BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 98.1% | ||||||||
COMMUNICATION SERVICES - 5.0% | ||||||||
Diversified Telecommunication Services - 2.2% | ||||||||
AT&T Inc. | 89,200 | $ | 1,496,776 | |||||
Verizon Communications Inc. | 90,900 | 3,426,930 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 4,923,706 | |||||||
|
| |||||||
Media - 2.8% | ||||||||
Charter Communications Inc., Class A Shares | 2,100 | 816,228 | * | |||||
Comcast Corp., Class A Shares | 101,100 | 4,433,235 | ||||||
Fox Corp., Class A Shares | 9,300 | 275,931 | ||||||
Interpublic Group of Cos. Inc. | 8,900 | 290,496 | ||||||
Omnicom Group Inc. | 5,800 | 501,758 | ||||||
|
| |||||||
Total Media | 6,317,648 | |||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 11,241,354 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 6.6% | ||||||||
Automobile Components - 0.1% | ||||||||
Lear Corp. | 1,300 | 183,573 | ||||||
|
| |||||||
Automobiles - 1.1% | ||||||||
Ford Motor Co. | 111,000 | 1,353,090 | ||||||
General Motors Co. | 32,400 | 1,163,808 | ||||||
|
| |||||||
Total Automobiles | 2,516,898 | |||||||
|
| |||||||
Broadline Retail - 0.2% | ||||||||
eBay Inc. | 11,300 | 492,906 | ||||||
|
| |||||||
Diversified Consumer Services - 0.2% | ||||||||
H&R Block Inc. | 1,800 | 87,066 | ||||||
Service Corp. International | 4,900 | 335,405 | ||||||
|
| |||||||
Total Diversified Consumer Services | 422,471 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.1% | ||||||||
Boyd Gaming Corp. | 2,300 | 144,003 | ||||||
|
| |||||||
Household Durables - 1.9% | ||||||||
DR Horton Inc. | 10,200 | 1,550,196 | ||||||
Lennar Corp., Class A Shares | 7,200 | 1,073,088 | ||||||
NVR Inc. | 80 | 560,036 | * | |||||
PulteGroup Inc. | 7,300 | 753,506 | ||||||
Toll Brothers Inc. | 1,300 | 133,627 | ||||||
TopBuild Corp. | 500 | 187,130 | * | |||||
|
| |||||||
Total Household Durables | 4,257,583 | |||||||
|
| |||||||
Leisure Products - 0.1% | ||||||||
Brunswick Corp. | 1,900 | 183,825 | ||||||
Mattel Inc. | 4,400 | 83,072 | * | |||||
|
| |||||||
Total Leisure Products | 266,897 | |||||||
|
|
See Notes to Schedule of Investments.
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
1 |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
Specialty Retail - 2.8% | ||||||||
AutoNation Inc. | 1,900 | $ | 285,342 | * | ||||
Best Buy Co. Inc. | 5,100 | 399,228 | ||||||
Dick’s Sporting Goods Inc. | 800 | 117,560 | ||||||
Lithia Motors Inc. | 600 | 197,568 | ||||||
Lowe’s Cos. Inc. | 20,400 | 4,540,020 | ||||||
Murphy USA Inc. | 500 | 178,280 | ||||||
Penske Automotive Group Inc. | 1,800 | 288,918 | ||||||
Williams-Sonoma Inc. | 1,400 | 282,492 | ||||||
|
| |||||||
Total Specialty Retail | 6,289,408 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.1% | ||||||||
Levi Strauss & Co., Class A Shares | 2,000 | 33,080 | ||||||
Ralph Lauren Corp. | 900 | 129,780 | ||||||
Skechers U.S.A. Inc., Class A Shares | 2,900 | 180,786 | * | |||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 343,646 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 14,917,385 | |||||||
|
| |||||||
CONSUMER STAPLES - 4.0% | ||||||||
