Fund Evaluator:
BrandywineGLOBAL High Yield IS (BGHSX)
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Best Performing in High Yield Bond Over the Last Year
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| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
BrandywineGLOBAL High Yield IS Overview
BrandywineGLOBAL High Yield IS (BGHSX) is an actively managed Taxable Bond High Yield Bond fund. Franklin Templeton Investments launched the fund in 2015.
The investment seeks high current income with the opportunity for capital appreciation. Under normal market conditions, the Advisor intends to provide exposure to high yield securities by investing at least 80% of its net assets in a diversified portfolio of corporate debt securities that are rated at the time of purchase below investment grade or unrated securities determined by the subadviser to be of comparable credit quality. These investments are also known as "junk bonds," "high yield bonds," and "non-investment grade bonds," and may include so called "distressed debt."
About BrandywineGLOBAL High Yield IS (BGHSX)
There are 2 members of the management team with an average tenure of 6.97 years: Jack Parker, CFA (2023), William Zox (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US High Yield TR USD index with a weighting of 100%. BrandywineGLOBAL High Yield IS has 191 securities in its portfolio. The top 10 holdings constitute 22.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BrandywineGLOBAL High Yield IS is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BrandywineGLOBAL High Yield IS has 12.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 2.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 88.0% (75.5% domestic bond, 12.5% foreign bond and 1.7% convertible bond). BrandywineGLOBAL High Yield IS has 7.5% of the portfolio in cash.
Assets Under Management
The fund has $798 million in total assets, which is above the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BGHSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BrandywineGLOBAL High Yield IS expense ratio is average compared to funds in the High Yield Bond category. BrandywineGLOBAL High Yield IS has an expense ratio of 0.54%, which is 41% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BrandywineGLOBAL High Yield IS has a portfolio turnover rate of 90%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, BrandywineGLOBAL High Yield IS returned -0.3%, which earned it a grade of C, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BrandywineGLOBAL High Yield IS has a trailing yield of 6.67%, which is above the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BrandywineGLOBAL High Yield IS Grades
Year to date, the fund has returned 0.8%, 0.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.6% over the past year (grade of F), 7.6% over the past three years (grade of C) and 4.3% per year over the past five years (grade of B) and 7.0% per year over the past 10 years (grade of A).
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BGHSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BGHSX Return (NAV) | -0.3% | 0.2% | 3.6% | 7.6% | 4.3% | 7.0% |
| BGHSX Grade | C | F | F | C | B | A |
| +/- Category | 0.0% | -0.3% | -1.3% | 0.1% | 0.6% | 2.2% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| BGHSX Tax Cost Ratio | na | na | 2.6% | 2.8% | 2.9% | 3.1% |
BGHSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BGHSX Return (NAV) | 0.8% | 5.5% | 9.7% | 15.3% | -9.4% | 5.5% | 13.9% | 15.6% | 1.3% | 10.5% | 14.7% |
| BGHSX Grade | F | F | A | A | B | B | A | A | A | A | B |
| +/- Category | -0.9% | -2.4% | 2.1% | 3.4% | 0.7% | 0.4% | 8.7% | 2.5% | 3.9% | 3.8% | 1.3% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 1.05 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.55 |
| R-Squared: | 55% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2735 Mil |
| Fund Total Assets: | $ 799 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 90% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.6 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Zox William (2015), Parker, CFA Jack (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 191 |
| % in Top 10 Holdings: | 22.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.9% |
| Domestic Bond: | 75.5% |
| Foreign Bond: | 12.5% |
| Convertible Bond: | 1.7% |
| Other: | 0.0% |
| Cash: | 7.5% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-656-3863 |
| Website: | http://www.leggmason.com/ |
| Status: | Open |
| Inception Date: | December 31, 2015 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.54% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | BrandywineGLOBAL High Yield IS |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
