BWG - Brandywine Global Income: Tax Efficient Way To Live Off Global Bond Coupons

• BWG's attractive yield (7%+ at market) is matched to underlying portfolio's yield generation; not portfolio depleting or "bad" return of capital.
• Fund often reclassifies yield to a non-taxable return of capital by closing its underwater currency hedging positions as short-term losses.
• Sensible diversified bond portfolio, largely non-US government and non-US corporate bonds. Otherwise difficult for investors to efficiently access independently.
• Tender offer arbitragers recently ran the discount near 15% post-tender. This is well beyond its historical averages and exceeds closed-end bond fund peers' historical averages.
• Tender offer reduced supply of shares long term, and increased the per share capital loss carryforward.

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