By devoting all of its resources to fixed income, Western Asset adds unique value to this asset class through active management of fixed income portfolios, with a value-oriented investment approach that is supported by a team of fixed income specialists in every market sector. This includes an extensive credit research team with experience of companies issuing both 'non-investment grade' and 'investment grade' bonds. Western Asset’s expertise extends across multiple fixed income sectors around the world.
The firm's philosophy centres upon a team approach — where fixed income portfolios are managed by uniting groups of specialists dedicated to different market sectors.
Western Asset believes that significant inefficiencies exist in the fixed income markets. It therefore attempts to add value by exploiting these inefficiencies across the sectors in which it invests by combining traditional analysis with innovative technology. Western uses multiple strategies, including active sector and issue selection, to enhance value while at the same time preventing negative performance from any one strategy having a negative impact on returns. It then augments these strategies by engaging in opportunistic trading to exploit market inefficiencies over the course of an economic cycle.
Western Asset's strategic goal is to add value to client portfolios while adhering to a disciplined risk control process. To accomplish this aim, it targets four main strategies:
- Sector allocation (rotating between different sectors of the bond market)
- Issue selection (seeking to uncover mis-priced or undervalued securities)
- Duration exposure (adjusting its exposure to take account of interest rate movements)
- Attempts to take advantage of shifts in the relationship between short, medium and longer dated bonds.
- For global portfolios, country and currency allocations form a fifth crucial element.
Western Asset Dublin Domiciled Funds
Legg Mason Western Asset Emerging Markets Total Return Bond Fund
Legg Mason Western Asset Euro Core Plus Bond Fund
Legg Mason Western Asset Global High Yield Fund
Legg Mason Western Asset Global Inflation Management Fund
Legg Mason Western Asset Global Multi Strategy Fund
Legg Mason Western Asset Macro Opportunities Bond Fund
Legg Mason Western Asset Short Duration Blue Chip Bond Fund
Legg Mason Western Asset Short Duration High Income Bond Fund
Legg Mason Western Asset Structured Opportunities Fund
Legg Mason Western Asset US Core Bond Fund
Legg Mason Western Asset US Core Plus Bond Fund
Legg Mason Western Asset US Government Liquidity Fund
Legg Mason Western Asset US High Yield Fund
Legg Mason Western Asset US Money Market Fund
Legg Mason Western Asset US Short-Term Government Fund