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Strategy Overview

The Global Opportunistic Equity strategy combines thorough, proprietary global macroeconomic research with the investment team's fundamental equity views to produce a holistic, comprehensive approach that helps identify and assess opportunities and risks that solely top-down or bottom-up strategies may miss. The process is designed to capture differentiated sources of return.

 

Strategy Profile

 

 

Key Stats*

Strategy AUM 1 $562.0
Inception Date January 1, 2013
Price/Earnings² 12.7

Philosophy

Objective

We seek to outpace the long-term performance of the MSCI All Country World Index or the Russell Global Index using a distinct process that combines top-down macroeconomic research and bottom-up fundamental analysis to capture diversified sources of return.

Investment Process

Thorough, proprietary global macroeconomic research combined with the investment team’s fundamental equity views produce a holistic, comprehensive approach that helps identify and assess opportunities and risks that solely top-down or bottom-up strategies may miss. The process is designed to capture differentiated sources of return:

MACROECONOMIC INSIGHTS: Macro analysis is supported by a comprehensive internal research framework that compiles and analyzes proprietary econometric modeling and forecasts, country data, monetary and fiscal policies, economic indicators, valuation tools, and other inputs. By applying this understanding of primary global growth drivers and individual country business cycles, the fundamental equity investment team can focus on countries, regions, or sectors poised to benefit from macroeconomic trends.

CURRENCY VALUATION: When investing globally, currency can be an important driver of returns at both the company and portfolio levels. The investment process leverages the firm’s insights on currency valuation levels and experience in adding significant value through actively managing currency exposures. Generally, currency exposures in stocks with attractive currency valuations are left unhedged while exposures with unattractive currency valuations are hedged using currency forwards.

COMPANY RESEARCH & VALUATION: Within each identified country, thorough fundamental equity research is used to identify undervalued companies with solid balance sheets and strong free cash flow, favoring sectors believed to be well positioned to capitalize on key macro catalysts.

Macroeconomic Analysis

Top-down macroeconomic research is used to establish initial investment ideas by identifying key macro themes and countries deemed attractive due to a favorable macro outlook, typically in combination with undervalued currencies and stable inflationary and political environments. Macro analysis helps to efficiently focus additional fundamental research on these select countries and to formulate our currency strategy.

Fundamental Analysis

Fundamental analysis seeks to identify undervalued companies. The team places an emphasis on cash flows and balance sheet characteristics, establishing an estimate of intrinsic value through a complete due diligence of business operations based on publicly available documents. We also speak with management and utilize knowledge of competitors, suppliers, and customers to better understand a company’s business and risks. Our macro insights on currency and business cycles are often a primary input.

Sell Discipline

We generally sell a stock when:

  • The stock appreciates to our target price without commensurate gain in intrinsic value
  • The anticipated catalysts fail to happen within a reasonable period
  • An unanticipated event, change in fundamentals, or deterioration in intrinsic value undermines our thesis
  • Our macroeconomic thesis for the country changes significantly

 

At a Glance

  • Benchmark: MSCI ACWI and/or Russell Global Index
  • Combines top-down macroeconomic guidance with thorough bottom-up fundamental research in a comprehensive, integrated process
  • Targets multiple sources of return by actively applying macro themes, currency analysis, and fundamental research in the strategy
  • Seeks companies priced significantly below intrinsic value, with strong balance sheets, cash flow, and business models
  • Typically invests in 40 to 100 companies with position size limited to 5% at purchase

Lead Portfolio Managers

James J. Clarke

Portfolio Manager & Director of Fundamental Research

Sorin Roibu, CFA

Portfolio Manager & Research Analyst

View Full Fundamental Equity Team

Performance*

Characteristics*

Videos

1. How Were We Positioned Going into the Quarter? (0:06)
2. What Occurred during the Quarter? (3:08)
3. How Are We Positioned Going into 2Q 2026? (4:25)

Global Opportunistic Equity and International Opportunistic Equity Webcast

1st Quarter 2026 | April 10, 2026

James J. Clarke

Portfolio Manager & Director of Fundamental Research

Investment Options

Available Investment Options

Global Opportunistic Equity
Separate Accounts
Additional Non-U.S. Local Funds are available. Please contact
[email protected] for more information
Non-U.S. Local Funds
1
The Firm's AUM includes Diversified Value Equity non-discretionary assets of $276.5M and Fundamental Equity non-discretionary assets of $4,055.1M, both of which are reported on a one-month lag.

2
Portfolio characteristics calculation uses weighted harmonic average methodology.

Data is obtained from Bloomberg (©2026, Bloomberg Finance LP) and is believed to be accurate and reliable.

*Supplemental information to the attached Global Opportunistic Equity GIPS Report, which provides gross and net performance of the named strategy and a detailed description of the performance calculation methodology, index descriptions, and other disclosures. Gross performance returns include transaction costs but do not reflect the deduction of Brandywine Global's management fee. Net performance is calculated using a model approach whereby we use the highest tier of the appropriate strategy's fee schedule as disclosed in Part 2A of the Firm's Form ADV. All performance results are presented before custody charges, withholding taxes and other indirect expenses. Performance results of the named strategy are presented gross and net of management fees. Brandywine Global characteristics were derived using a representative account of the named strategy. In most cases, representative account and composite performance and characteristics will vary slightly. Investment objectives are aspirational in nature, inherently uncertain, and should not be regarded as a guarantee of future performance. Past performance is no guarantee of future results.

