Legg Mason BW Global Income Opportunities Fund Inc. (NYSE:BWG) announces
its portfolio composition as of December 31, 2015.
Investment Objective: To provide current income. As a secondary
investment objective, the Fund will seek capital appreciation.
Investment Strategy: The Fund seeks to achieve its investment
objectives by investing, under normal market conditions, at least 80% of
its assets in global fixed-income securities. These may include, but are
not limited to, sovereign debt of developed and emerging market
countries, U.S. and non-U.S. corporate debt, mortgage-backed securities
and currency exposure. The Fund may manage its currency exposure through
the use of futures, forwards and other derivative instruments, for
hedging and investment purposes.
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Portfolio Composition*:
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Asset Allocation
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Government
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59.1%
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Non-US
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54.3%
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US
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4.8%
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Mortgage-Backed Securities
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12.4%
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CMBS
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1.5%
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Prime
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10.8%
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Global High Yield Corporate Bonds
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12.1%
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Non-US
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2.9%
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US
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9.2%
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Global Investment Grade Corporate Bonds
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10.0%
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US
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10.0%
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Common Stock
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1.4%
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Bank Loan
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0.7%
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Municipal Bonds
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0.6%
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Cash & Other Securities
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3.9%
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Credit Quality Allocation**
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AAA
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7.0%
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AA
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1.7%
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A
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18.6%
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BBB
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37.8%
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BB
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23.9%
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B
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7.9%
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CCC
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2.7%
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CC
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0.1%
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Not Rated
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0.3%
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Top Five Countries
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United States
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26.8%
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Mexico
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12.7%
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Indonesia
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10.0%
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Portugal
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8.8%
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Brazil
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8.6%
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Currency of Issue
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US Dollar
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35.0%
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Euro
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17.8%
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Mexican Peso
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12.6%
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Indonesian Rupiah
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10.0%
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Brazilian Real
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8.8%
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Hungarian Forint
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7.8%
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South African Rand
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3.7%
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Polish Zloty
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2.7%
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British Pound Sterling
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1.4%
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New Zealand Dollar
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0.2%
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Currency Exposure (includes currency
hedging and investments)
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US Dollar
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43.5%
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Mexican Peso
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15.0%
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Indonesian Rupiah
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10.0%
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Brazilian Real
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8.7%
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Hungarian Forint
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8.2%
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Indian Rupee
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6.1%
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South African Rand
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5.0%
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Colombian Peso
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4.0%
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Polish Zloty
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2.7%
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Euro
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-0.2%
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Canadian Dollar
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-3.0%
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Effective Duration (years)
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13.8
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Average Coupon (%)
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6.3
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Portfolio Statistics:
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Inception Date
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March 28, 2012
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Inception Price
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$20.00
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Total Assets ***
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$475,005,799
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Net Assets
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$288,694,322
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Loans****
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27.85%
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Preferred Shares****
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10.53%
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Reverse Repos****
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0.00%
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Market Price
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$11.58
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NAV
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$13.70
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(Daily NAV is available on market quotation systems using the symbol
XBWGX.)
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Distribution Rate
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$0.1300 per share
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Frequency
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Monthly (Declared quarterly, paid monthly)*****
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*
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Portfolio holdings and weightings are historical and are presented
here for informational purposes only. They are subject to change at
any time. Negative allocations and allocations in excess of 100%, if
any, are primarily due to the Fund's unsettled trade activity.
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**
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Credit quality is a measure of a bond issuer’s ability to repay
interest and principal in a timely manner. The credit ratings
shown are based on each portfolio security’s rating as provided by
Standard and Poor’s, Moody’s Investors Service and/or Fitch
Ratings, Ltd. and typically range from AAA (highest) to D
(lowest), or an equivalent and/or similar rating. For this
purpose, Brandywine Global Investment Management assigns each
security the middle rating from these three agencies. When only
two agencies provide ratings, the lower of the two ratings will be
assigned. When only one agency assigns a rating, that rating will
be used. All securities have ratings from at least one agency. The
credit quality of the investments in the Fund’s portfolio does not
apply to the stability or safety of the Fund. These ratings are
updated monthly and may change over time. Please note, the Fund
itself has not been rated by an independent rating agency.
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***
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The difference between total assets and net assets, if any, is due
primarily to the Fund’s use of borrowings; net assets do not include
borrowings. The Fund may employ leverage in the form of loans,
preferred stock, reverse repurchase agreements and/or other
instruments. When the Fund engages in transactions that have a
leveraging effect on the Fund’s portfolio, the value of the Fund
will be more volatile and all other risks will tend to be compounded.
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****
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Percentages based on total assets.
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*****
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Under the terms of the Fund’s managed distribution policy, the Fund
will seek to maintain a consistent distribution level derived from
the income generated from the Fund’s fixed income investments.
Shareholders should note that if the Fund’s aggregate net investment
income and net realized capital gains are less than the amount of
the distributions paid, the difference will be distributed from the
Fund's assets and may constitute a return of the shareholder’s
capital. The Board of Directors may terminate the managed
distribution policy at any time. Any such termination could have an
adverse effect on the market price of the Fund's shares.
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Legg Mason BW Global Income Opportunities Fund Inc., a non-diversified
closed-end investment management company traded on the New York Stock
Exchange under the symbol “BWG”. The Fund is advised by Legg Mason
Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason,
Inc., and is sub-advised by Brandywine Global, Investment Management,
LLC, an affiliate of the advisor.
An investment in the Fund involves risk, including loss of principal.
Investment return and the value of shares will fluctuate. Fixed income
securities are subject to various risks, including but not limited to,
credit, inflation, income, prepayment and interest rates risks. As
interest rates rise, the value of fixed income securities falls. High
yield ("junk bonds") are subject to additional credit risk and a greater
risk of default. International investments are subject to additional
risks due to currency fluctuations, changes in interest rates and other
factors. These risks are greater for emerging markets securities. The
Fund's investments in mortgage-backed securities involve additional
risks.
The Fund may invest in foreign currencies or currency derivatives which
may increase the risk and volatility of the Fund. The Fund may invest in
illiquid securities and securities/investments that have a leveraging
effect on the portfolio which will increase the risks of the Fund. The
Fund may make significant investments in derivative instruments.
Derivative instruments can be illiquid, may disproportionately increase
losses and have a potentially large impact on Fund performance.
Distributions are not guaranteed and are subject to change.
Data and commentary provided in this press release are for informational
purposes only. Legg Mason and its affiliates do not engage in selling
shares of the Fund.
For more information, please call Fund Investor Services at
1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com.
Hard copies of the Fund’s complete audited financial statements are
available free of charge upon request.
FN1212204
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