The assets of the Legg Mason Global Opportunistic Fixed Income Trust are managed on a sub-advisory basis by Brandywine Global Investment Management LLC, ("Brandywine Global"), a subsidiary of Legg Mason, Inc. and an affiliate of Legg Mason Australia.
The investment process applies a top down, value driven approach. Real (inflation-adjusted) yield is the primary measure of value. Currency valuation is the next most important measure because the real yield must be captured in the investor's local currency. Brandywine Global focuses on appreciating undervalued currencies and overvalued currencies that can be hedged. Inflation trends, political risks, monetary trends as well as business cycle and liquidity measures are also considered. Investments are typically concentrated in eight to twelve countries, including emerging markets, that appear to offer the best total return potential.