statements and Other Information - BrandywineGLOBAL Flexible Bond Fund
Semi-Annual Report - BrandywineGLOBAL - Flexible Bond Fund - Class A
Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL Flexible Bond Fund
Prospectus - BrandywineGLOBAL Global Flexible Bond Fund
Summary Prospectus - BrandywineGLOBAL Global Flexible Income Fund
Statement of Additional Information - Legg Mason Global Asset Management Trust Book 34
Fiscal Q1 Holdings - BrandywineGLOBAL - Flexible bond Fund
Fiscal Q3 Holdings - BrandywineGLOBAL - Flexible bond 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. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Equity securities are subject to price fluctuation and possible loss of principal. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. 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. 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 Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.
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.
Prior to July 7, 2020, this Fund was known as the BrandywineGLOBAL – Global Flexible Income Fund. At that time, the investment objective and strategy also changed.
This fund is the successor to an institutional account (the “Predecessor”). The performance shown prior to 06/01/16 is that of the Predecessor. Immediately prior to the fund commencing operations, the Predecessor transferred its assets to the fund in exchange for the fund’s Class IS shares. The investment policies, objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. In addition, the Predecessor’s portfolio managers are the current portfolio managers of the fund. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions under the 1940 Act to which the Predecessor was not subject. As a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), the fund is subject to certain restrictions under the Code to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act and been subject to the provisions of the 1940 Act, its investment performance could have been adversely affected. Similarly, had the Predecessor been subject to provisions of the Code applicable to regulated investment companies, its investment performance may have been adversely affected. Predecessor performance is shown net of an annual management fee of 0.80% and other expenses of 0.10% which reflects the expenses of the Predecessor. The Predecessor did not have distribution policies. The Predecessor was an unregistered private fund, did not qualify as a regulated investment company for federal income tax purposes and did not pay dividends or distributions.