Brandywine Global Opportunistic Fixed Income Fund
Managed by Brandywine Brandywine Global Opportunistic Fixed Income Fund is a international fi managed fund operated by Brandywine; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 0.76% · minimum investment NZ$50,000 · distributions semi-annually. Compared with 30 other same-category funds on this site, the 0.76% annual fund charge sits above the same-category median of 0.69%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
0.77%
vs peer avg 0.65%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
0.24%
peer avg 1.17%
Fund size
NZ$410.3m
0% growth · 100% income
The investment objective of the Income Fund is to earn a return before fees and taxes in excess of the Bloomberg Global Aggregate Index – New Zealand dollar Hedged over rolling five-year periods.
Benchmark track record
Compare International FI consistency →How Brandywine Global Opportunistic Fixed Income Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 3 of 5 years
annual returns to 31 March 2026Since inception: -0.05% p.a. after fees & tax vs benchmark 0.72%.
How Brandywine Global Opportunistic Fixed Income Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- Bloomberg Global Aggregate Index – New Zealand dollar Hedged
- Top 3 holdings
- United States Treasury 311027 Frn (8.4%) · Buoni Poliennali Del Tes 010236 3.45 Gb (6.3%) · Sp4T0Fdrs Ccp Sell Cdx Usd 200631 Cdx.Na.Hy.46 5% Ms (5.1%)
Key facts
Fund start date
27 March 2018
Min. investment
NZ$50,000
Subsequent: NZ$5,000
Distributions
Semi-annually
Buy / sell spread
7.5 bps (0.07%) / 7.5 bps (0.07%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| International fixed interest | 100% | 90% | 100% |
| Cash and Cash Equivalents | — | 0% | 10% |
Derivatives policy
Derivatives including forwards, futures, options, mortgage derivatives, structured notes, and swaps may be used to obtain or reduce exposure to securities, markets, or currencies, to manage cash flows, or to facilitate timely exposure to securities. Use of derivatives may result in a Fund being leveraged if not backed by cash, cash equivalents, or securities.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- FundRock NZ acknowledges that because it and registry manager Apex NZ share the same ultimate parent (Apex Group), FundRock may agree commercial terms more favourable to Apex NZ than to investors.
- FundRock NZ discloses that registry services for the Scheme are provided by Apex NZ, a related party under common ownership of Apex Group Limited, creating a potential cost conflict for investors.
- Franklin Templeton Australia acknowledges its association with other Franklin Templeton entities may bias asset allocation toward Franklin Templeton funds rather than direct assets or third-party funds, potentially disadvantaging investors.
- The OMI discloses no performance-fee mechanic for these Funds; no compounding performance-fee cost to investors is described in the disclosed materials.
Generated 2026-05-28 from Franklin Templeton Investment Funds OMI (dated 2026-03-27). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Auditor
PricewaterhouseCoopers
Custodian
BNP Paribas Fund Services Australasia Pty Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- FundRock NZ Limited and the Scheme's registry manager Apex Investment Administration (NZ) Limited are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ more favourable to Apex NZ than would otherwise be the case, benefiting Apex NZ at the expense of investors.
- The Investment Manager's association with other Franklin Templeton funds could influence it to invest the assets of the Funds into other Franklin Templeton funds instead of into direct assets or investment funds managed by third parties, potentially adversely affecting investors if those investments are not on arms' length terms or if direct/third-party investment would be more efficient.
- Parties related to the Funds, including staff of Franklin Templeton and their families and staff of FundRock and their families, may from time to time invest in the Funds.
How this fund compares to peers
Mechanical comparison vs the 31 other international fi funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
0.77%
Category median: 0.70%
Mid-pack — cheaper than 39% of peers
5y return p.a. (after fees)
+0.24%
Category median: +0.48%
Below peer median (30th percentile)
Fund size
NZ$410.3m
Category median: NZ$141.0m
Top 15% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$379
Compounded charge over 5 years (excl. returns)
$34 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| US United States Treasury 311027 Frn | 8.42% |
| BP Buoni Poliennali Del Tes 010236 3.45 Gb | 6.32% |
| SC Sp4T0Fdrs Ccp Sell Cdx Usd 200631 Cdx.Na.Hy.46 5% Ms | 5.11% |
| CR Colombia Republic Of Government 250746 11.50 Gb | 4.10% |
| $ Cash at Bank (BNZ) | 4.04% |
| QT Queensland Treasury Corp 210736 5.25 Gb | 3.78% |
| MU Mexico United Mexican States Government 310753 8.00 Gb | 3.49% |
| UK United Kingdom Of Great Britain And Northern 310754 4.375 Gb | 3.38% |
| UT Us Treasury Frn 310128 Frn | 3.29% |
| UK United Kingdom Gilt 070335 4.50 Gb | 3.17% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- BRANDYWINE GLOBAL OPPORTUNISTIC FIXED INCOME FUND (FND8399) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 4.73 KB
- 20260401 Franklin Templeton Investment Funds PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 419.45 KB
- 20260331 Brandywine Global Opportunistic Fixed Income QFU.pdf The quarterly update published by the provider PDF, 458.98 KB
- 20260401 Franklin Templeton Investment Funds OMI.pdf Other Material Information document PDF, 294.09 KB
- 20260401 Franklin Templeton Investment Funds SIPO.pdf Statement of investment policy and objectives PDF, 418.35 KB
About this category
Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD.
About Brandywine
Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ.
Parent: Franklin Templeton
See all funds from Brandywine →Head-to-head
Compare Brandywine Global Opportunistic Fixed Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International FI funds
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 4 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Brandywine Global Opportunistic Fixed Income Fund?
Brandywine Global Opportunistic Fixed Income Fund is managed by Brandywine (parent: Franklin Templeton). Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ.
What asset class is the Brandywine Global Opportunistic Fixed Income Fund?
It is a international fi managed fund. Funds investing in fixed-income securities issued outside New Zealand, typically with currency hedging back to NZD.
What are the fees for the Brandywine Global Opportunistic Fixed Income Fund?
The annual fund charge for the Brandywine Global Opportunistic Fixed Income Fund is 0.77% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Brandywine Global Opportunistic Fixed Income Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Brandywine Global Opportunistic Fixed Income Fund a PIE fund?
Yes. The Brandywine Global Opportunistic Fixed Income Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Brandywine Global Opportunistic Fixed Income Fund?
Fund size (assets under management) is NZ$410 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 100% income assets.
What does the Brandywine Global Opportunistic Fixed Income Fund invest in?
The latest published top holdings are: United States Treasury 311027 Frn (8.42%), Buoni Poliennali Del Tes 010236 3.45 Gb (6.32%), Sp4T0Fdrs Ccp Sell Cdx Usd 200631 Cdx.Na.Hy.46 5% Ms (5.11%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Brandywine Global Opportunistic Fixed Income Fund?
The Brandywine Global Opportunistic Fixed Income Fund is available via Brandywine directly. Always read the current Product Disclosure Statement before investing.