BrandywineGLOBAL - HIGH YIELD FUND
Legg Mason Partners Investment Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| BGHCX | 1.63% | 1.62% |
| C000227483 | 1.24% | 1.23% |
| BGHIX | 0.67% | 0.66% |
| BGHSX | 0.55% | 0.54% |
| BGHAX | 0.88% | 0.87% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 90.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 90.09% |
| Cash & short-term | 8.17% |
| Loans | 0.97% |
| Stocks | 0.07% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 49.4% |
| International | 13.5% |
| Cash | 8.2% |
| Financials | 7.1% |
| 10 smaller | 21.7% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: ENCORE CAPITAL GROUP INC, KEHE DISTRIBUTORS LLC / KEHE FINANCE CORP, ALLEGIANT TRAVEL COMPANY, ROLLER BEARING COMPANY OF AMERICA INC, FIRSTCASH HOLDINGS INC, PHINIA INC, API GROUP DE INC, MEDLINE BORROWER LP
Largest exited: Travel Plus Leisure Co, Allegiant Travel Company, Encore Capital Group Inc., Topbuild Corporation, ZipRecruiter Inc, Mineral Resources Ltd., The Charles Schwab Corporation, Wesco Distribution, Inc.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.41% | +23.97% | — | 2.67% | -2.46% | |
| +6.40% | +27.65% | — | 2.64% | -2.30% | |
| +6.54% | +28.09% | — | 2.61% | -2.18% | |
| +6.20% | +26.79% | — | 2.65% | -2.34% |
These classes hold the same portfolio, so the 4.11pp spread over 3 years is the cost difference between them — roughly 1.37pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | LEGG MASON PARTNERS INSTITUTIONAL TRUST | 8.17% | $230.16M | — |
| — | FIRSTCASH HOLDINGS INC5.63% · due 2030-01-01 | 1.99% | $55.95M | — |
| — | CREDIT ACCEPTANCE CORP9.25% · due 2028-12-15 | 1.86% | $52.42M | — |
| — | JEFFERSON CAPITAL HOLDINGS LLC9.50% · due 2029-02-15 | 1.77% | $49.97M | — |
| — | RYAN SPECIALTY LLC5.88% · due 2032-08-01 | 1.75% | $49.32M | — |
| — | PROG HOLDINGS INC6.00% · due 2029-11-15 | 1.72% | $48.34M | — |
| — | ENOVA INTERNATIONAL INC11.25% · due 2028-12-15 | 1.66% | $46.61M | — |
| — | CRC INSURANCE GROUP LLC7.13% · due 2031-06-01 | 1.52% | $42.96M | — |
| — | SATURN OIL & GAS INC9.63% · due 2029-06-15 | 1.48% | $41.81M | — |
| — | VOC ESCROW LTD5.00% · due 2028-02-15 | 1.43% | $40.28M | — |
Top 10 positions are 23.35% of net assets, top 25 40.84%, across 149 issuers.
See more of this fund's book
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