Beverages - 0.2% | ||||||||
Coca-Cola Consolidated Inc. | 100 | 92,840 | ||||||
Molson Coors Beverage Co., Class B Shares | 4,600 | 281,566 | ||||||
|
| |||||||
Total Beverages | 374,406 | |||||||
|
| |||||||
Consumer Staples Distribution & Retail - 0.6% | ||||||||
BJ’s Wholesale Club Holdings Inc. | 1,600 | 106,656 | * | |||||
Kroger Co. | 16,300 | 745,073 | ||||||
Sysco Corp. | 7,000 | 511,910 | ||||||
|
| |||||||
Total Consumer Staples Distribution & Retail | 1,363,639 | |||||||
|
| |||||||
Food Products - 1.1% | ||||||||
Archer-Daniels-Midland Co. | 15,400 | 1,112,188 | ||||||
Bunge Global SA | 2,200 | 222,090 | ||||||
Ingredion Inc. | 1,300 | 141,089 | ||||||
Kraft Heinz Co. | 27,800 | 1,028,044 | ||||||
|
| |||||||
Total Food Products | 2,503,411 | |||||||
|
| |||||||
Tobacco - 2.1% | ||||||||
Altria Group Inc. | 40,100 | 1,617,634 | ||||||
Philip Morris International Inc. | 34,300 | 3,226,944 | ||||||
|
| |||||||
Total Tobacco | 4,844,578 | |||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 9,086,034 | |||||||
|
|
See Notes to Schedule of Investments.
2 | BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
ENERGY - 13.3% | ||||||||
Energy Equipment & Services - 0.4% | ||||||||
Halliburton Co. | 19,300 | $ | 697,695 | |||||
NOV Inc. | 5,500 | 111,540 | ||||||
|
| |||||||
Total Energy Equipment & Services | 809,235 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 12.9% | ||||||||
Antero Resources Corp. | 3,700 | 83,916 | * | |||||
APA Corp. | 7,200 | 258,336 | ||||||
Cheniere Energy Inc. | 5,300 | 904,763 | ||||||
Chevron Corp. | 40,173 | 5,992,205 | ||||||
Chord Energy Corp. | 600 | 99,738 | ||||||
ConocoPhillips | 28,300 | 3,284,781 | ||||||
Coterra Energy Inc. | 16,100 | 410,872 | ||||||
EOG Resources Inc. | 16,300 | 1,971,485 | ||||||
Exxon Mobil Corp. | 87,800 | 8,778,244 | ||||||
Kinder Morgan Inc. | 51,400 | 906,696 | ||||||
Marathon Oil Corp. | 15,900 | 384,144 | ||||||
Marathon Petroleum Corp. | 8,500 | 1,261,060 | ||||||
Murphy Oil Corp. | 2,000 | 85,320 | ||||||
New Fortress Energy Inc. | 2,800 | 105,644 | ||||||
Occidental Petroleum Corp. | 20,700 | 1,235,997 | ||||||
Phillips 66 | 9,600 | 1,278,144 | ||||||
Range Resources Corp. | 5,500 | 167,420 | ||||||
Southwestern Energy Co. | 23,800 | 155,890 | * | |||||
Valero Energy Corp. | 9,000 | 1,170,000 | ||||||
Williams Cos. Inc. | 16,900 | 588,627 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 29,123,282 | |||||||
|
| |||||||
TOTAL ENERGY | 29,932,517 | |||||||
|
| |||||||
FINANCIALS - 23.5% | ||||||||
Banks - 8.5% | ||||||||
Bank of America Corp. | 109,800 | 3,696,966 | ||||||
Citigroup Inc. | 41,300 | 2,124,472 | ||||||
Citizens Financial Group Inc. | 6,500 | 215,410 | ||||||
Cullen/Frost Bankers Inc. | 900 | 97,641 | ||||||
Huntington Bancshares Inc. | 20,100 | 255,672 | ||||||
JPMorgan Chase & Co. | 67,100 | 11,413,710 | ||||||
KeyCorp | 13,000 | 187,200 | ||||||
M&T Bank Corp. | 2,300 | 315,284 | ||||||
PNC Financial Services Group Inc. | 5,500 | 851,675 | ||||||
Webster Financial Corp. | 2,500 | 126,900 | ||||||
|
| |||||||
Total Banks | 19,284,930 | |||||||
|
|
See Notes to Schedule of Investments.
