Fund Evaluator:
BrandywineGLOBAL Global Opp Bond R (LBORX)
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Best Performing in Global Bond Over the Last Year
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Fund Details
BrandywineGLOBAL Global Opp Bond R Overview
BrandywineGLOBAL Global Opp Bond R (LBORX) is an actively managed Taxable Bond Global Bond fund. Franklin Templeton Investments launched the fund in 2011.
The investment seeks to maximize total return consisting of income and capital appreciation. Under normal market conditions, the fund will invest at least 80% of its net assets in fixed income securities of issuers located in developed market countries. The fund will invest in both investment grade and below investment grade fixed income securities, and intends to invest less than 35% of its net assets in below investment grade fixed income securities (commonly known as “high yield debt” or “junk bonds”). It is non-diversified.
About BrandywineGLOBAL Global Opp Bond R (LBORX)
There are 5 members of the management team with an average tenure of 7.22 years: Anujeet Sareen (2017), Jack McIntyre (2012), Brian Kloss (2020), Tracy Chen (2020), Paul Mielczarski (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and FTSE WGBI USD index with a weighting of 100%. BrandywineGLOBAL Global Opp Bond R has 122 securities in its portfolio. The top 10 holdings constitute 56.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BrandywineGLOBAL Global Opp Bond R is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BrandywineGLOBAL Global Opp Bond R has 64.3% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.3% (31.0% domestic bond, 64.3% foreign bond and 0.0% convertible bond). BrandywineGLOBAL Global Opp Bond R has 4.8% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $422 million average for the Global 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.
LBORX 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 Global Opp Bond R expense ratio is high compared to funds in the Global Bond category. BrandywineGLOBAL Global Opp Bond R has an expense ratio of 1.25%, which is 30% higher than its category average, making the fund expense ratio grade a D. 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 Global Opp Bond R has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.
Recently, in the month of July 2026, BrandywineGLOBAL Global Opp Bond R returned 0.8%, which earned it a grade of A, as the Global 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 Global Opp Bond R has a trailing yield of 4.55%, which is above the 4.17% category average. The fund normally distributes its income quarterly 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 Global Opp Bond R Grades
Year to date, the fund has returned 2.1%, 2.4 percentage points better than the category, which translates into a grade of A. The fund has returned 4.8% over the past year (grade of A), 1.9% over the past three years (grade of F) and -2.2% per year over the past five years (grade of D) and 0.5% per year over the past 10 years (grade of D).
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LBORX 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 |
|
| LBORX Return (NAV) | 0.8% | 1.3% | 4.8% | 1.9% | -2.2% | 0.5% |
| LBORX Grade | A | A | A | F | D | D |
| +/- Category | 1.2% | 1.6% | 1.9% | -1.9% | -1.4% | -0.5% |
| Global Bond Avg | -0.3% | -0.2% | 2.9% | 3.8% | -0.7% | 0.9% |
| LBORX Tax Cost Ratio | na | na | 1.8% | 1.2% | 1.3% | 1.1% |
LBORX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LBORX Return (NAV) | 2.1% | 12.8% | -9.9% | 6.6% | -16.2% | -5.9% | 11.9% | 8.5% | -5.5% | 12.0% | 4.4% |
| LBORX Grade | A | A | F | C | C | D | A | B | F | A | B |
| +/- Category | 2.4% | 3.3% | -8.9% | 0.0% | -2.3% | -1.5% | 4.1% | 1.2% | -3.4% | 4.1% | 0.7% |
| Global Bond Avg | -0.2% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 11.1% |
| Total Risk Index: | 0.90 - Average |
| Category Risk Index: | 1.60 - High |
| Category Risk Grade: | F (97% Rank) |
| Beta: | 1.71 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1288 Mil |
| Fund Total Assets: | $ 8 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 41% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 14.5 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): McIntyre Jack (2012), Sareen Anujeet (2017), Kloss Brian (2020), Chen Tracy (2020), Mielczarski Paul (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 122 |
| % in Top 10 Holdings: | 56.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 64.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 31.0% |
| Foreign Bond: | 64.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.8% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-721-1926 |
| Website: | www.leggmason.com |
| Status: | Open |
| Inception Date: | September 30, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.25% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | BrandywineGLOBAL Global Opp Bond IS |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
