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UNITED STATES
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CLIENT LOGIN  
 * ABOUT US
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 * INVESTMENT STRATEGIES
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 * FUNDS
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 * PERFORMANCE
   Fixed Income
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 * RESEARCH & VIDEOS
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As Head of Global Macro Strategy Paul Mielczarski explains, two shocks have been
reverberating across markets concurrently in the last few weeks.
Unwinding Trades Creates Market Turbulence
Aug 6 2024  |  Paul Mielczarski
As Head of Global Macro Strategy Paul Mielczarski explains, two shocks have been
reverberating across markets concurrently in the last few weeks.
See Slide 1

See Slide 2

See Slide 3

Blake Haxton is participating in the 2024 Paralympics and joins Sportico to
discuss how he is able to balance his professional career with his athletic
career.
Olympians Juggle Multiple Jobs in Pursuit of Gold
Jul 23 2024  |  S. Blake Haxton, JD, CFA
Blake Haxton is participating in the 2024 Paralympics and joins Sportico to
discuss how he is able to balance his professional career with his athletic
career.
See Slide 1

See Slide 2

See Slide 3

Head of Global Macro Strategy Paul Mielczarski explains why he believes the
macroeconomic backdrop is becoming increasingly favorable for G10 bond markets
after a difficult start to the year.
Global Macro Update with Paul Mielczarski
Jul 15 2024  |  Paul Mielczarski
Head of Global Macro Strategy Paul Mielczarski explains why he believes the
macroeconomic backdrop is becoming increasingly favorable for G10 bond markets
after a difficult start to the year.
See Slide 1

See Slide 2

See Slide 3

Our Firm
Our Team
ESG
Careers
Investment Strategies
Funds
Performance
Research & Videos
News
Blog
Global Fixed Income
Fundamental Equity
Diversified Value Equity


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
High Yield
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Universe: Primarily below-investment-grade corporate bonds with a focus to value
the underlying business and associated credit risk
The portfolio is highly convicted and follows a common-sense approach; we will
not own a bond unless we know it well and find its price attractive
Employs tactical trading to exploit opportunities providing an execution edge

Period (%) Gross Net BAUHY2 1 Year 13.18 12.45 10.45 3 Year 3.65 3.00 1.64 5
Year 6.86 6.25 3.73 Since Inception 7.78 7.26 4.77

See Strategy Performance »
Data as of 6/30/2024  BAUHY2 = ICE BofAML U.S. High Yield  Inception Date:
2015-01-01  Returns shown in $USD terms. Supplemental Information. Please refer
to our GIPS report, which includes performance footnotes, fee schedules, index
descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP).
Past performance is no guarantee of future results.

John McClain, CFA
Portfolio Manager
Bill Zox, CFA
Portfolio Manager
Jack Parker, CFA
Associate Portfolio Manager


View Team  »

Characteristic Brandywine Global BAUHY2 Average Quality1 BB- - Average Maturity
(Years) 5.01 5.75 Average Effective Duration (Years) 2.71 3.20 Average Coupon
(%) 7.02 6.35 Current Yield (%) 6.80 - Average Yield To Maturity (%) 7.78 8.04
Number of Issues 184 1,881

Data as of 6/30/2024  BAUHY2 = ICE BofAML U.S. High Yield II  2015-01-01 
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS
report, which includes performance footnotes, fee schedules, index descriptions
and disclosures. Past performance is no guarantee of future results.

Corporate Credit and High Yield Webcast: 2nd Quarter 2024 - Jul 15, 2024 Global
Macro Overview: 2nd Quarter 2024 - Jul 15, 2024 Macroeconomic Update: 2nd
Quarter 2024 - Jul 11, 2024 Global Fixed Income Perspectives: 1st Quarter 2024 -
Apr 17, 2024 Global Macro Overview: 1st Quarter 2024 - Apr 15, 2024

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
Global Multi-Sector Income
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Unconstrained fixed income strategy
Global macro research with fundamental bottom-up security analysis
Allocations across asset classes, countries, and currencies

Period (%) Gross Net F3MTB 1 Year 4.63 4.06 5.64 3 Year -1.61 -2.15 3.17 5 Year
2.85 2.29 2.22 10 Year 3.47 2.84 1.53 Since Inception 4.05 3.38 1.36

See Strategy Performance »
Data as of 6/30/2024  F3MTB = FTSE 3 Month T-Bill  Inception Date: 2013-04-01 
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS
report, which includes performance footnotes, fee schedules, index descriptions
and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past
performance is no guarantee of future results.