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
3 |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
Capital Markets - 5.3% | ||||||||
Ameriprise Financial Inc. | 2,500 | $ | 949,575 | |||||
Bank of New York Mellon Corp. | 19,200 | 999,360 | ||||||
Carlyle Group Inc. | 7,700 | 313,313 | ||||||
Goldman Sachs Group Inc. | 7,700 | 2,970,429 | ||||||
Invesco Ltd. | 10,400 | 185,536 | ||||||
Jefferies Financial Group Inc. | 5,800 | 234,378 | ||||||
LPL Financial Holdings Inc. | 1,500 | 341,430 | ||||||
Morgan Stanley | 38,600 | 3,599,450 | ||||||
Northern Trust Corp. | 2,900 | 244,702 | ||||||
Raymond James Financial Inc. | 4,600 | 512,900 | ||||||
Robinhood Markets Inc., Class A Shares | 9,200 | 117,208 | * | |||||
SEI Investments Co. | 1,300 | 82,615 | ||||||
State Street Corp. | 7,900 | 611,934 | ||||||
Stifel Financial Corp. | 2,300 | 159,045 | ||||||
T. Rowe Price Group Inc. | 4,900 | 527,681 | ||||||
|
| |||||||
Total Capital Markets | 11,849,556 | |||||||
|
| |||||||
Consumer Finance - 2.4% | ||||||||
Ally Financial Inc. | 6,400 | 223,488 | ||||||
American Express Co. | 16,800 | 3,147,312 | ||||||
Capital One Financial Corp. | 8,000 | 1,048,960 | ||||||
Discover Financial Services | 6,100 | 685,640 | ||||||
Synchrony Financial | 10,200 | 389,538 | ||||||
|
| |||||||
Total Consumer Finance | 5,494,938 | |||||||
|
| |||||||
Financial Services - 1.1% | ||||||||
Equitable Holdings Inc. | 9,300 | 309,690 | ||||||
Fiserv Inc. | 11,400 | 1,514,376 | * | |||||
Global Payments Inc. | 5,500 | 698,500 | ||||||
|
| |||||||
Total Financial Services | 2,522,566 | |||||||
|
| |||||||
Insurance - 6.2% | ||||||||
Aflac Inc. | 15,000 | 1,237,500 | ||||||
American Financial Group Inc. | 1,600 | 190,224 | ||||||
American International Group Inc. | 15,100 | 1,023,025 | ||||||
Arch Capital Group Ltd. | 8,500 | 631,295 | * | |||||
Assurant Inc. | 1,000 | 168,490 | ||||||
Chubb Ltd. | 9,600 | 2,169,600 | ||||||
Cincinnati Financial Corp. | 3,400 | 351,764 | ||||||
Fidelity National Financial Inc. | 6,100 | 311,222 | ||||||
First American Financial Corp. | 2,200 | 141,768 | ||||||
Globe Life Inc. | 2,000 | 243,440 | ||||||
Hartford Financial Services Group Inc. | 7,700 | 618,926 |
See Notes to Schedule of Investments.
