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Managed Fund Since 2017
Fixed Income
LFLAX BrandywineGLOBAL - Flexible Bond Fund
Popular Documents
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
3 As of 11/13/2025 (Updated Daily) - 7.77%
- Effective Duration
As of 10/31/2025 (Updated Monthly) - 4.84 Years
Identifiers
- Ticker
- LFLAX
- Fund Number
- 7207
- CUSIP Code
- 52471E456
Average Annual Total Returns As of 10/31/2025
Class A
- 3.31%1 Year
- 6.47%3 Years
- 1.81%5 Years
- —10 Years
- 4.00%Since Inception
05/31/2016
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)
Additional Fund Info
- Share Class Inception Date
- 05/31/2016
- Investment Style
- Multi-Sector
- Lipper Classification
- Multi-Sector Income Funds
- Morningstar Category
- Multisector 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 global fixed income market continued its ascent over the quarter. Developed market yields were mixed, with rates falling in the U.S. while generally rising elsewhere. The 10-year U.S. Treasury yield ended the quarter eight basis points (bps) lower at 4.16%. Credit markets delivered solid returns in the third quarter, as markets leaned into declining rate expectations, solid fundamentals, and a continued investor search for yield. US investment grade and high yield credit spreads, as well as U.S. mortgage-backed security spreads, all narrowed and posted positive total returns. Emerging markets continued to benefit from favorable relative growth dynamics. Net flows into emerging markets continued, and emerging market sovereigns and corporate issuers posted meaningful gains.
- Contributors: U.S. high-yield and investment-grade credit. .
- Detractors: Foreign currency positions.
- Outlook: Corporate credit fundamentals remain broadly solid, in our view.
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Managed Fund Since 2017
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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 Brandywine Global Insights
October 7, 2025
September 1, 2025
July 9, 2025
Performance
Calendar Year Returns
As of 10/31/2025
Class A - With Sales Charge (POP) (%)
Class A - Without Sales Charge (NAV) (%)
Bloomberg U.S. Aggregate Index (%)
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 11
©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
- $469.48 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 191
- Benchmark
- 13,913
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Weighted Average Maturity
- Fund
- 11.42 Years
- Benchmark
- 8.24 Years
- Fund
- 6.91%
- Benchmark
- 3.63%
- Fund
- 4.84 Years
- Benchmark
- —
- Fund
- 8.87 Years
- Benchmark
- 8.20 Years
Sector Allocation
As of 10/31/2025 - Market Value % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Corporate Bond | 46.10% |
Government Sovereign | 21.92% |
Mortgage Backed Securities | 15.17% |
Asset-Backed Securities | 5.71% |
Government Owned - No Guarantee | 5.44% |
Collateralized Loan Obligation | 1.32% |
Bank Loan | 1.24% |
Government Regional Agencies | 0.17% |
Bond Futures | 0.12% |
Credit Default Swap | 0.01% |
Currency Derivatives | -0.08% |
Cash & Cash Equivalents | 2.88% |
Holdings
As of 10/31/2025 (Updated Monthly)
BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2033
MEXICAN BONOS 8.0000% Mat 07/31/2053
WA Premier Institutional U.S. Treasury Reserves
UNITED KINGDOM GILT 4.3750% Mat 07/31/2054
BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2027
MEXICAN BONOS 7.5000% Mat 05/26/2033
EGYPT 0% 06/01/26
RETAINED VANTAGE DATA CENTERS 5.0000% Mat 09/15/2048
Freddie FRN 05/25/42 9.4327%
AIRCASTLE LTD 5.2500% Mat 09/15/2174
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) 7.77%
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
12/18/2025
09/29/2025
06/27/2025
03/28/2025
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 - Flexible Bond Fund | |||
| Product Commentary - BrandywineGLOBAL - Flexible Bond Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| 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
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 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.
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.
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.