4 years, 4 stories

2014 The curve flattener:
A more moderate view on growth than the US Federal Reserve's led to investment opportunities in active duration management.
2015 Macro strategies rescue:
Spreads widened and risk assets underperformed — but the macro strategies were able to more than offset a bear market in risk assets and keep the Fund positive in 2015.
2016 Standing our ground:
The manager maintained risk asset holdings based on the conviction that there was a great disconnect between prices and fundamentals — and was proven right. The Fund suffered in the post-US election sell-off in November, but more than recovered the losses in the following two months.
2017 Western Asset's independent analysis:
Led to the conviction that the risk rally and sovereign sell-off that followed Trump's victory in November was overdone. The manager believed that the new Administration would need more time to deliver his promises of tax cuts, new trade barriers and increased infrastructure spending. The conviction has paid off as the US yield curve flattened during most of the year, favouring Western Asset's long curve bias.
Past performance is not a reliable indicator of future results.

Source: Legg Mason, as at 30 November 2017. Performance is calculated NAV to NAV with gross income reinvested without initial charges but reflecting annual management fees, based in USD for class A shares. Performance figures for over one year periods are annualised including since inception. *Since inception annualised. Fund inception date: 29 November 2013.
Trailing 12-month performance Period Ending: 30.11.17 30.11.16 30.11.15 30.11.14 30.11.13
Fund (net of fees) 14.80% 3.47% 0.51% 9.22% N/A

Past performance is not a reliable indicator of future results.

Currency exchange rate fluctuations will impact the value of your investment.

Macro Opportunities: a flexible approach to macro investing

The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested.

Key differentiators

  1. Full flexibility: the fund can invest in any sector and take overall duration positions from -5 to +10 years.
  2. Low correlation to equity and traditional fixed income markets.
  3. Active management of short-term conditions can complement, or mitigate, medium to long-term risk climates.

Meet the Managers

S. Kenneth Leech
CIO and Head of Global Investment Strategy Committee at Western Asset

  • 40 years of investment experience
  • MBA from Wharton School, University of Pennsylvania

Prashant Chandran, CFA
Head of Derivatives at Western Asset

  • 18 years of investment experience
  • MBA from University of Chicago, Graduate School of Business

About Western Asset

Established in 1971, Western Asset is Legg Mason's largest global dedicated fixed income manager with US$433 billion of assets under management (as of 31 March 2017).
  • More Expertise: Approximately 125 investment professionals worldwide. Portfolio managers and analysts have an average of 20 years' investment experience.
  • More Opportunities: Our global structure provides investment ideas that are available for a variety of fixed income solutions.

For more Information

Email: LMNordicSales@leggmason.com
Phone: +44 207 070 7444