Inception Date: January 1, 2013

ACWI-RG = MSCI ACWI linked to Russell Global (prior to Apr18)
ACWI = MSCI ACWI Index

Returns shown in USD

Brandywine Global Investment Management, LLC (the "Firm") is a wholly owned, independently operated, subsidiary of Franklin Resources, Inc. Brandywine Global Investment Management, LLC claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Brandywine Global Investment Management, LLC has been independently verified for the periods January 1, 1993 through June 30, 2024. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Global Opportunistic Equity Composite has had a performance examination for the periods January 1, 2013 through June 30, 2024. The verification and performance examination reports are available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Disclosed total firm assets represent the total market value of all discretionary and nondiscretionary, fee-paying and non-fee-paying assets under the Firm's management. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Global Opportunistic Equity Composite (the "Composite") Inception date: January 1, 2013. Creation date: January 1, 2013. The Composite (formally the Global All Cap) includes all fully discretionary, actively managed accounts with no minimum market value requirement and no investment restrictions within the Global Opportunistic Equity strategy. The strategy invests in global stocks across all capitalization ranges (consistent with the capitalization range of the Russell Global All Cap Index) that are, in the portfolio team's opinion, inexpensive relative to the company's intrinsic value and results in approximately 60 - 100 positions. The Composite utilizes over-the-counter forward exchange rate contracts and currency futures to manage its currency exposure. These contracts are valued daily using closing forward exchange rates. Brandywine uses WM/Reuters daily FX rates taken at 4 p.m. London time. Portfolio returns are net of all foreign withholding taxes. Effective April 1, 2018, the composite's primary index changed from the Russell Global Index to the MSCI All Country World Index. Effective December 31, 2014, the composite was changed from "Global All Cap Equity Composite" to more accurately reflect the strategy's investable universe. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Preliminary data, if so noted, reflects unreconciled data for the most recent reporting period. Portfolios are valued daily on a trade date basis and include dividends and interest as well as all realized and unrealized capital gains and losses. Return calculations at the portfolio level are time-weighted to account for periodic contributions and withdrawals. Performance results are calculated on a before tax, total return basis. The Composite returns consist of size-weighted portfolio returns using beginning of period values to weight the portfolio returns. Monthly linking of interim performance results is used to calculate quarterly and annual returns. Composite's valuations and returns are computed in U.S. Dollars ("USD"). The results are presented in USD or in other currencies (to accommodate overseas investors), the latter by converting monthly USD returns into other currency returns using the appropriate currency exchange rate returns. Gross returns reflect the deduction of trading expenses. Net-of-fees returns is calculated using a model approach whereby we use the current highest tier of the appropriate strategy's fee schedule as disclosed in the Form ADV. Composite dispersion is calculated using the asset-weighted standard deviation method for all portfolios that were in the Composite for the entire year. Composite dispersion is not presented for periods with five or fewer portfolios. The number of accounts and market values are as of the end of the period. The three-year annualized standard deviation, calculated using gross-of-fee returns, measures the variability of the composite and the benchmark returns over the preceding 36-month period. Gross-of-fees returns are used to calculate the presented risk measures. Past performance is no guarantee of future results. A complete list of composites, and limited distribution pooled funds descriptions as well as a list of broad distribution pooled funds is available upon request. The Institutional Client Separate Account Management Fee Schedule (minimum initial investment: $20 million): 0.750% on the first $50 million; 0.6500% on the next $50 million; 0.550% on the next $100 million; 0.450% on any portion of assets in excess of $200 million. Institutional Client Commingled Account Management Global Investment Trust Fee Schedule (minimum initial investment: $1 million): 0.750% on the first $50 million; 0.6500% on the next $50 million; 0.550% on the next $100 million; 0.450% on any portion of assets in excess of $200 million. Additional information on the Firm's fee schedule can be found in Form ADV Part 2A which is available upon request. The management fee schedule and total expense ratio for Global Opportunistic Equity Portfolio -BIT, which is included in the composite, are 0.75% on all assets and 0.85%, respectively.

General Disclaimers: This material has been prepared by Brandywine Global Investment Management, LLC ("Brandywine Global") and is provided to certain qualified institutions, financial intermediaries, and institutional investors for informational purposes only. It may not be reproduced or redistributed without Brandywine Global's prior written approval. This material is not intended to be a forecast, research, or investment advice, and is not a recommendation, or an offer or solicitation to buy or sell any securities or to adopt any particular investment strategy. The information set forth herein has been derived from sources believed to be accurate, reliable, and current as of the date of this material, but is subject to change without notice. The opinions expressed may differ from those of other Brandywine Global portfolio management teams and our affiliates. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be, interpreted as recommendations. The material was prepared without regard to specific objectives, financial situation or needs of any investor and should not be used as the basis of any investment decision.