4 | BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
��
SECURITY | SHARES | VALUE | ||||||
Insurance - (continued) | ||||||||
Loews Corp. | 5,800 | $ | 403,622 | |||||
Markel Group Inc. | 230 | 326,577 | * | |||||
MetLife Inc. | 19,600 | 1,296,148 | ||||||
Old Republic International Corp. | 6,900 | 202,860 | ||||||
Primerica Inc. | 700 | 144,032 | ||||||
Principal Financial Group Inc. | 5,800 | 456,286 | ||||||
Prudential Financial Inc. | 8,600 | 891,906 | ||||||
Reinsurance Group of America Inc. | 1,400 | 226,492 | ||||||
Travelers Cos. Inc. | 10,300 | 1,962,047 | ||||||
Unum Group | 4,600 | 208,012 | ||||||
Willis Towers Watson PLC | 1,400 | 337,680 | ||||||
WR Berkley Corp. | 6,200 | 438,464 | ||||||
|
| |||||||
Total Insurance | 13,981,380 | |||||||
|
| |||||||
TOTAL FINANCIALS | 53,133,370 | |||||||
|
| |||||||
HEALTH CARE - 18.4% | ||||||||
Biotechnology - 5.7% | ||||||||
AbbVie Inc. | 40,200 | 6,229,794 | ||||||
Amgen Inc. | 12,200 | 3,513,844 | ||||||
Biogen Inc. | 3,000 | 776,310 | * | |||||
Gilead Sciences Inc. | 28,400 | 2,300,684 | ||||||
|
| |||||||
Total Biotechnology | 12,820,632 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 0.7% | ||||||||
Medtronic PLC | 18,400 | 1,515,792 | ||||||
|
| |||||||
Health Care Providers & Services - 7.1% | ||||||||
Cardinal Health Inc. | 5,900 | 594,720 | ||||||
Cencora Inc. | 5,800 | 1,191,204 | ||||||
Centene Corp. | 7,400 | 549,154 | * | |||||
Cigna Group | 7,300 | 2,185,985 | ||||||
CVS Health Corp. | 17,900 | 1,413,384 | ||||||
DaVita Inc. | 1,900 | 199,044 | * | |||||
Elevance Health Inc. | 6,900 | 3,253,764 | ||||||
HCA Healthcare Inc. | 9,300 | 2,517,324 | ||||||
Henry Schein Inc. | 2,800 | 211,988 | * | |||||
Laboratory Corp. of America Holdings | 2,400 | 545,496 | ||||||
McKesson Corp. | 4,600 | 2,129,708 | ||||||
Molina Healthcare Inc. | 800 | 289,048 | * | |||||
Quest Diagnostics Inc. | 3,800 | 523,944 | ||||||
Tenet Healthcare Corp. | 2,000 | 151,140 | * | |||||
Universal Health Services Inc., Class B Shares | 2,500 | 381,100 | ||||||
|
| |||||||
Total Health Care Providers & Services | 16,137,003 | |||||||
|
|
See Notes to Schedule of Investments.
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
5 |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
Pharmaceuticals - 4.9% | ||||||||
Johnson & Johnson | 33,400 | $ | 5,235,116 | |||||
Merck & Co. Inc. | 49,900 | 5,440,098 | ||||||
Viatris Inc. | �� | 25,800 | 279,414 | |||||
|
| |||||||
Total Pharmaceuticals | 10,954,628 | |||||||
|
| |||||||
TOTAL HEALTH CARE | 41,428,055 | |||||||
|
| |||||||
INDUSTRIALS - 10.7% | ||||||||
Aerospace & Defense - 1.6% | ||||||||
Huntington Ingalls Industries Inc. | 700 | 181,748 | ||||||
L3Harris Technologies Inc. | 2,600 | 547,612 | ||||||
Lockheed Martin Corp. | 5,400 | 2,447,496 | ||||||
Textron Inc. | 6,200 | 498,604 | ||||||
|
| |||||||
Total Aerospace & Defense | 3,675,460 | |||||||
|
| |||||||
Air Freight & Logistics - 0.6% | ||||||||
FedEx Corp. | 5,800 | 1,467,226 | ||||||
|
| |||||||
Building Products - 1.4% | ||||||||
Allegion PLC | 2,000 | 253,380 | ||||||
Builders FirstSource Inc. | 3,400 | 567,596 | * | |||||
Carlisle Cos. Inc. | 1,100 | 343,673 | ||||||
Fortune Brands Innovations Inc. | 2,800 | 213,192 | ||||||
