BRANDYWINEGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) | March 31, 2024 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 97.4% | ||||||||
COMMUNICATION SERVICES - 2.1% | ||||||||
Entertainment - 2.1% | ||||||||
Vivid Seats Inc., Class A Shares | 73,270 | $ | 438,887 | * | ||||
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CONSUMER DISCRETIONARY - 7.9% | ||||||||
Hotels, Restaurants & Leisure - 1.2% | ||||||||
Cava Group Inc. | 3,650 | 255,682 | * | |||||
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Household Durables - 2.4% | ||||||||
Mohawk Industries Inc. | 3,820 | 500,000 | * | |||||
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Leisure Products - 1.4% | ||||||||
Polaris Inc. | 2,920 | 292,350 | ||||||
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Specialty Retail - 2.9% | ||||||||
Designer Brands Inc., Class A Shares | 19,890 | 217,398 | ||||||
Sally Beauty Holdings Inc. | 14,740 | 183,071 | * | |||||
Signet Jewelers Ltd. | 2,230 | 223,156 | ||||||
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Total Specialty Retail | 623,625 | |||||||
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TOTAL CONSUMER DISCRETIONARY | 1,671,657 | |||||||
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CONSUMER STAPLES - 1.6% | ||||||||
Beverages - 1.1% | ||||||||
Boston Beer Co. Inc., Class A Shares | 790 | 240,492 | * | |||||
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Personal Care Products - 0.5% | ||||||||
Oddity Tech Ltd., Class A Shares | 2,320 | 100,804 | * | |||||
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TOTAL CONSUMER STAPLES | 341,296 | |||||||
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ENERGY - 10.6% | ||||||||
Energy Equipment & Services - 4.6% | ||||||||
Atlas Energy Solutions Inc. | 12,110 | 273,928 | ||||||
Cactus Inc., Class A Shares | 7,250 | 363,153 | ||||||
Weatherford International PLC | 3,020 | 348,568 | * | |||||
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Total Energy Equipment & Services | 985,649 | |||||||
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Oil, Gas & Consumable Fuels - 6.0% | ||||||||
Callon Petroleum Co. | 6,080 | 217,421 | * | |||||
CNX Resources Corp. | 16,090 | 381,655 | * | |||||
Comstock Resources Inc. | 24,540 | 227,731 | ||||||
Vital Energy Inc. | 8,290 | 435,556 | * | |||||
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Total Oil, Gas & Consumable Fuels | 1,262,363 | |||||||
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TOTAL ENERGY | 2,248,012 | |||||||
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FINANCIALS - 26.6% | ||||||||
Banks - 11.6% | ||||||||
Associated Banc-Corp. | 20,340 | 437,513 | ||||||
Banc of California Inc. | 29,190 | 443,980 |
See Notes to Schedule of Investments.
BrandywineGLOBAL — Small Cap Value Fund 2024 Quarterly Report |
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BRANDYWINEGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) (cont’d) | March 31, 2024 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||
Banks - continued | ||||||||
ConnectOne Bancorp Inc. | 19,190 | $ | 374,205 | |||||
Hope Bancorp Inc. | 36,540 | 420,575 | ||||||
Texas Capital Bancshares Inc. | 6,390 | 393,305 | * | |||||
WaFd Inc. | 13,210 | 383,486 | ||||||
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Total Banks | 2,453,064 | |||||||
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Capital Markets - 2.0% | ||||||||
Invesco Ltd. | 11,210 | 185,974 | ||||||
New Mountain Finance Corp. | 19,550 | 247,698 | ||||||
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Total Capital Markets | 433,672 | |||||||
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Consumer Finance - 5.8% | ||||||||
Encore Capital Group Inc. | 4,240 | 193,387 | * | |||||
NerdWallet Inc., Class A Shares | 31,514 | 463,256 | * | |||||
SLM Corp. | 26,470 | 576,781 | ||||||
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Total Consumer Finance | 1,233,424 | |||||||
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Financial Services - 4.4% | ||||||||
Essent Group Ltd. | 3,680 | 218,997 | ||||||
loanDepot Inc., Class A Shares | 127,630 | 330,561 | * | |||||
TFS Financial Corp. | 30,880 | 387,853 | ||||||
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Total Financial Services | 937,411 | |||||||
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Mortgage Real Estate Investment Trusts (REITs) - 2.8% | ||||||||
New York Mortgage Trust Inc. | 42,600 | 306,720 | ||||||
