BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG or “the Fund”; CUSIP: 10537L104) Announces Notification of Sources of Distributions
BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG) has announced its January 2025 distribution details and fiscal year-to-date allocations. The Fund will distribute $0.0800 per share on February 3, 2025, comprising 72% from net investment income and 28% from return of capital.
The Fund's performance metrics show a -0.76% average annual total return over the five-year period ended December 31, 2024, with an annualized distribution rate of 10.79%. The cumulative total return for the fiscal period through December 31, 2024, stands at -1.43%, with a fiscal year-to-date distribution rate of 1.80%.
BWG maintains a managed distribution policy aimed at delivering long-term total return potential through monthly distributions. The Fund notes that it has distributed more than its income and net realized capital gains, resulting in a portion of distributions being classified as return of capital.
BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG) ha annunciato i dettagli della distribuzione di gennaio 2025 e le allocazioni dell'anno fiscale fino ad oggi. Il Fondo distribuirà $0,0800 per azione il 3 febbraio 2025, di cui il 72% proviene da reddito da investimenti netti e il 28% da recupero di capitale.
I metriche di performance del Fondo mostrano un rendimento totale medio annuale del -0,76% nel periodo di cinque anni terminato il 31 dicembre 2024, con un tasso di distribuzione annualizzato del 10,79%. Il rendimento totale cumulativo per il periodo fiscale fino al 31 dicembre 2024 è pari a -1,43%, con un tasso di distribuzione dell'anno fiscale fino ad oggi dell'1,80%.
BWG mantiene una politica di distribuzione gestita finalizzata a offrire un potenziale di rendimento totale a lungo termine attraverso distribuzioni mensili. Il Fondo osserva di aver distribuito più del proprio reddito e dei guadagni in conto capitale netti realizzati, risultando in una parte delle distribuzioni classificata come recupero di capitale.
BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG) ha anunciado los detalles de distribución de enero de 2025 y las asignaciones del año fiscal hasta la fecha. El Fondo distribuirá $0,0800 por acción el 3 de febrero de 2025, de los cuales el 72% proviene de ingresos netos por inversiones y el 28% de recuperación de capital.
Las métricas de rendimiento del Fondo muestran un retorno total anual promedio de -0,76% durante el período de cinco años que finalizó el 31 de diciembre de 2024, con una tasa de distribución anualizada del 10,79%. El retorno total acumulado para el período fiscal hasta el 31 de diciembre de 2024 es de -1,43%, con una tasa de distribución del año fiscal hasta la fecha del 1,80%.
BWG mantiene una política de distribución gestionada destinada a ofrecer un potencial de retorno total a largo plazo a través de distribuciones mensuales. El Fondo señala que ha distribuido más de sus ingresos y ganancias de capital netas realizadas, lo que resulta en que una parte de las distribuciones sea clasificada como recuperación de capital.
브랜디와인글로벌 - 글로벌 소득 기회 펀드 Inc. (BWG)가 2025년 1월 배당 세부사항 및 회계 연도 기준 allocations을 발표했습니다. 이 펀드는 2025년 2월 3일 주당 $0.0800를 배당할 예정이며, 이 중 72%는 순투자소득에서, 28%는 자본의 반환에서 파생됩니다.
펀드의 성과 지표는 2024년 12월 31일 종료된 5년 기간 동안 평균 연간 총 수익률이 -0.76%였으며, 연간화된 배당률은 10.79%라는 것을 보여줍니다. 2024년 12월 31일까지의 회계 기간 동안 누적 총 수익률은 -1.43%이며, 올해 회계 연도에 대한 배당률은 1.80%입니다.
BWG는 월별 배당을 통해 장기 총 수익 잠재력을 제공하는 것을 목표로 하는 관리 분배 정책을 유지하고 있습니다. 이 펀드는 수익 및 실현된 자본 이익 이상의 금액을 분배하여 일부 배당금이 자본의 반환으로 분류되었다고 언급하고 있습니다.
BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG) a annoncé les détails de distribution de janvier 2025 et les allocations de l'année fiscale à ce jour. Le Fonds distribuera 0,0800 $ par action le 3 février 2025, dont 72 % proviennent des revenus nets d'investissement et 28 % du remboursement de capital.
Les indicateurs de performance du Fonds montrent un rendement total moyen annuel de -0,76 % sur la période de cinq ans se terminant le 31 décembre 2024, avec un taux de distribution annualisé de 10,79 %. Le rendement total cumulé pour la période fiscale jusqu'au 31 décembre 2024 est de -1,43 %, avec un taux de distribution de l'année fiscale à ce jour de 1,80 %.
BWG maintient une politique de distribution gérée visant à offrir un potentiel de rendement total à long terme à travers des distributions mensuelles. Le Fonds note qu'il a distribué plus de ses revenus et des gains en capital réalisés nets, ce qui a entraîné le classement d'une partie des distributions comme remboursement de capital.
