Brandywine Global Investment Management, LLC

Brandywine Global Investment Management, LLC ("Brandywine"), has built up significant experience across fixed income, equity and global portfolios that invest in US and international markets. Founded in 1986 by a group of highly experienced portfolio managers, the firm has been a wholly owned affiliate of Legg Mason, Inc. since 1998 but operates independently, being headquartered in Philadelphia with satellite offices in Chicago, San Francisco and Singapore.

Brandywine Global pursues one investment approach: value investing. Through practical experience, Brandywine Global has determined that value-style investing - whether in equity or fixed income markets, in the US or internationally - can provide excellent risk-adjusted returns over full investment cycles, and it is a particularly important strategy in today's global markets.

Over the years, Brandywine Global has undertaken a series of academic studies to strengthen its definition of value and verify the benefits of its investment approach. The earliest joint studies, performed in conjunction with a prestigious educational institution, confirmed that concentrating on stocks with low price/earnings ratios can produce excellent risk-adjusted returns over full investment cycles for its clients. Similar results were produced when evaluating the small-capitalization segment of the U.S. stock market during the next phase of its research. In the search for additional ways to add value, Brandywine Global analyzed stocks with low price/book and low price/cash-flow ratios and determined that these measures were also useful tools in uncovering value in equity markets. Brandywine Global later expanded its studies to the international equity markets and again discovered that low price/earnings, price/book, and price/cash-flow ratios were important indicators of value. Today, Brandywine Global continues to verify its value measures and explore new ways to identify opportunities for its clients.

Fixed Income

Brandywine Global believes it can seize opportunities and aim for long-term returns through strict adherence to its value-driven process by concentrating portfolio assets in countries and currencies that meet its definition of value. Brandywine Global will avoid constructing portfolios that mirror the benchmark on the basis that a country weighting in a benchmark is not reflective of the value of the underlying fixed income market. As a result, when looking at fixed income markets, Brandywine Global will focus on:

Investing in bonds with the highest real yields

Manages currency to increase returns

Rotating among countries to find the best value in fixed income markets around the globe

Controlling risk through the purchase of undervalued securities.

Brandywine Global Investment Management, LLC
2929 Arch Street, 8th Floor
Philadelphia, PA 19104

Legg Mason Canada can serve as your conduit to its highly respected family of affiliated Investment Advisers. For additional information, please contact us:

David Gregoire, CFA, CFP

Managing Director & Head of Distribution
Legg Mason Canada Inc.
Tel: 416 594 2979
Email