Johnson Controls International PLC | 14,500 | 835,780 | ||||||
Masco Corp. | 7,200 | 482,256 | ||||||
Owens Corning | 2,900 | 429,867 | ||||||
UFP Industries Inc. | 700 | 87,885 | ||||||
|
| |||||||
Total Building Products | 3,213,629 | |||||||
|
| |||||||
Electrical Equipment - 0.1% | ||||||||
Regal Rexnord Corp. | 900 | 133,218 | ||||||
|
| |||||||
Ground Transportation - 1.0% | ||||||||
Avis Budget Group Inc. | 800 | 141,808 | ||||||
CSX Corp. | 43,100 | 1,494,277 | ||||||
Knight-Swift Transportation Holdings Inc. | 3,600 | 207,540 | ||||||
U-Haul Holding Co. | 400 | 28,720 | * | |||||
U-Haul Holding Co., Non Voting Shares | 4,000 | 281,760 | ||||||
|
| |||||||
Total Ground Transportation | 2,154,105 | |||||||
|
| |||||||
Machinery - 4.8% | ||||||||
AGCO Corp. | 1,800 | 218,538 | ||||||
Caterpillar Inc. | 11,000 | 3,252,370 | ||||||
Cummins Inc. | 3,100 | 742,667 | ||||||
Deere & Co. | 6,300 | 2,519,181 | ||||||
Dover Corp. | 3,100 | 476,811 | ||||||
Middleby Corp. | 1,000 | 147,170 | * |
See Notes to Schedule of Investments.
6 | BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
Machinery - (continued) | ||||||||
Oshkosh Corp. | 1,600 | $ | 173,456 | |||||
PACCAR Inc. | 11,950 | 1,166,917 | ||||||
Parker-Hannifin Corp. | 2,900 | 1,336,030 | ||||||
Pentair PLC | 3,800 | 276,298 | ||||||
Snap-on Inc. | 1,100 | 317,724 | ||||||
Timken Co. | 1,300 | 104,195 | ||||||
|
| |||||||
Total Machinery | 10,731,357 | |||||||
|
| |||||||
Passenger Airlines - 0.2% | ||||||||
Delta Air Lines Inc. | 8,900 | 358,047 | ||||||
|
| |||||||
Professional Services - 0.3% | ||||||||
CACI International Inc., Class A Shares | 300 | 97,158 | * | |||||
Leidos Holdings Inc. | 3,000 | 324,720 | ||||||
Robert Half Inc. | 2,300 | 202,216 | ||||||
Science Applications International Corp. | 500 | 62,160 | ||||||
|
| |||||||
Total Professional Services | 686,254 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.7% | ||||||||
Ferguson PLC | 4,400 | 849,508 | ||||||
United Rentals Inc. | 1,400 | 802,788 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 1,652,296 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | 24,071,592 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 10.6% | ||||||||
Communications Equipment - 2.2% | ||||||||
Cisco Systems Inc. | 94,200 | 4,758,984 | ||||||
Juniper Networks Inc. | 6,900 | 203,412 | ||||||
|
| |||||||
Total Communications Equipment | 4,962,396 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.7% | ||||||||
Arrow Electronics Inc. | 1,900 | 232,275 | * | |||||
Corning Inc. | 19,300 | 587,685 | ||||||
Jabil Inc. | 4,100 | 522,340 | ||||||
TD SYNNEX Corp. | 2,100 | 225,981 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 1,568,281 | |||||||
|
| |||||||
IT Services - 1.8% | ||||||||
Cognizant Technology Solutions Corp., Class A Shares | 10,900 | 823,277 | ||||||
International Business Machines Corp. | 18,300 | 2,992,965 | ||||||
Twilio Inc., Class A Shares | 2,500 | 189,675 | * | |||||
|
| |||||||
Total IT Services | 4,005,917 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.7% | ||||||||
Applied Materials Inc. | 19,300 | 3,127,951 | ||||||
Microchip Technology Inc. | 7,500 | 676,350 | ||||||
Micron Technology Inc. | 24,800 | 2,116,432 |
See Notes to Schedule of Investments.
