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LMC Brandywine Fundamental Value US Fund*
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LMC Brandywine Fundamental Value US Fund*
Investment Objective
The investment objective for the Brandywine Fundamental Value U.S. Equity Fund is to provide long-term capital growth based on a traditional value-style investing philosophy.
Investment Strategy
Brandywine uses fundamental analysis to understand the reasons a stock is undervalued or out of favour and to identify those companies most likely to return to normal valuation levels and profitability. Conclusions are based on a company’s financial condition, competitive position, and management quality. In addition, long-term macroeconomic conditions and industry trends are used to identify and measure the risks associated with a company’s business.
The portfolio of approximately 60 to 70 stocks is carefully structured with regard to diversification, balance and general economic sensitivity. Stock holdings are normally initiated at 1% to 3% of the portfolio, based on fundamental conviction and liquidity. Stock weightings are then typically limited to a maximum of 5% at market. Industry and sector weightings are generally limited to 15% and 30% respectively.
Returns for the Period ended: February 28, 20101
 |
1 Mth.
%
|
3 Mth.
%
| Year to Date
% |
1 Yr.
%
|
3 Yrs.2
%
|
5 Yrs.2
%
|
10 Yrs.2
%
| Since Inception2
% |
| LMC Brandywine Fundamental Value Fund | 1.4 | 2.4 | 1.7 | 33.9 | -13.1 | -4.2 | N/A | -0.7 |
| Russel 1000 Value Index TR3 | 2.3 | 2.3 | 1.1 | 30.4 | -11.9 | -3.5 | N/A | 0.0 |
Calendar Year Returns
| 2009
% | 2008
% | 2007
% | 2006
% | 2005
% |
| LMC Brandywine Fundamental Value Fund | 1.2 | -24.4 | -16.1 | 21.2 | 7.1 |
| Russel 1000 Value Index TR3 | 1.6 | -21.0 | -15.3 | 21.8 | 4.4 |
* Legg Mason Canada Inc. is the manager and portfolio adviser of Legg Mason Brandywine Fundamental Value U.S. Equity Fund (LMC Brandywine Fundamental Value US Fund). The manager has hired Brandywine Global Investment Management, LLC as portfolio sub-adviser to manage the fund’s portfolio. Brandywine Global Investment Management, LLC and Legg Mason Canada Inc. are wholly-owned subsidiaries of Legg Mason, Inc., a global asset management firm listed on the New York Stock Exchange.
The offering of the fund is not, and under no circumstances is to be construed as, an advertisement or a public offering of such securities. The fund is offered to Canadian resident investors pursuant to certain securities laws exemptions available to investors in their particular province or territory of residence. The fund is offered only in those jurisdictions where it may be lawfully offered for sale. An eligible investor should obtain and refer to the Confidential Offering Memorandum for the Legg Mason Canada Pooled Funds before investing. No securities commissions or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described therein, and any representations to the contrary is an offence.
1 The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the mutual funds or returns on the investment in the mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.
2 Sceptre Private Asset Management Fund Units are available for institutional and high net worth investors including other funds. Only investors who meet our discretionary account requirements and minimum investment levels will be eligible to purchase these Units.
3 In Canadian dollar terms.