Two Harbors Investment Corp. | 21,020 | 278,305 | ||||||
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Total Mortgage Real Estate Investment Trusts (REITs) | 585,025 | |||||||
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TOTAL FINANCIALS | 5,642,596 | |||||||
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HEALTH CARE - 7.3% | ||||||||
Biotechnology - 1.0% | ||||||||
Catalyst Pharmaceuticals Inc. | 12,500 | 199,250 | * | |||||
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Health Care Equipment & Supplies - 2.0% | ||||||||
Globus Medical Inc., Class A Shares | 7,923 | 424,990 | * | |||||
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Health Care Providers & Services - 1.6% | ||||||||
PetIQ Inc. | 18,820 | 344,030 | * | |||||
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Pharmaceuticals - 2.7% | ||||||||
ANI Pharmaceuticals Inc. | 4,700 | 324,911 | * | |||||
Collegium Pharmaceutical Inc. | 6,359 | 246,856 | * | |||||
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Total Pharmaceuticals | 571,767 | |||||||
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TOTAL HEALTH CARE | 1,540,037 | |||||||
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INDUSTRIALS - 19.6% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
Mercury Systems Inc. | 7,070 | 208,565 | * | |||||
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See Notes to Schedule of Investments.
2 | BrandywineGLOBAL — Small Cap Value Fund 2024 Quarterly Report |
BRANDYWINEGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) (cont’d) | March 31, 2024 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||
Building Products - 5.5% | ||||||||
Hayward Holdings Inc. | 25,910 | $ | 396,682 | * | ||||
JELD-WEN Holding Inc. | 25,560 | 542,639 | * | |||||
Trex Co. Inc. | 2,340 | 233,415 | * | |||||
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Total Building Products | 1,172,736 | |||||||
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Commercial Services & Supplies - 1.8% | ||||||||
ACV Auctions Inc., Class A Shares | 20,480 | 384,410 | * | |||||
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Machinery - 0.5% | ||||||||
Manitowoc Co. Inc. | 7,080 | 100,111 | * | |||||
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Passenger Airlines - 4.8% | ||||||||
Alaska Air Group Inc. | 11,290 | 485,357 | * | |||||
Allegiant Travel Co. | 7,194 | 541,061 | ||||||
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Total Passenger Airlines | 1,026,418 | |||||||
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Professional Services - 3.5% | ||||||||
First Advantage Corp. | 27,345 | 443,536 | ||||||
Upwork Inc. | 23,760 | 291,297 | * | |||||
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Total Professional Services | 734,833 | |||||||
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Trading Companies & Distributors - 2.5% | ||||||||
Air Lease Corp. | 10,090 | 519,030 | ||||||
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TOTAL INDUSTRIALS | 4,146,103 | |||||||
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INFORMATION TECHNOLOGY - 6.7% | ||||||||
Electronic Equipment, Instruments & Components - 3.6% | ||||||||
IPG Photonics Corp. | 2,070 | 187,728 | * | |||||
Knowles Corp. | 18,960 | 305,256 | * | |||||
Methode Electronics Inc. | 4,650 | 56,637 | ||||||
Rogers Corp. | 1,878 | 222,900 | * | |||||
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Total Electronic Equipment, Instruments & Components | 772,521 | |||||||
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Semiconductors & Semiconductor Equipment - 3.1% | ||||||||
Cohu Inc. | 7,770 | 258,974 | * | |||||
Ichor Holdings Ltd. | 10,170 | 392,766 | * | |||||
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Total Semiconductors & Semiconductor Equipment | 651,740 | |||||||
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TOTAL INFORMATION TECHNOLOGY | 1,424,261 | |||||||
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MATERIALS - 1.9% | ||||||||
Containers & Packaging - 1.9% | ||||||||
Sealed Air Corp. | 10,910 | 405,852 | ||||||
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REAL ESTATE - 5.7% | ||||||||
Hotel & Resort REITs - 3.7% | ||||||||
Sunstone Hotel Investors Inc. | 39,460 | 439,584 | ||||||
Xenia Hotels & Resorts Inc. | 23,390 | 351,084 | ||||||
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Total Hotel & Resort REITs | 790,668 | |||||||
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See Notes to Schedule of Investments.
