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The Brandywine investment philosophy generates returns by investing mainly in government bonds with the highest real yields and actively managing currency exposure to protect capital and increase returns at times the fund may also purchase undervalued securities. The process will include country allocation, a sector/credit decison and a duration decision. Currency returns are seen as an important contributor to overall return levels, Brandywine estimate that 50% of historical returns can be attributed to currency management, however, these positions will not be taken out independent of bond exposure. Since this style of managing bonds was introduced in 1995 the team has managed to capture 155% of the upside whilst limiting downside to 25% relative to its reference benchmark the Citigroup World Government Bond Index.