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
7 |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||
Semiconductors & Semiconductor Equipment - (continued) | ||||||||
ON Semiconductor Corp. | 8,100 | $ | 676,593 | * | ||||
QUALCOMM Inc. | 25,700 | 3,716,991 | ||||||
Skyworks Solutions Inc. | 3,600 | 404,712 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 10,719,029 | |||||||
|
| |||||||
Software - 0.1% | ||||||||
Gen Digital Inc. | 8,900 | 203,098 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 1.1% | ||||||||
Dell Technologies Inc., Class C Shares | 5,600 | 428,400 | ||||||
Hewlett Packard Enterprise Co. | 36,300 | 616,374 | ||||||
HP Inc. | 36,300 | 1,092,267 | ||||||
NetApp Inc. | 4,400 | 387,904 | ||||||
|
| |||||||
Total Technology Hardware, Storage & Peripherals | 2,524,945 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 23,983,666 | |||||||
|
| |||||||
MATERIALS - 3.0% | ||||||||
Chemicals - 0.9% | ||||||||
CF Industries Holdings Inc. | 2,700 | 214,650 | ||||||
Dow Inc. | 15,400 | 844,536 | ||||||
Eastman Chemical Co. | 2,500 | 224,550 | ||||||
LyondellBasell Industries NV, Class A Shares | 7,400 | 703,592 | ||||||
Olin Corp. | 3,000 | 161,850 | ||||||
|
| |||||||
Total Chemicals | 2,149,178 | |||||||
|
| |||||||
Construction Materials - 0.1% | ||||||||
Eagle Materials Inc. | 800 | 162,272 | ||||||
|
| |||||||
Containers & Packaging - 0.7% | ||||||||
Berry Global Group Inc. | 2,700 | 181,953 | ||||||
Crown Holdings Inc. | 3,800 | 349,942 | ||||||
Graphic Packaging Holding Co. | 6,900 | 170,085 | ||||||
International Paper Co. | 7,400 | 267,510 | ||||||
Packaging Corp. of America | 2,500 | 407,275 | ||||||
Sonoco Products Co. | 2,100 | 117,327 | ||||||
|
| |||||||
Total Containers & Packaging | 1,494,092 | |||||||
|
| |||||||
Metals & Mining - 1.3% | ||||||||
Cleveland-Cliffs Inc. | 10,900 | 222,578 | * | |||||
Commercial Metals Co. | 800 | 40,032 | ||||||
Nucor Corp. | 8,000 | 1,392,320 | ||||||
Reliance Steel & Aluminum Co. | 1,600 | 447,488 | ||||||
Steel Dynamics Inc. | 5,800 | 684,980 | ||||||
United States Steel Corp. | 5,500 | 267,575 | ||||||
|
| |||||||
Total Metals & Mining | 3,054,973 | |||||||
|
| |||||||
TOTAL MATERIALS | 6,860,515 | |||||||
|
|
See Notes to Schedule of Investments.
