BrandywineGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) | September 30, 2022 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 98.0% | ||||||||
CONSUMER DISCRETIONARY - 13.2% | ||||||||
Automobiles - 1.4% | ||||||||
Thor Industries Inc. | 2,802 | $ | 196,084 | |||||
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Household Durables - 5.4% | ||||||||
iRobot Corp. | 7,340 | 413,462 | * | |||||
Purple Innovation Inc. | 85,840 | 347,652 | * | |||||
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Total Household Durables | 761,114 | |||||||
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Internet & Direct Marketing Retail - 5.2% | ||||||||
Poshmark Inc., Class A Shares | 15,510 | 243,042 | * | |||||
Vivid Seats Inc., Class A Shares | 29,570 | 226,506 | ||||||
Wayfair Inc., Class A Shares | 8,140 | 264,957 | * | |||||
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Total Internet & Direct Marketing Retail | 734,505 | |||||||
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Multiline Retail - 1.2% | ||||||||
Big Lots Inc. | 10,480 | 163,593 | ||||||
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TOTAL CONSUMER DISCRETIONARY | 1,855,296 | |||||||
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CONSUMER STAPLES - 4.4% | ||||||||
Beverages - 1.3% | ||||||||
Boston Beer Co. Inc., Class A Shares | 550 | 178,008 | * | |||||
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Food Products - 3.1% | ||||||||
Ingredion Inc. | 5,481 | 441,330 | ||||||
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TOTAL CONSUMER STAPLES | 619,338 | |||||||
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ENERGY - 5.7% | ||||||||
Energy Equipment & Services - 2.3% | ||||||||
Cactus Inc., Class A Shares | 5,640 | 216,745 | ||||||
Expro Group Holdings NV | 8,961 | 114,163 | * | |||||
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Total Energy Equipment & Services | 330,908 | |||||||
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Oil, Gas & Consumable Fuels - 3.4% | ||||||||
Callon Petroleum Co. | 5,160 | 180,652 | * | |||||
Laredo Petroleum Inc. | 4,670 | 293,509 | * | |||||
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Total Oil, Gas & Consumable Fuels | 474,161 | |||||||
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TOTAL ENERGY | 805,069 | |||||||
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FINANCIALS - 32.5% | ||||||||
Banks - 17.3% | ||||||||
Associated Banc-Corp. | 18,340 | 368,267 | ||||||
HomeStreet Inc. | 3,651 | 105,185 | ||||||
Old National Bancorp | 8,648 | 142,433 | ||||||
PacWest Bancorp | 8,500 | 192,100 | ||||||
Popular Inc. | 4,082 | 294,149 | ||||||
Synovus Financial Corp. | 10,500 | 393,855 | ||||||
Texas Capital Bancshares Inc. | 6,600 | 389,598 | * |
See Notes to Schedule of Investments.
BrandywineGLOBAL — Small Cap Value Fund 2022 Quarterly Report |
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BrandywineGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) (cont’d) | September 30, 2022 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||
Banks - (continued) | ||||||||
Umpqua Holdings Corp. | 19,390 | $ | 331,375 | |||||
Webster Financial Corp. | 4,847 | 219,085 | ||||||
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Total Banks | 2,436,047 | |||||||
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Capital Markets - 2.4% | ||||||||
Invesco Ltd. | 10,170 | 139,329 | ||||||
New Mountain Finance Corp. | 17,760 | 204,773 | ||||||
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Total Capital Markets | 344,102 | |||||||
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Consumer Finance - 6.9% | ||||||||
Bread Financial Holdings Inc. | 8,610 | 270,784 | ||||||
NerdWallet Inc., Class A Shares | 48,074 | 426,416 | * | |||||
SLM Corp. | 19,250 | 269,308 | ||||||
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Total Consumer Finance | 966,508 | |||||||
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Thrifts & Mortgage Finance - 5.9% | ||||||||
Essent Group Ltd. | 10,880 | 379,385 | ||||||
Flagstar Bancorp Inc. | 8,080 | 269,872 | ||||||
loanDepot Inc., Class A Shares | 130,780 | 172,630 | ||||||
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Total Thrifts & Mortgage Finance | 821,887 | |||||||
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TOTAL FINANCIALS | 4,568,544 | |||||||
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HEALTH CARE - 6.6% | ||||||||
Health Care Equipment & Supplies - 3.2% | ||||||||
Globus Medical Inc., Class A Shares | 5,813 | 346,280 | * | |||||
Tactile Systems Technology Inc. | 13,620 | 106,100 | * | |||||
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Total Health Care Equipment & Supplies | 452,380 | |||||||
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Health Care Providers & Services - 1.2% | ||||||||
PetIQ Inc. | 24,470 | 168,843 | * | |||||
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Pharmaceuticals - 2.2% | ||||||||
ANI Pharmaceuticals Inc. | 4,270 | 137,238 | * | |||||
Collegium Pharmaceutical Inc. | 10,339 | 165,631 | * | |||||
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Total Pharmaceuticals | 302,869 | |||||||
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TOTAL HEALTH CARE | 924,092 | |||||||
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INDUSTRIALS - 12.5% | ||||||||
Airlines - 3.5% | ||||||||
Alaska Air Group Inc. | 7,320 | 286,578 | * | |||||
Allegiant Travel Co. | 2,784 | 203,176 | * | |||||
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Total Airlines | 489,754 | |||||||
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Building Products - 1.8% | ||||||||
JELD-WEN Holding Inc. | 29,020 | 253,925 | * | |||||
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See Notes to Schedule of Investments.
