BWG News and Press, BrandywineGLOBAL Global Income Opportunities Fund Inc. From 12/16/20

Asset valuations, in themselves, cannot tell us when bubbles will burst, but they suggest when we are witnessing them and the depth of liquidation coming on the other side. Today, equities, corporate and many sovereign bonds (and the funds and ETFs that hold them) are more extremely p...

Legg Mason BW Global Income Opportunities Fund (BWG) declares $0.075/share monthly dividend, 7.1% increase from prior dividend of $0.070.Forward yield 7.63%Payable Dec. 31; for shareholders of record Dec. 23; ex-div Dec. 22.Payable Jan. 29; for shareholders of record Dec. 31; ex-div Dec. 30.P...

Morgan Stanley announced the acquisition of Eaton Vance. This could trigger activists into action once again. The floating-rate CEFs appear to already have large activist stakes. EFF could be the easiest target for Saba to extract concessions from. For further details se...

Twenty out of 23 CEF sectors positive on price and 18 out of 23 sectors positive on NAV last week. MLPs rally! RIV offering is now live, with a subscription floor of -5% discount. XFLT increases its distribution by +22%, restoring it to pre COVID-19 levels. For further detai...

CEFs had a weak month as discounts widened and volatility returned to equity markets. The current CEF environment is a trader's dream. We are finally seeing a lot of dislocation in certain sectors and some spreads in valuations of "like" funds. We continue to dislike most equity C...

We go through the dynamic macro picture with lots of moving parts as we culminate with the election in less than 40 days. We discuss the significant movement we saw in the CEF market in the last week, mostly lower, thanks to significant selling. There will be a report out tomorrow...

We took part in a profitable tender offer, gaining +10.5% per share for the accepted shares. Discount widening after expiry obliges us to hold onto the remaining shares, for now. This is okay because BWG is still a fine fund to hold for anticipated volatility ahead. For furt...

With yield compression running apace, investors are turning to alpha-generation strategies to drive income-portfolio returns. Tender offers can provide alpha opportunities in two ways: by providing outperformance potential for the given fund as well as a measure of discount control. ...

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....

Some investors are growing increasingly concerned about a period of upcoming volatility due to contested election results. We discuss the components of a plan that relies on allocations to a number of resilient securities that can allow investors to take advantage of any upcoming vola...