BrandywineGLOBAL - Global Income Opportunities Fund Inc. (BWG) hat die Verteilungsdetails für Januar 2025 und die bisherige Allokation für das Fiskaljahr bekannt gegeben. Der Fonds wird am 3. Februar 2025 $0,0800 pro Anteil verteilen, wobei 72% aus Nettoanlageerträgen und 28% aus der Rückzahlung von Kapital stammen.
Die Leistungskennzahlen des Fonds zeigen eine durchschnittliche jährliche Gesamtrendite von -0,76% über den Zeitraum von fünf Jahren, der am 31. Dezember 2024 endete, mit einer annualisierten Ausschüttungsquote von 10,79%. Die kumulierte Gesamtrendite für den fiskalischen Zeitraum bis zum 31. Dezember 2024 liegt bei -1,43%, mit einer Ausschüttungsquote des Fiskaljahres bis heute von 1,80%.
BWG verfolgt eine verwaltete Ausschüttungspolitik, die darauf abzielt, das langfristige Gesamtertrags-Potenzial durch monatliche Ausschüttungen zu liefern. Der Fonds weist darauf hin, dass mehr verteilt wurde als die eigenen Einkünfte und realisierten Kapitalgewinne, was zur Folge hatte, dass ein Teil der Ausschüttungen als Rückzahlung von Kapital klassifiziert wurde.
- High annualized distribution rate of 10.79%
- 72% of distribution comes from net investment income
- Negative 5-year average annual total return of -0.76%
- Negative cumulative total return of -1.43% for current fiscal period
- 28% of distribution represents return of capital, not actual earnings
Insights
The latest distribution announcement for BWG reveals several critical insights for income-focused investors. The fund maintains a high annualized distribution rate of
The return of capital component is particularly concerning when viewed alongside the fund's negative performance metrics - a 5-year average annual return of
The managed distribution policy, while providing predictable monthly income, could be masking underlying performance issues. When distributions include return of capital while NAV deteriorates, investors are effectively receiving a portion of their own investment back rather than genuine investment returns. This can create a deceptive yield situation where the high distribution rate appears attractive but may not be sustainable long-term without further NAV erosion.
For income investors, it's important to understand that while return of capital distributions aren't immediately taxable, they reduce the cost basis of shares and could lead to larger capital gains taxes when shares are eventually sold. The fund's negative total returns and high reliance on return of capital for distributions suggest a potential misalignment between the distribution policy and the fund's actual earning capacity.
Notification of Sources of Distributions
Pursuant to Section 19(a) of the Investment Company Act of 1940
The Fund’s estimated sources of the distribution to be paid on February 3, 2025, and for the fiscal year 2025 year-to-date are as follows:
Estimated Allocations for the January Monthly Distribution as of December 31, 2024:
Distribution Per Share |
Net Investment Income |
Net Realized Short-Term Capital Gains |
Net Realized Long-Term Capital Gains |
Return of Capital |
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Cumulative Estimated Allocations fiscal year-to-date as of December 31, 2024, for the fiscal year ending October 31, 2025:
Distribution Per Share |
Net Investment Income |
Net Realized Short-Term Capital Gains |
Net Realized Long-Term Capital Gains |
Return of Capital |
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Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Plan. BWG estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the BWG distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect BWG’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.
Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5- year period ended on 12/31/2024)1 |
Annualized Distribution Rate (as a percentage of NAV as of 12/31/2024)2 |
Cumulative Total Return (in relation to the change in NAV for the fiscal period through 12/31/2024)3 |
Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 12/31/2024)4 |
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Fund Performance and Distribution Rate Information:
- Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through December 31, 2024. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.
- The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of December 31, 2024.
- Cumulative Total Return is the percentage change in the Fund’s NAV from October 31, 2024 through December 31, 2024, assuming reinvestment of distributions paid.
- The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period October 31, 2024 through December 31, 2024, as a percentage of the Fund’s NAV as of December 31, 2024.
This Fund has a managed distribution policy that seeks to deliver the Fund’s long-term total return potential through regular monthly distributions declared at a fixed rate per common share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if a Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.
For further information on BrandywineGLOBAL - Global Income Opportunities Fund Inc., please visit our web site at: www.franklintempleton.com/investments/options/closed-end-funds
Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Funds.
Category: Distribution Related
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
View source version on businesswire.com: https://www.businesswire.com/news/home/20250203842207/en/
Investor Contact: Fund Investor Services 1-888-777-0102
Source: Franklin Resources, Inc. and Legg Mason Closed End Funds
FAQ
What is BWG's distribution amount per share for February 2025?
What is BWG's current annualized distribution rate as of December 2024?
What is BWG's 5-year average annual total return as of December 2024?
How much of BWG's current distribution comes from return of capital?
What is BWG's fiscal year-to-date distribution rate as of December 2024?
