Brandywine Global Investment Management, LLC, a wholly owned subsidiary of Legg Mason, Inc. (NYSE: LM), announced today that the Brandywine Global Dynamic Large Cap Value Equity Strategy, managed by Mike Fleisher, received the top large-cap value equity strategy award from Institutional Investor as part of its 6th Annual U.S. Investment Management Awards.

Institutional Investor's awards program recognizes U.S. institutional investors whose innovative strategies and fiduciary savvy resulted in impressive returns in 2014, as well as U.S. money managers in 36 asset classes who stood out in the eyes of the investor community for their exceptional performance, risk management, and service.

“It’s an honor to be recognized by such a premier publisher within the investment community,” said Fleisher, who will be accepting the award on May 14 at the Mandarin Oriental in New York City.

The Dynamic Large Cap Value strategy has a quantitative focus, driven by three key factors: valuation, quality, and sentiment. This proprietary factor blend is used to identify stocks that have the characteristics targeted by the strategy’s innovative, dynamic shifting tool, which is unique in the marketplace. The tool adjusts the portfolio to favor deeper-value stocks when the model indicates that valuation dispersion across the broad equity market has peaked and begun to narrow. Conversely, when valuation dispersion has troughed, the tool shifts the portfolio closer toward the index’s valuation. This proprietary blend of quantitative selection and dynamic shifting seeks to both mitigate downside volatility and potentially enhance long-term returns.

About Brandywine Global

Brandywine Global Investment Management, LLC ("Brandywine Global") offers a broad array of fixed income, equity, alternatives, and asset allocation strategies that seek value across global markets. Founded in 1986 by a group of highly experienced portfolio managers, the firm has been a wholly owned affiliate of Legg Mason, Inc. since 1998 but operates independently. The firm manages $66.5 billion as of 3/31/15 for institutional and high net worth investors, with headquarters in Philadelphia and office locations in San Francisco, Montreal1, Toronto1, Singapore2 and London3. Brandywine Global pursues one investment approach: value investing. Through practical experience, we have determined that value-style investing — whether in equity, alternatives, or fixed income markets, in the U.S. or internationally — can provide solid risk-adjusted returns over full investment cycles, and it is a particularly important strategy in today's global markets.

About Legg Mason

Legg Mason, Inc. is a global asset management firm with assets under management of $703 billion as of March 31, 2015. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, MD and its common stock is listed on the New York Stock Exchange (symbol: LM).

© 2015 Brandywine Global Investment Management, LLC

All investments involve risk. Equity securities are subject to price fluctuation and possible loss of principal.Past performance is no guarantee of future results.

1 Brandywine Global Invest Management (Canada), ULC

2 Brandywine Global Investment Management (Asia) Pte. Ltd

3 Brandywine Global Investment Management (Europe)