2 | BrandywineGLOBAL — Small Cap Value Fund 2022 Quarterly Report |
BrandywineGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) (cont’d) | September 30, 2022 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||
Commercial Services & Supplies - 2.6% | ||||||||
ACV Auctions Inc. | 34,670 | $ | 249,277 | * | ||||
MillerKnoll Inc. | 7,750 | 120,900 | ||||||
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Total Commercial Services & Supplies | 370,177 | |||||||
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Electrical Equipment - 3.0% | ||||||||
Powell Industries Inc. | 3,240 | 68,299 | ||||||
Vertiv Holdings Co. | 36,180 | 351,670 | ||||||
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Total Electrical Equipment | 419,969 | |||||||
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Road & Rail - 1.6% | ||||||||
Lyft Inc., Class A Shares | 16,910 | 222,705 | * | |||||
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TOTAL INDUSTRIALS | 1,756,530 | |||||||
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INFORMATION TECHNOLOGY - 7.1% | ||||||||
Electronic Equipment, Instruments & Components - 4.7% | ||||||||
IPG Photonics Corp. | 1,890 | 159,422 | * | |||||
Rogers Corp. | 1,558 | 376,849 | * | |||||
Vontier Corp. | 7,290 | 121,816 | ||||||
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Total Electronic Equipment, Instruments & Components | 658,087 | |||||||
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Semiconductors & Semiconductor Equipment - 2.4% | ||||||||
Cohu Inc. | 7,070 | 182,264 | * | |||||
Ichor Holdings Ltd. | 6,370 | 154,218 | * | |||||
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Total Semiconductors & Semiconductor Equipment | 336,482 | |||||||
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TOTAL INFORMATION TECHNOLOGY | 994,569 | |||||||
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MATERIALS - 4.2% | ||||||||
Metals & Mining - 4.2% | ||||||||
Alamos Gold Inc., Class A Shares | 40,350 | 298,993 | ||||||
Haynes International Inc. | 8,330 | 292,550 | ||||||
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TOTAL MATERIALS | 591,543 | |||||||
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REAL ESTATE - 11.8% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 10.8% | ||||||||
EPR Properties | 6,480 | 232,373 | ||||||
Equity Commonwealth | 17,600 | 428,736 | ||||||
Franklin Street Properties Corp. | 55,015 | 144,689 | ||||||
Ryman Hospitality Properties Inc. | 5,000 | 367,950 | ||||||
Sunstone Hotel Investors Inc. | 35,820 | 337,424 | ||||||
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Total Equity Real Estate Investment Trusts (REITs) | 1,511,172 | |||||||
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Real Estate Management & Development - 1.0% | ||||||||
Howard Hughes Corp. | 2,510 | 139,029 | * | |||||
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TOTAL REAL ESTATE | 1,650,201 | |||||||
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TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $16,218,804) | 13,765,182 | |||||||
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See Notes to Schedule of Investments.
BrandywineGLOBAL — Small Cap Value Fund 2022 Quarterly Report |
3 |
BrandywineGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) (cont’d) | September 30, 2022 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | SHARES | VALUE | |||||||||
SHORT-TERM INVESTMENTS - 2.0% | ||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost - $275,272) | 2.615 | % | 275,272 | $ | 275,272 | (a) | ||||||
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TOTAL INVESTMENTS - 100.0% (Cost - $16,494,076) | 14,040,454 | |||||||||||
Liabilities in Excess of Other Assets - (0.0)%†† | (1,551 | ) | ||||||||||
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TOTAL NET ASSETS - 100.0% | $ | 14,038,903 | ||||||||||
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†† | Represents less than 0.1%. |
* | Non-income producing security. |
(a) | In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2022, the total market value of investments in Affiliated Companies was $275,272 and the cost was $275,272 (Note 2). |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule.
See Notes to Schedule of Investments.
4 | BrandywineGLOBAL — Small Cap Value Fund 2022 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL — Small Cap Value Fund (the “Fund”) is a separate diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.
Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
5 |
Notes to Schedule of Investments (unaudited) (cont’d)
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
• | Level 1 – unadjusted quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
6 |
Notes to Schedule of Investments (unaudited) (cont’d)
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
ASSETS | ||||||||||||||||
DESCRIPTION | QUOTED PRICES (LEVEL 1) | OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | TOTAL | ||||||||||||
Common Stocks† | $ | 13,765,182 | — | — | $ | 13,765,182 | ||||||||||
Short-Term Investments† | 275,272 | — | — | 275,272 | ||||||||||||
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Total Investments | $ | 14,040,454 | — | — | $ | 14,040,454 | ||||||||||
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† | See Schedule of Investments for additional detailed categorizations. |
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2022. The following transactions were effected in such company for the period ended September 30, 2022.
Affiliate Value at September 1, 2022 (inception date) | Purchased | Sold | ||||||||||||||||||
Cost | Shares | Cost | Shares | |||||||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | — | $ | 883,431 | 883,431 | $ | 608,159 | 608,159 |
(cont’d) | Realized Gain (Loss) | Dividend Income | Net Increase (Decrease) in Unrealized Appreciation (Depreciation) | Affiliate Value at September 30, 2022 | ||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | — | $ | 1,290 | — | $ | 275,272 |
7 |