Jack P. McIntyre, CFA
Portfolio Manager
Anujeet Sareen, CFA
Portfolio Manager
Brian L. Kloss, JD, CPA
Portfolio Manager
Tracy Chen, CFA, CAIA
Portfolio Manager
Michael Arno, CFA
Portfolio Manager & Senior Research Analyst
Renato Latini, CFA
Portfolio Manager & Senior Research Analyst
Andrew Bogle
Associate Portfolio Manager & Senior Research Analyst


View Team  »

Characteristic Brandywine Global F3MTB Average Quality1 BBB- - Average Maturity
(Years) 14.77 - Average Effective Duration (Years) 4.60 0.25 Average Coupon (%)
6.16 - Average Yield To Worst (%) 7.66 5.31 Average Yield To Maturity (%) 7.72
5.31 Number of Issues 158 -

Data as of 6/30/2024  F3MTB = FTSE 3 MONTH T-BILL  2013-04-01  Returns shown in
$USD terms. Supplemental Information. Please refer to our GIPS report, which
includes performance footnotes, fee schedules, index descriptions and
disclosures. Past performance is no guarantee of future results.

Global Multi-Sector Income Webcast: 2nd Quarter 2024 - Jul 15, 2024 Global Macro
Overview: 2nd Quarter 2024 - Jul 15, 2024 Macroeconomic Update: 2nd Quarter 2024
- Jul 11, 2024 Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024
Global Macro Overview: 1st Quarter 2024 - Apr 15, 2024

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
U.S. Fixed Income
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Primary Benchmark: Bloomberg U.S. Aggregate Index
Investment process applies the top-down macroeconomic investment themes of our
Global Fixed Income team to U.S. fixed income markets
We are seeking to capture interest income and total return potential across U.S.
fixed income markets
Investments typically are concentrated in sectors and individual issuers that we
believe offer the best total return potential

Period (%) Gross Net BUSA 1 Year 0.63 0.28 2.63 3 Year -2.51 -2.82 -3.02 5 Year
2.77 2.45 -0.23 10 Year 4.42 4.11 1.34 Since Inception 6.37 6.05 4.22

See Strategy Performance »
Data as of 6/30/2024  BUSA = Bloomberg U.S. Aggregate  Inception Date:
1995-10-01  Returns shown in $USD terms. Supplemental Information. Please refer
to our GIPS report, which includes performance footnotes, fee schedules, index
descriptions and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP).
Past performance is no guarantee of future results.

Jack P. McIntyre, CFA
Portfolio Manager
Anujeet Sareen, CFA
Portfolio Manager
Brian L. Kloss, JD, CPA
Portfolio Manager
Tracy Chen, CFA, CAIA
Portfolio Manager
Kevin O’Neil
Associate Portfolio Manager & Senior Research Analyst


View Team  »

Characteristic Brandywine Global BUSA Average Quality1 AA+ AA Average Maturity
(Years) 19.90 8.43 Average Effective Duration (Years) 10.39 6.13 Average Coupon
(%) 4.39 3.40 Current Yield (%) 4.47 3.67 Average Yield To Maturity (%) 4.81
5.00 Number of Issues 33 13,617

Data as of 6/30/2024  BUSA = Bloomberg U.S. Aggregate  1995-10-01  Returns shown
in $USD terms. Supplemental Information. Please refer to our GIPS report, which
includes performance footnotes, fee schedules, index descriptions and
disclosures. Past performance is no guarantee of future results.

