- INVESTMENT INVOLVES RISKS. The value of the Fund can be volatile and investors may not get back the amount originally invested. Past performance is not indicative of future results.
- The Fund is a sub-fund of Legg Mason Global Funds plc, an open-ended umbrella investment company constituted in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing at least 70% of its Net Asset Value in debt securities issued by Asian issuers and in derivatives on Asian interest rates and currencies.
- Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, concentration, currency, Asian market, custody and settlement and China market risks.
- The Fund may be invested in 'non-investment grade' debt securities, which carry a higher degree of counterparty default and liquidity risks.
- The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks.
- The Fund may use certain types of financial derivative instruments ("FDIs"). The Fund may suffer a substantial loss arising from the use of FDIs.
- The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks.
- The Fund may invest in debt instruments that have contingent write down or loss absorption features, these instruments involve risks which may potentially lead to losses to the Fund.
- The directors of Legg Mason Global Funds Plc may at their discretion pay dividends out of capital of a Distributing Plus Share Class. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor´s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the Net Asset Value per share of these Share Classes.
- Investors should not invest based on this marketing material alone. Offering documents should be read for further details, including the risk factors.
The Legg Mason Western Asset Asian Opportunities Fund seeks to maximise total return through income and capital appreciation by investing at least 70% of its Net Asset Value in debt securities issued by Asian issuers and in derivatives on Asian interest rates and currencies.
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Asian Bond Market Review & Outlook
There is an increasing policy focus towards “dual circulation”, stressing the importance of exploiting the “advantages of China’s super-large market” to create a “new development pattern”.
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The health of the US economy will be front-and-center for markets, but five key issues in focus may also impact investors ahead of the November vote.
Asian Bond Market Review & Outlook
Asia ex-Japan remains on track for a gradual cyclical recovery in the next 12-18 months in spite of pockets of COVID-19 cases emergence.
Glimmers of Optimism
We are encouraged by optimism on both the medical and economic fronts. But while recent events are promising, we believe the road ahead will be a long one.
Portfolio Manager and Head of Investment Management
Asia (ex Japan)
Chia Liang Lian
Head of Emerging Markets Debt,
One of the world’s leading global fixed income managers. Founded in 1971, the firm is known for team management, proprietary research and a long-term fundamental value approach.
Source: Legg Mason. Unless otherwise specified, all information as at 30 September 2020.
*Morningstar Award 2020©. Copyright 2020 Morningstar, Inc. All rights reserved. Awarded to Legg Mason Western Asset Asian Opportunities Fund (Class A USD Acc) for Category Winner, Best Asia Bond Fund, Hong Kong.
1 Source: International Monetary Fund, World Economic Outlook October 2020. GDP=Gross Domestic Products.
2 Source: Bloomberg, S&P ratings (local currency long-term bond rating), as at 30 September 2020.
3 Source: Bloomberg, as of 17 July 2020. India (2 cut); Malaysia (4 cuts); Philippines (4 cuts); Indonesia (4 cuts); Korea (2 cuts); Thailand (3 cuts); China (2 cuts).
4 Source: Bloomberg, as at 30 September 2020. Asian local government bonds=Bloomberg Barclays Emerging Markets Local Currency Government Asia Index; US Treasures=Bloomberg Barclays US Aggregate Treasury Index. Bps=basis points.
5 Weighted average. Credit Quality: Nationally Recognised Statistical Rating Organisation’s (NRSRO’s) assess the likelihood of bond issuers defaulting on a bond’s coupon and principal payments. The credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO’s (Standard & Poor’s, Moody’s Investor Services and Fitch Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO’s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB, ...D.
6 Source: Morningstar, as of 30 September 2020. Base on 3-year rolling average return of Class A Acc. (USD) (8.58%) and Benchmark (11.31%). Performance is net of fees and is calculated on a NAV to NAV basis (USD). Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the Fund. Acc. = Accumulating share class. Net investment income accumulated daily into NAV. 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. Calendar year performance of the Fund / benchmark for year-to-date (2.12%/3.73%), 2019 (10.46%/8.99%), 2018 (-3.66%/-0.46%), 2017 (11.59%/11.05%), 2016 (1.88%/1.74%) and 2015 (-4.90%/-3.17%). Benchmark: Markit iBoxx Asian Local Bond Index since 1 May 2016. On or before 29 April 2016, the benchmark was HSBC Asian Local Bond Overall Index.