Risk: All financial investments involve an element of risk. Past performance does not guarantee future results. The value of investments and the income derived from investments will fluctuate and a loss of principal can occur.

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial operations outside of the U.S. can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include market/currency fluctuations, withholding or other taxes, trading, settlement, custodial, and other operational risks, and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets may perform differently from the U.S. market.

Transactions in any option, future, commodity, or other derivative product is not suitable for all persons and accordingly, investors should be aware of the risks involved in trading in such instruments. Transactions in derivatives have the potential to increase liquidity risk and introduce other significant risk factors of a complex character. All securities trading, whether in stocks, options, or other investment vehicles, is speculative in nature and involves substantial risk of loss. No assurance, representation, or warranty is made by any person that any of the aims, assumptions, expectations, objectives, and/or goals stated herein will be achieved. Nothing contained in this material may be relied upon as a guarantee, promise, assurance, or representation as to the future.

Fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. High yield and lower-rated fixed income securities involve greater risk than investment-grade securities. Asset-backed, mortgage-backed or mortgage related securities are subject to additional risks such as prepayment and extension risks. High yield bonds possess greater price volatility, illiquidity, and possibility of default.

Equity investments are subject to market risk. The value of investment may fluctuate in response to the prospects of individual companies, particular sectors, and/or general market conditions. Investments in in speculative and/or small-cap, mid-cap and micro-cap companies may involve a higher degree of risk and volatility than investments in larger, more established companies, including such risks as lack of product diversification, potentially insufficient capital resources and greater exposure to business and economic cycles.

Portfolio Structure: Each client’s portfolio is individually managed and may vary from the information shown in terms of allocations, portfolio holdings, characteristics, and performance. Current and future portfolio compositions and performance may be significantly different. Any securities, sectors or allocations referenced may or may not be represented in portfolios of clients of Brandywine Global, and do not represent all of the securities purchased, sold, or recommended for client portfolios. The reader should not assume that any investments in securities, sectors and/or markets identified or described were or will be profitable or that similar investments will be available in the future.

Outlook: Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this material and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected herein. These forecasts are subject to high levels of uncertainty that can affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Certain information or statements contained herein may constitute a forward-looking statement. Forward- looking statements are predictive in nature and speak only as of the date they were made. Brandywine Global assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements refer to future events or conditions and are subject to a number of assumptions, risks and uncertainties that could cause actual results or events to differ materially from current expectations.

Third-Party Ratings: Any unpublished third-party rankings, awards or similar groupings have inherent limitations and qualifications, and are not indicative of the experience of any client or investor or of the future performance of any product described herein. There can be no assurance that the universe upon which the ratings or awards were based included all investment products within each category that are actually in operation or existence. The investment products on which the ratings were based may differ substantially in terms, objective, strategy, target risk return profile and certain other significant respects from those referenced herein.

Indices/Benchmarks: Indices are unmanaged and are not available for direct investment. Indices are not subject to fees and expenses typically associated with separate accounts or investments in funds. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

Selection of Representative Account: Representative accounts are generally the least restrictive account in a composite at the time of selection. Each client account is individually managed; individual holdings will vary for each account and there is no guarantee that a particular account will have the same characteristics as described. Actual results may vary for each client due to specific client guidelines, holdings, and other factors. In limited circumstances, the designated representative account may have changed over time, for reasons including, but not limited to, account termination, imposition of significant investment restrictions, or material asset size fluctuations.

Environmental, Social and Governance (“ESG”): This material discusses Brandywine Global’s current efforts to integrate responsible and sustainable investing principles into its investment process. Certain examples are provided herein for illustrative purposes only and are not intended to be representative of Brandywine Global’s investment process with respect to every investment. ESG investments may be viewed as “sustainable, “responsible”, or “socially conscious” among other names. Analysis and integration of ESG factors is qualitative and subjective by nature, and there is no guarantee that the ESG criteria used, or judgment exercised, by Brandywine Global will reflect the values of any one particular investor. Different investment managers may utilize and evaluate ESG factors in different ways. Investing in ESG investments carries the risk that under certain market conditions, the investment strategy may underperform strategies that do not utilize a responsible investment strategy. An investment’s ESG performance or Brandywine Global’s assessment of such performance may change over time. ESG is not a uniformly defined characteristic and information used to evaluate ESG characteristics may not be readily available, complete, or accurate, and may vary across providers and issuers. The ESG considerations assessed as part of the research and investment approval process may vary across eligible investments and not every ESG factor may be evaluated for every investment. There is no guarantee that the evaluation of ESG characteristics will be additive to a strategy or account’s performance.

This website and the information contained herein does not constitute and is not intended to constitute an offer of any kind, including securities and accordingly should not be construed as such. Any products or services referenced on this website are for informational purposes only and may not be licensed or permitted to be purchased in your jurisdiction, and unless otherwise indicated, no regulator or government authority has reviewed this website or the merits of the products and services referenced. The content of this website is intended for eligible institutional investors (as such term is defined in any given jurisdiction). Before acting on any information on this website you should be well informed of and observe all applicable laws, rules and regulations of your home jurisdiction and obtain independent advice if required.

Past performance is no guarantee of future results.