U.S. Fixed Income Webcast: 2nd Quarter 2024 - Jul 15, 2024 Global Macro
Overview: 2nd Quarter 2024 - Jul 15, 2024 Global Fixed Income Perspectives: 2nd
Quarter 2024 - Jul 12, 2024 Macroeconomic Update: 2nd Quarter 2024 - Jul 11,
2024 Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
Global Opportunistic Fixed Income
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Universe: The sovereign debt and currencies of countries in the FTSE World
Government Bond Index, as well as the investment-grade credits in those
countries. We may also invest, to limited degrees, in emerging market and high
yield debt
Real yield is our primary measure of value, followed closely by currency
valuation
Investments typically are concentrated in 10-20 countries that we believe have
the best total return potential

Period (%) Gross Net WGBI 1 Year -2.96 -3.40 -0.63 3 Year -6.41 -6.83 -6.91 5
Year -1.37 -1.82 -3.20 10 Year 0.30 -0.15 -1.20 Since Inception 5.71 5.21 2.89

See Strategy Performance »
Data as of 6/30/2024  WGBI = FTSE WGBI (USD)  Inception Date: 1/1/1998  Returns
shown in $USD terms. Supplemental Information. Please refer to our GIPS report,
which includes performance footnotes, fee schedules, index descriptions and
disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past performance
is no guarantee of future results.

David F. Hoffman, CFA
Managing Director & Portfolio Manager
Jack P. McIntyre, CFA
Portfolio Manager
Anujeet Sareen, CFA
Portfolio Manager
Brian L. Kloss, JD, CPA
Portfolio Manager
Tracy Chen, CFA, CAIA
Portfolio Manager


View Team  »

Characteristic Brandywine Global WGBI Average Quality1 AA- AA Average Maturity
(Years) 20.78 9.59 Average Effective Duration (Years) 8.77 7.07 Average Coupon
(%) 5.41 2.43 Current Yield (%) 5.28 - Average Yield To Maturity (%) 5.67 3.61
Number of Issues 41 1,280

Data as of 6/30/2024  WGBI = FTSE WGBI (USD)  1/1/1998  Returns shown in $USD
terms. Supplemental Information. Please refer to our GIPS report, which includes
performance footnotes, fee schedules, index descriptions and disclosures. Past
performance is no guarantee of future results.

Global Fixed Income Webcast: 2nd Quarter 2024 - Jul 15, 2024 Global Macro
Overview: 2nd Quarter 2024 - Jul 15, 2024 Macroeconomic Update: 2nd Quarter 2024
- Jul 11, 2024 Global Fixed Income Perspectives: 1st Quarter 2024 - Apr 17, 2024
Global Fixed Income Webcast: 1st Quarter 2024 - Apr 15, 2024

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
Dynamic Large Cap Value Equity
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Universe: Large-capitalization U.S. common stocks
To be considered for purchase, a stock typically must fall in the bottom half or
quartile of all price-to-earnings (P/E) or price-to-book (P/B) ratios in our
universe
Our primary focus is to exploit quantitative investment opportunities identified
by our proprietary multifactor model
All stocks are purchased on a capitalization-weighted basis

Period (%) Gross Net R1000V 1 Year 12.94 12.21 13.06 3 Year 4.91 4.24 5.52 5
Year 11.45 10.74 9.00 10 Year 9.88 9.15 8.22 Since Inception 10.33 9.57 6.97

See Strategy Performance »
Data as of 6/30/2024  R1000V = Russell 1000 Value  Inception Date: 1/1/2007 
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS
report, which includes performance footnotes, fee schedules, index descriptions
and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past
performance is no guarantee of future results.
Michael J. Fleisher
Portfolio Manager
Henry F. Otto
Managing Director & Portfolio Manager
Steven M. Tonkovich
Managing Director & Portfolio Manager


View Team  »

Characteristic Brandywine Global R1000V Price/Earnings 2 13.1 18.8 Price/Book
2.8 2.6 Price/Cash Flow 8.6 12.7 Dividend Yield (%) 2.4 2.2 Average Market
Capitalization ($B) 94.2 159.8 Number of Securities 114 846 Turnover (% Last 12
Months) 103.2 -

Data as of 6/30/2024  R1000V = Russell 1000 Value  1/1/2007  Returns shown in
$USD terms. Supplemental Information. Please refer to our GIPS report, which
includes performance footnotes, fee schedules, index descriptions and
disclosures. Past performance is no guarantee of future results.