BrandywineGLOBAL — Small Cap Value Fund 2024 Quarterly Report |
3 |
BRANDYWINEGLOBAL — SMALL CAP VALUE FUND
Schedule of investments (unaudited) (cont’d) | March 31, 2024 |
(Percentages shown based on Fund net assets)
SECURITY | SHARES | VALUE | ||||||||||
Office REITs - 1.0% | ||||||||||||
Equity Commonwealth | 10,890 | $ | 205,603 | * | ||||||||
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Real Estate Management & Development - 1.0% | ||||||||||||
Howard Hughes Holdings Inc. | 2,770 | 201,158 | * | |||||||||
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TOTAL REAL ESTATE | 1,197,429 | |||||||||||
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UTILITIES - 7.4% | ||||||||||||
Electric Utilities - 1.7% | ||||||||||||
Portland General Electric Co. | 8,520 | 357,840 | ||||||||||
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Gas Utilities - 1.7% | ||||||||||||
Chesapeake Utilities Corp. | 3,470 | 372,331 | ||||||||||
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Multi-Utilities - 4.0% | ||||||||||||
Black Hills Corp. | 8,250 | 450,450 | ||||||||||
Northwestern Energy Group Inc. | 7,700 | 392,161 | ||||||||||
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Total Multi-Utilities | 842,611 | |||||||||||
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TOTAL UTILITIES | 1,572,782 | |||||||||||
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TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | 20,628,912 | |||||||||||
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RATE | ||||||||||||
SHORT-TERM INVESTMENTS - 2.3% | ||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost - $492,959) | 5.242 | % | 492,959 | 492,959 | (a)(b) | |||||||
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Total Investments - 99.7% | 21,121,871 | |||||||||||
Other Assets in Excess of Liabilities - 0.3% | 56,250 | |||||||||||
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Total Net Assets - 100.0% | $ | 21,178,121 | ||||||||||
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* | 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 March 31, 2024, the total market value of investments in Affiliated Companies was $492,959 and the cost was $492,959 (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. 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.
4 | BrandywineGLOBAL — Small Cap Value Fund 2024 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 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 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.
BrandywineGLOBAL — Small Cap Value Fund 2024 Quarterly Report |
5 |
Notes to Schedule of Investments (unaudited) (continued)
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 | BrandywineGLOBAL — Small Cap Value Fund 2024 Quarterly Report |
Notes to Schedule of Investments (unaudited) (continued)
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† | $ | 20,628,912 | — | — | $ | 20,628,912 | ||||||||||
Short-Term Investments† | 492,959 | — | — | 492,959 | ||||||||||||
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Total Investments | $ | 21,121,871 | — | — | $ | 21,121,871 | ||||||||||
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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 March 31, 2024. The following transactions were effected in such company for the period ended March 31, 2024.
Affiliate Value at December 31, 2023 | Purchased | Sold | ||||||||||||||||||
Cost | Shares | Proceeds | Shares | |||||||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | $ | 937,957 | $ | 1,168,307 | 1,168,307 | $ | 1,613,305 | 1,613,305 |
(cont’d) | Realized Gain (Loss) | Dividend Income | Net Increase (Decrease) in Unrealized Appreciation (Depreciation) | Affiliate Value at March 31, 2024 | ||||||||||||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | — | $ | 8,509 | — | $ | 492,959 |
BrandywineGLOBAL — Small Cap Value Fund 2024 Quarterly Report |
7 |