Fixed Income

ISIN {{shareClass.altcodes.isin}} -

Share Class Inception Date

Performance Inception Date

AUM

Morningstar Rating

Fund Aim

The Fund seeks to maximise total return through capital appreciation and income by investing at least two-thirds of its Net Asset Value in highly rated securities traded on regulated markets of developed countries. The manager follows a value approach to investing and will concentrate investments in undervalued markets that the manager believes provide the best opportunity for declining interest rates and a return to lower real rates over time.

Fund Managers

David F. Hoffman, CFA
Stephen S. Smith
Jack P. McIntyre, CFA
Anujeet Sareen, CFA

  • 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. 

Performance

Annualized Performance (%)

As of
The reported share class has insufficient data history to be able to show past performance.
1-y % 3-y % 5-y % 10-y % Inception

Calendar Year Performance (%)

As of 
Calendar performance data is not available for selected share class
The reported share class has insufficient data history to be able to show past performance.

Cumulative Performance (%)

As of
The reported share class has insufficient data history to be able to show past performance.
YTD % 1-m % 3-m % 1-y % 3-y % 5-y % 10-y %

Rolling 12 Month performance (%)

As of
Annual discrete performance data is not available for selected share class
The reported share class has insufficient data history to be able to show past performance.

(As of ) At NAV
The reported share class has insufficient data history to be able to show past performance.

(As of ) At NAV excluding sales charges
The reported share class has insufficient data history to be able to show past performance.

  • Return information presented is stated in U.S. Dollars and is calculated using the share class indicated above after all Fund operating expenses but before sales charges. The maximum sales charge for Class A Shares is 5.00% and 2.50% for Class E Shares. Class B Shares may be subject to a contingent deferred sales charge (“CDSC”) up to 5%, imposed on redemptions within the first five years after purchase. Class C Shares may be subject to a CDSC up to 1%, imposed on redemptions within the first year after purchase. Performance would have been lower if sales charges had been included. Investment return and principal value of an investment in the Fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Total return data is as of the date indicated and reflects the reinvestment of distributions. Performance statistics are for the share class indicated only; return figures and other data for other classes of shares will vary. Cumulative returns and returns of less than one year are not annualized. The performance data shown represents past performance and is no guarantee of future results. It is not possible to invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

    From 25 March 2019, the pricing of securities held in the Fund will use the mean (or mid) value of the bid and ask prices, to calculate the Fund’s Net Asset Values (“NAV”). The Fund previously used a bid price methodology for fixed income securities, and last traded price for equity securities.

    Total Expense Ratio (“TER”): The TER represents the Fund’s actual operating expenses over the past 12 months as of the date indicated. The TER includes investment management fees, custody and administration fees, shareholder service fees, and other expenses. For those share classes which have not been active for an entire year the TER presented is annualized. The Gross Expense ratio reflects the Fund’s actual total expenses incurred and do not reflect any fee waivers and/or expense reimbursements. The Net Expense is the Gross Expense less the advisory fee waivers and/or expense reimbursements. Net Expense reflects the expenses being charged to the fund or share class and reflected in the Net Asset Value. The fee waivers and/or expense reimbursements are voluntary and can be eliminated at any time.

     

  • Performance shown includes periods prior to the Fund’s inception date, reflecting performance of a predecessor fund with a substantially similar investment objective and policy and whose assets were transferred into this Fund on the date indicated above. The performance data should be used for illustrative purposes only, as performance prior to the inception date has not been adjusted to reflect the higher fees of the Fund.

Investment Risks

Fund Facts

Fund inception date
Share class inception date
Predecessor Fund inception date
Benchmark
Domicile
Base Currency
Distribution frequency
Annual management fee (%)

Total Expense Ratio (%)

Total expenses ratio (gross %)
Total expenses ratio (net %)

Daily Statistics

As of
Daily Statistics data is not available for selected share class
NAV -
Change -
% Change -
12-month high -
12-month low -
Total AUM (in millions) -

Fund codes

Fund Codes data is not available for selected share class
ISIN
Bloomberg
CUSIP
SEDOL

Three-Year risk statistics (Annualized)

As of
Three Year Risk Statistics data is not available for selected share class
Risk adjusted alpha
Beta
Standard deviation (%)
Information ratio
Tracking error (%)
R-Squared (%)
Sharpe ratio

  • Sharpe Ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the sharpe ratio, the better the fund’s historical risk-adjusted performance. 
    Tracking Error: Dispersal of differences between the returns obtained by the Fund and the benchmark variation.
    Information Ratio: The ratio of annualized expected residual return to residual risk.
    Risk adjusted alpha: A measure of performance vs. a benchmark on a risk-adjusted basis. A positive alpha of 1.0 means the portfolio has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%.
    Beta: Measures the sensitivity of the fund to the movements of its benchmark.
    R-Squared: Measures the strength of the linear relationship between the fund and its benchmark. R-Squared at 100 implies perfect linear relationship and zero implies no relationship exists.
    Standard Deviation: Measures the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk.

