Fund Evaluator:
BrandywineGLOBAL Multi Sector Opps I (LROIX)
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Best Performing in Multisector Bond Over the Last Year
| 7.1% | Morningstar Multisector Bond (MSTMX) |
| 6.0% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 5.4% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 5.4% | Russell Inv Opportunistic Credit M (RGOTX) |
| 5.2% | Payden Managed Income SI (PKBIX) |
Fund Details
BrandywineGLOBAL Multi Sector Opps I Overview
BrandywineGLOBAL Multi Sector Opps I (LROIX) is an actively managed Taxable Bond Multisector Bond fund. Franklin Templeton Investments launched the fund in 2011.
The investment seeks to generate a high level of current income while outperforming the total return of the fund’s performance benchmark over a market cycle. Under normal market conditions, the fund seeks to achieve its investment objective by investing in fixed income securities or other instruments with similar economic characteristics. The subadviser has broad discretion to invest in multiple types of fixed income securities including, but not limited to, corporate debt, high yield debt, bank loans or loan participation interests, mortgage-backed securities, asset-backed securities, and convertible securities. The fund is non-diversified.
About BrandywineGLOBAL Multi Sector Opps I (LROIX)
There are 4 members of the management team with an average tenure of 2.04 years: Brian Kloss (2020), Jack Parker, CFA (2025), William Zox (2025), Charles Minor (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 Bloomberg 1-3 Year Govt/Credit Bd TR USD index with a weighting of 100%. BrandywineGLOBAL Multi Sector Opps I has 127 securities in its portfolio. The top 10 holdings constitute 27.6% 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 Multi Sector Opps I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BrandywineGLOBAL Multi Sector Opps I has 3.8% 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 2.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.5% (87.7% domestic bond, 3.8% foreign bond and 0.0% convertible bond). BrandywineGLOBAL Multi Sector Opps I has 6.4% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $1 billion average for the Multisector 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.
LROIX 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 Multi Sector Opps I expense ratio is high compared to funds in the Multisector Bond category. BrandywineGLOBAL Multi Sector Opps I has an expense ratio of 0.86%, which is 8% lower than its category average, making the fund expense ratio grade a C. 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 Multi Sector Opps I has a portfolio turnover rate of 138%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, BrandywineGLOBAL Multi Sector Opps I returned 0.1%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.7%. 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 Multi Sector Opps I has a trailing yield of 4.91%, which is below the 5.31% 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 Multi Sector Opps I Grades
Year to date, the fund has returned 1.7%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 3.9% over the past year (grade of D), 3.5% over the past three years (grade of F) and 1.6% per year over the past five years (grade of F) and 2.5% per year over the past 10 years (grade of F).
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LROIX 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 |
|
| LROIX Return (NAV) | 0.1% | 0.7% | 3.9% | 3.5% | 1.6% | 2.5% |
| LROIX Grade | A | A | D | F | F | F |
| +/- Category | 0.8% | 0.7% | -0.5% | -2.8% | -0.8% | -1.0% |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| LROIX Tax Cost Ratio | na | na | 2.0% | 2.2% | 1.7% | 1.2% |
LROIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LROIX Return (NAV) | 1.7% | 10.9% | -1.9% | 3.6% | -4.7% | -0.9% | 6.9% | 5.5% | -3.1% | 7.1% | 4.5% |
| LROIX Grade | A | A | F | F | A | F | C | F | D | B | F |
| +/- Category | 0.8% | 2.8% | -7.6% | -4.8% | 5.4% | -3.1% | 0.5% | -4.8% | -1.2% | 0.5% | -3.0% |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 7.1% |
| Total Risk Index: | 0.58 - Below Average |
| Category Risk Index: | 1.58 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.06 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $50 Mil |
| Fund Total Assets: | $ 24 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 138% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Kloss Brian (2020), Parker, CFA Jack (2025), Zox William (2025), Minor Charles (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 127 |
| % in Top 10 Holdings: | 27.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.1% |
| Domestic Bond: | 87.7% |
| Foreign Bond: | 3.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.4% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 877-656-3863 |
| Website: | www.leggmason.com |
| Status: | Open |
| Inception Date: | February 28, 2011 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $1,000,000 |
| 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 (%): | 0.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | BrandywineGLOBAL Multi Sector Opps I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
