The Firm

Global Currents is a new investment adviser of Legg Mason, Inc. primarily an investment boutique focused on institutional clients, subadvisory relationships, and fulfilling the investment needs of high net worth individuals. The international and global equity team at Global Currents, formerly managing client assets at Brandywine Global, transitioned to a new investment affiliate effective July 1, 2008. The firm manages approximately $4.3 billion in assets under management.*

Founded by a group of portfolio managers, the organization maintains objectives of achieving steady asset growth through successful investment management and top quality service. The investment team employs a ‘global’ investment process — centered on a team approach that leverages the intellectual creativity fostered between research analysts and portfolio managers working together to build and maintain an ‘optimal’ global equity portfolio. The team concentrates on a ‘bottom-up’ analysis that uses cutting edge quantitative systems to filter the global investment universe, before conducting fundamental company research into likely portfolio candidates. Clients benefit by investing with an investment manager with global experience with resources structured in a way that enables it to research companies with a global perspective.

Global Currents is a true value manager. The investment team’s philosophy is grounded in the fact that value stocks have outperformed the market over full market cycles and that a disciplined bottom-up approach allows a skilled investor to capture potential additional return premium. To manage company-specific risk, they look to buy only those stocks that are at the lower end of their historical valuation ranges and have significant catalysts to spur future growth.

The global equity investment team focuses on ‘classic’ value investing and has broad-based experience in global equities which has been acquired managing global equity strategies for over fifteen years. The firm also offers an international value equity strategy as well as provides socially responsible portfolios in a variety of formats.

*As of 6/30/09