Quantitative Review of U.S. Equities: 2nd Quarter 2024 - Jul 15, 2024
Quantitative Review of U.S. Equities: 1st Quarter 2024 - Apr 16, 2024
Quantitative Review of U.S. Equities: 4th Quarter 2023 - Jan 11, 2024
Quantitative Review of U.S. Equities: 3rd Quarter 2023 - Oct 20, 2023

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
Global Opportunistic Equity
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Universe: All-cap companies within all developed and emerging market countries,
generally with a $1bn market capitalization at purchase
The portfolio looks for securities trading at a discount to our intrinsic value
estimate
Security selection is information by macro team’s signals on catalysts and risks

Period (%) Gross Net ACWI-RG 1 Year 9.25 8.44 19.38 3 Year 3.73 2.96 5.43 5 Year
10.82 10.00 10.74 10 Year 8.72 7.91 8.46 Since Inception 10.50 9.68 9.91

See Strategy Performance »
Data as of 6/30/2024  ACWI-RG = MSCI ACWI linked to Russell Global (prior to
Apr18)  Inception Date: 2013-01-01  Returns shown in $USD terms. Supplemental
Information. Please refer to our GIPS report, which includes performance
footnotes, fee schedules, index descriptions and disclosures. Source: Bloomberg
(© 2024, Bloomberg Finance LP). Past performance is no guarantee of future
results.
James J. Clarke
Portfolio Manager & Director of Fundamental Research
Sorin Roibu, CFA
Portfolio Manager & Research Analyst


View Team  »

Characteristic Brandywine Global ACWI-RG Price/Earnings 2 11.4 21.2 Price/Book
1.3 3.1 Price/Cash Flow 7.8 14.8 Dividend Yield (%) 3.1 1.9 Average Market
Capitalization ($B) 105.0 26.7 Number of Securities 68 2,760 Turnover (% Last 12
Months) 39.8 -

Data as of 6/30/2024  ACWI-RG = MSCI ACWI liked to Russell Global (prior to
Apr18)  2013-01-01  Returns shown in $USD terms. Supplemental Information.
Please refer to our GIPS report, which includes performance footnotes, fee
schedules, index descriptions and disclosures. Past performance is no guarantee
of future results.

Global Opportunistic Equity and International Opportunistic Equity Webcast: 2nd
Quarter 2024 - Jul 15, 2024 Global Opportunistic Equity and International
Opportunistic Equity Webcast: 1st Quarter 2024 - Apr 15, 2024 Global
Opportunistic Equity Webcast: 4th Quarter 2023 - Jan 12, 2024

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


INVESTMENT STRATEGY SPOTLIGHT

Product Team Video 
Classic Large Cap Value
 * Snapshot
 * Portfolio Managers
 * Characteristics
 * Research

Universe: Companies with market capitalization in excess of $1 billion that we
believe are substantially undervalued on a price-to-earnings (P/E),
price-to-book (P/B), or price-to-cash flow (P/CF) basis
Portfolios are well-diversified and carefully structured with regard to economic
sensitivity
Focus on industry leaders in an adaptable value framework

Period (%) Gross Net R1000V 1 Year 13.90 13.11 13.06 3 Year 6.16 5.43 5.52 5
Year 12.12 11.35 9.00 10 Year 8.33 7.58 8.22 Since Inception 9.90 9.14 8.15

See Strategy Performance »
Data as of 6/30/2024  R1000V = Russell 1000 Value  Inception Date: 2004-10-01 
Returns shown in $USD terms. Supplemental Information. Please refer to our GIPS
report, which includes performance footnotes, fee schedules, index descriptions
and disclosures. Source: Bloomberg (© 2024, Bloomberg Finance LP). Past
performance is no guarantee of future results.
Celia R. Hoopes, CFA
Portfolio Manager & Research Analyst
Patrick S. Kaser, CFA
Managing Director & Portfolio Manager


View Team  »

Characteristic Brandywine Global R1000V Price/Earnings 2 12.5 18.8 Price/Book
1.6 2.6 Price/Cash Flow 10.6 12.7 Dividend Yield (%) 2.8 2.2 Average Market
Capitalization ($B) 125.9 159.8 Number of Securities 63 846 Turnover (% Last 12
Months) 26.5 -

Data as of 6/30/2024  R1000V = Russell 1000 Value  2004-10-01  Returns shown in
$USD terms. Supplemental Information. Please refer to our GIPS report, which
includes performance footnotes, fee schedules, index descriptions and
disclosures. Past performance is no guarantee of future results.

