# Brandywine Global Opportunistic Fixed Income Fund

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** Brandywine (Brandywine Global Investment Management), parent Franklin Templeton
- **Asset class:** International Fixed Interest
- **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%)
- **Confidence tier:** C (Sorted Smart Investor → FMA Disclose)
- **Last verified:** 2026-05-22

## Summary

The Brandywine Global Opportunistic Fixed Income Fund is a international fi managed fund run by Brandywine. Franklin Templeton-owned global fixed-income specialist; PIE wrapper available in NZ.

## Investment objective (from PDS)

> 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.

Source: Product Disclosure Statement dated 2026-03-27 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/2cce698802dcaa7a/20260401---Franklin-Templeton-Investment-Funds---PDS.pdf

## Fund data

- **Annual fund charge:** 0.77% p.a. (from the latest Quarterly Fund Update)
- **5-year return (after charges, after tax at 28% PIR):** 0.24% p.a.
- **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$410 million
- **Asset mix:** 0% growth assets · 100% income assets
- **Fund started:** 27 March 2018
- **Minimum initial investment:** NZ$50,000

## Top 10 holdings

1. United States Treasury 311027 Frn — 8.42%
2. Buoni Poliennali Del Tes 010236 3.45 Gb — 6.32%
3. Sp4T0Fdrs Ccp Sell Cdx Usd 200631 Cdx.Na.Hy.46 5% Ms — 5.11%
4. Colombia Republic Of Government 250746 11.50 Gb — 4.10%
5. Cash at Bank (BNZ) — 4.04%
6. Queensland Treasury Corp 210736 5.25 Gb — 3.78%
7. Mexico United Mexican States Government 310753 8.00 Gb — 3.49%
8. United Kingdom Of Great Britain And Northern 310754 4.375 Gb — 3.38%
9. Us Treasury Frn 310128 Frn — 3.29%
10. United Kingdom Gilt 070335 4.50 Gb — 3.17%

Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register.

## Additional terms (from PDS)

- **Minimum subsequent investment:** NZ$5,000
- **Distribution cadence:** semi-annually
- **Buy / sell spread:** 7.5 bps / 7.5 bps (transaction cost on subscription / redemption)

## Investment policy (from 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.

Source: Statement of Investment Policy and Objectives dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/ce4a2eb1bfe27c93/20260401---Franklin-Templeton-Investment-Funds---SIPO.pdf

## Scheme disclosures (from OMI)

Scheme-level. The same disclosures apply to every fund in this scheme.

- **Trustee / Supervisor:** Public Trust
- **Auditor:** PricewaterhouseCoopers
- **Custodian:** BNP Paribas Fund Services Australasia Pty Limited
- **Conflicts of interest disclosed in OMI:** 3

### Conflicts of interest (verbatim from 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.

### Related-party transactions

- **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Registry services provided to the Scheme
- **Franklin Templeton International Services S.à r.l.** (Affiliate of Investment Manager (Franklin Templeton Australia Limited)) — Management of Underlying Fund (FTGF Brandywine Global Opportunistic Equity Fund) into which Equity Fund assets are invested

Source: Other Material Information document dated 2026-03-27. https://smartinvestor.sorted.org.nz/disclose-document/f806b971940d2e06/20260401---Franklin-Templeton-Investment-Funds---OMI.pdf

## How to invest

Available via: Brandywine directly. Read the current Product Disclosure Statement (PDS) before investing.

## Sources

- **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Brandywine%20Global%20Opportunistic%20Fixed%20Income%20Fund
- **Product Disclosure Statement:** /disclose-document/2cce698802dcaa7a/20260401---Franklin-Templeton-Investment-Funds---PDS.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12302/OFR12303/FND8399/
- **Manager website:** https://www.brandywineglobal.com

## Citations (authoritative primary sources)

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ)
- Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities
- Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html
- Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
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ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.