8 | BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
SECURITY | SHARES | VALUE | ||||||||||
REAL ESTATE - 0.1% | ||||||||||||
Real Estate Management & Development - 0.1% | ||||||||||||
Jones Lang LaSalle Inc. | 600 | $ | 113,322 | * | ||||||||
|
| |||||||||||
UTILITIES - 2.9% | ||||||||||||
Electric Utilities - 1.5% | ||||||||||||
Alliant Energy Corp. | 5,500 | 282,150 | ||||||||||
Duke Energy Corp. | 17,100 | 1,659,384 | ||||||||||
Edison International | 7,700 | 550,473 | ||||||||||
OGE Energy Corp. | 4,700 | 164,171 | ||||||||||
Pinnacle West Capital Corp. | 2,500 | 179,600 | ||||||||||
PPL Corp. | 17,000 | 460,700 | ||||||||||
|
| |||||||||||
Total Electric Utilities | 3,296,478 | |||||||||||
|
| |||||||||||
Independent Power and Renewable Electricity Producers - 0.1% | ||||||||||||
Vistra Corp. | 9,400 | 362,088 | ||||||||||
|
| |||||||||||
Multi-Utilities - 1.3% | ||||||||||||
CenterPoint Energy Inc. | 9,500 | 271,415 | ||||||||||
Consolidated Edison Inc. | 7,400 | 673,178 | ||||||||||
Public Service Enterprise Group Inc. | 14,800 | 905,020 | ||||||||||
Sempra | 14,300 | 1,068,639 | ||||||||||
|
| |||||||||||
Total Multi-Utilities | 2,918,252 | |||||||||||
|
| |||||||||||
TOTAL UTILITIES | 6,576,818 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 221,344,628 | |||||||||||
|
| |||||||||||
INVESTMENTS IN UNDERLYING FUNDS - 1.4% | ||||||||||||
iShares Trust - iShares Russell 1000 Value ETF | 19,300 | 3,189,325 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | 224,533,953 | |||||||||||
|
| |||||||||||
RATE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.5% | ||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | 5.279 | % | 1,119,694 | 1,119,694 | (a)(b) | |||||||
|
| |||||||||||
TOTAL INVESTMENTS - 100.0% | 225,653,647 | |||||||||||
Liabilities in Excess of Other Assets - (0.0)%†† | (1,215 | ) | ||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 225,652,432 | ||||||||||
|
|
†† | Represents less than 0.1%. |
* | Non-income producing security. |
(a) | Rate shown is one-day yield as of the end of the reporting period. |
(b) | 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 December 31, 2023, the total market value of investments in Affiliated Companies was $1,119,694 and the cost was $1,119,694 (Note 2). |
See Notes to Schedule of Investments.
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
9 |
BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND
(Percentages shown based on Fund net assets)
Schedule of investments (unaudited) (cont’d) | December 31, 2023 |
Abbreviation(s) used in this schedule:
ETF | — Exchange-Traded Fund |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
10 | BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL – Diversified US Large 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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. Equity securities, including exchange-traded funds (“ETF”), 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
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
11 |
Notes to Schedule of Investments (unaudited) (continued)
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.
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) |
12 | BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
Notes to Schedule of Investments (unaudited) (continued)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
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 | ||||||||||||
Long-Term Investments†: | ||||||||||||||||
Common Stocks | $ | 221,344,628 | — | — | $ | 221,344,628 | ||||||||||
Investments in Underlying Funds | 3,189,325 | — | — | 3,189,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 224,533,953 | — | — | 224,533,953 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | 1,119,694 | — | — | 1,119,694 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 225,653,647 | — | — | $ | 225,653,647 | ||||||||||
|
|
|
|
|
|
|
|
† | 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 December 31, 2023. The following transactions were effected in such company for the period ended December 31, 2023.
Affiliate Value at September 30, 2023 | Purchased | Sold | ||||||||
Cost | Shares | Proceeds | Shares | |||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | $1,225,995 | $16,742,572 | 16,742,572 | $16,848,873 | 16,848,873 |
(cont’d) | Realized Gain (Loss) | Dividend Income | Net Increase (Decrease) in Unrealized Appreciation (Depreciation) | Affiliate Value at December 31, 2023 | ||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | — | $18,505 | — | $1,119,694 |
BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report |
13 |