Portfolio Characteristics

Portfolio Statistics

As of
Number of Holdings
Current Yield (%)
Effective Duration
Yield to Worst (%)
Weighted Average Maturity
Weighted Average Life
Percentage of Top 10 Holdings (%)

Currency Exposure (%)

As of 30/09/2019
British Pound 16.22
Mexican Peso 11.13
Australian Dollar 10.20
US Dollar 8.75
Norwegian Krone 6.22
Chilean Peso 6.20
Polish Zloty 5.28
Swedish Krona 5.20
Indonesian Rupiah 4.94
Brazilian Real 4.85
Malaysian Ringgit 4.78
Colombian Peso 4.77
South Korean Won 4.08
New Zealand Dollar 3.83
Czech Koruna 2.02
Russian Ruble 1.42
South African Rand 0.07
Euro 0.05

Sector Breakdown (%)

As of 30/09/2019
Government Sovereign 86.89
Supranational 8.41
Government Regional Agencies 2.76
Government Owned - No Guarantee 0.94
Currency Forwards (0.73)
Cash 1.73

Country Allocation (%)

As of 30/09/2019
United States 37.02
Mexico 15.02
Supranational 8.41
United Kingdom 6.45
Norway 6.22
Poland 5.28
Australia 5.16
Brazil 4.85
Colombia 4.77
South Africa 4.09
Malaysia 1.72
Currency Forwards (0.73)
Cash & Cash Equivalents 1.73

Credit Quality Breakdown (%)

As of 30/09/2019
AAA 54.15
AA 8.67
A 19.28
BBB 7.31
BB 8.87
Cash 1.72

  • Portfolio characteristics are based on the total portfolio and are subject to change at any time. Portfolio characteristics are provided for informational purposes only and should not be deemed a recommendation to buy or sell any security or sector. Due to rounding totaled percentages may not equal 100%.

    A negative cash position may be apparent, which is primarily due to the Fund’s unsettled trade activity. This is a more concise approach to defining the cash position and it best represents sector exposures in the Fund.

Literature

Product Literature - English

Product Literature - Español

Regulatory Documents - English

Regulatory Documents - Español

Acting with conviction and discipline, we look beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income, equity, and alternative solutions.

Investment Risks

  • All investments involve risk, including the possible loss of principal.

Holdings

Top 10 Holdings (%)

As of 30/09/2019
UNITED STATES TREASURY FLOATIN 2.0532% Mat 04/30/2021 18.71
UNITED STATES TREASURY NOTE/BO 3.0000% Mat 02/15/2049 8.84
UK TSY 2% 07/22/20 6.47
UNITED STATES TREASURY NOTE/BO 2.6250% Mat 02/15/2029 6.38
NORWAY 3.75% 05/25/21 6.20
COLOMBIAN TES 6.0000% Mat 04/28/2028 4.70
MEXICO ST 7.75% 11/13/42 4.66
INTER-AME FRN 10/09/20 2.0421% 4.31
EUROPEAN 6.45% 12/13/22 3.97
MEX BONOS DESARR FIX RT 8.5000% Mat 11/18/2038 3.43

Detailed Holdings

Detailed Holdings data is not available for selected share class
Par/Shares Securities description Market value % of investments Country Maturity Date Asset Type S&P Credit Quality Moodys Credit Quality

  • Portfolio holdings are subject to change at any time without notice. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security. The summation of the "Total Net assets %" may not equal 100%. Any difference is due to the portfolio's allocation to cash and cash equivalents.

    Derivatives, if any, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.

Distributions

Distributions data is not available for selected share class
Ex-dividend/Reinvest date Payable date Reinvest price () Ordinary income ()

  • Distributions are not guaranteed and are subject to change.

  • IMPORTANT INFORMATION

    The Funds are a sub-fund of the Legg Mason Global Funds plc, an umbrella fund, with segregated liability between sub-funds, established as an open-ended investment company with variable capital and incorporated with limited liability under the laws of Ireland with registered number 278601. It qualifies, and is authorized in Ireland by the Central Bank of Ireland as an undertaking for collective investment in transferable securities.