Large Cap Value Equity Webcast: 2nd Quarter 2024 - Jul 15, 2024 Large Cap Value
Equity Webcast: 1st Quarter 2024 - Apr 15, 2024 Large Cap Value Equity Webcast:
4th Quarter 2023 - Jan 12, 2024

View All Related Research  »
High Yield

Global Multi-Sector Income

U.S. Fixed Income

Global Opportunistic Fixed Income

Dynamic Large Cap Value Equity

Global Opportunistic Equity

Classic Large Cap Value

All Investment Strategies


VIDEO

Micro and Small Cap Webcast 3:02
2nd Quarter 2024

Micro and Small Cap Webcast

Corporate Credit and High Yield Webcast

Global Multi-Sector Income Webcast

Global Opportunistic Equity and International Oppo...

U.S. Fixed Income Webcast

All Videos


VIDEO

Corporate Credit and High Yield Webcast 4:45
2nd Quarter 2024

Micro and Small Cap Webcast

Corporate Credit and High Yield Webcast

Global Multi-Sector Income Webcast

Global Opportunistic Equity and International Oppo...

U.S. Fixed Income Webcast

All Videos


VIDEO

Global Multi-Sector Income Webcast 4:39
2nd Quarter 2024

Micro and Small Cap Webcast

Corporate Credit and High Yield Webcast

Global Multi-Sector Income Webcast

Global Opportunistic Equity and International Oppo...

U.S. Fixed Income Webcast

All Videos


VIDEO

Global Opportunistic Equity and International Opportunistic Equity Webcast 3:54
2nd Quarter 2024

Micro and Small Cap Webcast

Corporate Credit and High Yield Webcast

Global Multi-Sector Income Webcast

Global Opportunistic Equity and International Oppo...

U.S. Fixed Income Webcast

All Videos


VIDEO

U.S. Fixed Income Webcast 7:28
2nd Quarter 2024

Micro and Small Cap Webcast

Corporate Credit and High Yield Webcast

Global Multi-Sector Income Webcast

Global Opportunistic Equity and International Oppo...

U.S. Fixed Income Webcast

All Videos


RESEARCH

Quantitative Review of U.S. Equities
2nd Quarter 2024

Quantitative Review of U.S. Equities

Global Fixed Income Perspectives

Macroeconomic Update

All Research


RESEARCH

Global Fixed Income Perspectives
2nd Quarter 2024

Quantitative Review of U.S. Equities

Global Fixed Income Perspectives

Macroeconomic Update

All Research


RESEARCH

Macroeconomic Update
2nd Quarter 2024

Quantitative Review of U.S. Equities

Global Fixed Income Perspectives

Macroeconomic Update

All Research
Columbus Office
Brandywine Global Investment Management, LLC
1086 North 4th Street / Suite 107 / Columbus, OH 43201
Phone: 800 348 2499 / 215 609 3500 / Fax: 215 609 3501


Philadelphia Office
Brandywine Global Investment Management, LLC
1735 Market Street / Suite 1800 / Philadelphia, PA 19103
Phone: 800 348 2499 / 215 609 3500 / Fax: 215 609 3501


Other Office Locations
SINGAPORE
LONDON

Privacy Policy Terms of Use Form ADV Form CRS GIPS Verification Letter ESG
Integration and Engagement Policy Statement Sovereign ESG Engagement Policy
Statement Proxy Voting Policy Conflicts of Interest Policy
1.  The "Blended Weighted Average Credit Quality Rating" is determined as
follows: in line with the methodology used by Barclays Global indices, the
middle rating from the three major NRSROs (S & P, Moody's, and Fitch) will be
assigned to each security. In the event that ratings are provided by only two
agencies, the lowest rating will be assigned. If only one agency assigns a
rating, that rating will be applied. If the security is not rated by one of the
three major agencies, U.S. treasuries and certain U.S. agencies are given the
U.S. issuer rating. Sovereign treasuries are given the sovereign issuer rating.
All other unrated securities are given an internal rating following the credit
ratings procedures. The equivalent numerical rating is assigned to each security
based on the Security Level scale. A Portfolio Level scale is applied on the
weighted average calculation to round for fractional numerical ratings and then
converted to an alpha weighted average rating. Cash is included and received the
highest rating.
2.  Portfolio characteristics calculation uses weighted harmonic average
methodology.
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.
©2024, Brandywine Global Investment Management, LLC. All rights reserved.


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