Brandywine Global Opportunistic Income Fund

The Brandywine Global Opportunistic Fixed Income Fund* (the Fund) is a PIE-compliant New Zealand-domiciled fund. FundRock NZ Ltd is the issuer and manager of the Fund. The Fund is registered as an offer within a Managed Investment Scheme under the Financial Markets Conduct Act 2013 and is regulated by the FMA.

The Fund invests in an actively managed portfolio of sovereign bonds, investment grade corporate bonds, mortgage securities, currencies and other similar securities. The Fund can also invest in emerging market debt, high yield debt, and below investment grade non-sovereign and corporate debt. The Fund may use derivatives to obtain or reduce exposure to securities, markets, currencies including taking short positions in individual currencies). Derivatives may also be used to manage cash flows or to facilitate timely exposure to securities. The use of derivatives may result in the Fund being leveraged, for example if this was not backed by cash, cash equivalents, or securities

The significant benefits of investing in the Fund are:

• Diversification and scale: By pooling the money of all investors in the Fund, we can give investors exposure to a more widely diversified portfolio of underlying assets than they may be able to access themselves. This increased diversification can reduce risk. In addition, the scale of the Fund allows us to lower costs by negotiating better prices with service providers.
• Professional investment management: Franklin Templeton Australia Limited (“Franklin Templeton”) is the investment manager. Franklin Templeton has subcontracted investment management to Brandywine Global Investment Management LLC (“Brandywine Global”). Brandywine Global is an active specialist manager in fixed income, equity and alternative investments headquartered in Philadelphia, USA. Brandywine Global was founded in 1986 by a group of highly experienced portfolio managers, Value investing is core to Brandywine Global’s investment approach. Brandywine Global focus on assets in countries and currencies that meet their definition of value, and advances this process with a benchmark agnostic investment style. Brandywine Global is not afraid to uncover investment potential where others see risk with a central objective to maximise risk-adjusted returns over an investment cycle. Franklin Templeton and Brandywine Global are part of the Franklin Resources, Inc. group operating as Franklin Templeton.

*Previously known as Legg Mason Brandywine Global Opportunistic Fixed Income Fund