Brandywine Global Acquires Diamond Hill Capital Management’s High Yield-Focused Funds and Adds Portfolio Management Team
From the press release:
“PHILADELPHIA — (August 2, 2021) — Brandywine Global Investment Management, LLC (“Brandywine Global”), a specialist investment manager and subsidiary of Franklin Resources, Inc. (NYSE: BEN), announced today that it completed its acquisition of the business of Diamond Hill’s high yield-focused U.S. corporate credit mutual funds following a previously announced agreement with Diamond Hill Capital Management (“Diamond Hill”) effective July 30, 2021. The acquisition expands Brandywine Global’s fixed income offerings and broadens its expertise in bottom-up fundamental credit research.”
The Diamond Hill High Yield Fund I (DHHIX) is now the Brandywine Global High Yield Fund I (BGHIX). The 5 Star Morningstar ranked fund will retain its current portfolio managers and add in the expertise of Brandywine Global. McClain (one of the managers of DHHIX) said, “We’re thrilled to join Brandywine Global. We’re confident clients will benefit from the marriage of our bottom-up fundamental approach with Brandywine Global’s global, macro-driven insights.”
Retirement Collaborative LLC and the Voluntary Employee Benefit Committee will monitor this merger. We hope the new fund will continue the excellent performance that the managers at DHHIX were able to maintain.