Investment Insights

Global Fixed Income: Themes, Positioning & Market Conditions

Brandywine Global
17 March 2020

The coronavirus (COVID-19) pandemic is a black swan event that has created a challenging time for all investors—the exogenous shock has distorted market responses and traditional signals. Market movements over the last two weeks have been swift and outsized, leaving few if any assets classes to trade on actual fundamentals. The current market environment presents a short-term challenge to our investment philosophy, particularly with respect to valuations, and the traditional role rates and currencies have as economic regulators. Yet, this environment has also presented opportunities to reaffirm our process and philosophy, notably through our decision to increase Japanese yen exposure in long-only strategies, as warranted by our valuation framework.

Find out more about Brandywine Global's Fixed Income solutions here: 

Legg Mason Brandywine Global Income Optimiser Fund
Legg Mason Brandywine Global Opportunistic Fixed Income Fund

 

 

Past performance is no indication of future performance.

Legg Mason Asset Management Australia Ltd (ABN 76 004 835 849 AFSL 240827) is part of the Global Legg Mason Inc. group. Any reference to ‘Legg Mason Australia’ is a reference to Legg Mason Asset Management Australia Limited. The information in this article is of a general nature only and is not intended to be, and is not, a complete or definitive statement of the matters described in it. The information in this article does not constitute specific investment advice and does not include recommendations on any particular securities. These opinions are subject to change without notice and do not constitute investment advice or recommendations.