BrandywineGLOBAL - HIGH YIELD FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, BrandywineGLOBAL - HIGH YIELD FUND held 184 positions with $2.82B in net assets. Its ten largest holdings made up 23.4% of the fund. The BGHCX share class costs 1.62% a year. Over the 12 months to May 2026, BGHCX returned 4.4%, with dividends reinvested. In 2026 Q2 it added 29 new positions and exited 33.
The funds objective is high current income with the opportunity for capital appreciation.
The fund is managed by a subadviser that seeks to invest at least 80% of net assets in below-investment-grade corporate debt securities, selecting securities it believes trade below fair value to capture both current income and capital appreciation. The subadviser performs credit and interest-rate risk analysis across U.S. and non-U.S. issuers, with non-U.S. exposure capped at 25% of assets. Because security selection depends on the subadviser's estimates of fair value, fund performance will diverge from any benchmark as those estimates prove accurate or inaccurate.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
LEGG MASON PARTNERS INSTITUTIONAL TRUST | 8.17% | $230.16M | — |
FIRSTCASH HOLDINGS INC 5.63% · due 2030-01-01 | 1.99% | $55.95M | — |
CREDIT ACCEPTANCE CORP 9.25% · due 2028-12-15 | 1.86% | $52.42M | — |
JEFFERSON CAPITAL HOLDINGS LLC 9.50% · due 2029-02-15 | 1.77% | $49.97M | — |
RYAN SPECIALTY LLC 5.88% · due 2032-08-01 | 1.75% | $49.32M | — |
PROG HOLDINGS INC 6.00% · due 2029-11-15 | 1.72% | $48.34M | — |
ENOVA INTERNATIONAL INC 11.25% · due 2028-12-15 | 1.66% | $46.61M | — |
CRC INSURANCE GROUP LLC 7.13% · due 2031-06-01 | 1.52% | $42.96M | — |
SATURN OIL & GAS INC 9.63% · due 2029-06-15 | 1.48% | $41.81M | — |
VOC ESCROW LTD 5.00% · due 2028-02-15 | 1.43% | $40.28M | — |
All 184 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 90.09% |
| Cash & short-term | 8.17% |
| Loans | 0.97% |
| Stocks | 0.07% |
By sector
- Other
- 49.6%
- International
- 13.5%
- Cash
- 8.2%
- Financials
- 7.0%
- 10 other sectors
- 21.7%
- Other
- 49.6%
- International
- 13.5%
- Cash
- 8.2%
- Financials
- 7.0%
- Consumer Discretionary
- 6.1%
- Industrials
- 3.4%
- Communication Services
- 3.1%
- Health Care
- 2.3%
- Information Technology
- 2.2%
- Energy
- 2.0%
- Materials
- 1.2%
- Real Estate
- 0.9%
- Utilities
- 0.3%
- Consumer Staples
- 0.3%
How it has done
BGHCX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.57%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.62% | +4.36% | +24.37% | — | -2.46% | |
| 0.66% | +5.35% | +27.93% | — | -2.30% | |
| 0.54% | +5.48% | +28.37% | — | -2.18% | |
| 0.87% | +5.15% | +27.08% | — | -2.34% |
These classes hold the same portfolio, so the 4.00pp spread over 3 years is the cost difference between them — roughly 1.33pp a year — not a difference in what they own.
Fees & fund details
BrandywineGLOBAL - HIGH YIELD FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.54% – 1.62%· BGHCX 1.62%
- Portfolio turnover
- 90.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
29 new· the largest 8
33 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 98.5% |
| Floating rate | 1.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.4% |
| 1-3y | 27.3% |
| 3-5y | 35.7% |
| 5-10y | 29.2% |
| 10y+ | 1.4% |
| Unknown | 1.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.17 yr |
| Investment grade | +0.39 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.82 yr | 31% |
| 5 yr | 1.46 yr | 56% |
| 10 yr | 0.16 yr | 6% |
| 30 yr | 0.13 yr | 5% |
| 3 mo | 0.06 yr | 2% |
| 1 yr | 0.87 yr | 34% |
| 5 yr | 1.35 yr | 53% |
| 10 yr | 0.15 yr | 6% |
| 30 yr | 0.13 yr | 5% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.05 | $1.4k | $14.4k |
| 1 yr | +0.82 | +0.04 | +0.82 | $12.3k | $232.3k |
| 5 yr | +1.46 | +0.08 | +1.27 | $21.5k | $357.5k |
| 10 yr | +0.16 | +0.13 | +0.02 | $37.1k | $5.6k |
| 30 yr | +0.13 | +0.13 | +0.00 | $36.4k | $48 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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