Managing municipal portfolios since 1981

$21.5 billion municipal assets under management

Five-person portfolio management team averaging 31+ years of experience

Team supported by both credit and quantitative research analysts



THE WESTERN PHILOSOPHY


Western Asset’s investment philosophy is long- term, fundamental and value-oriented. 

 


 

The firm believes that significant inefficiencies exist in the fixed-income markets. By combining traditional analysis with innovative technology, Western Asset seeks to add value by taking advantage of these inefficiencies across eligible sectors.

Western Asset manages portfolios on a team basis: Portfolio manager and specialist research analysts work together on portfolios. This structure ensures that clients benefit from a consensus that draws on the expertise of all team members.

Western Asset believes that managing risk is a key component of the investment process. The firm employs a variety of risk management strategies, aiming to approximate a benchmark’s risk while exceeding its return. Western Asset also employs a dedicated risk management team whose sole purpose is to continuously monitor and manage investment risk.

 

 

 

Western Asset’s Investment Approach

 

Interest-rate exposure

Western Asset’s investment team comprehensively analyzes a variety of domestic macroeconomic and political factors to establish a duration target.

Term structure weighting

Western Asset attempts to take advantage of changes in the yield curve’s shape and shifts in the relationship between short-, intermediate- and long-dated securities.

Sector allocation

Western Asset believes that value can be added to a portfolio by actively rotating among, and within, different sectors of the bond market. The investment team studies the fundamental factors that influence sector spread relationships and how they relate to the broader economic environment.

Issue selection

Using a bottom-up process, the municipal credit team seeks to identify issues within sectors which have stable or improving credit characteristics.

 



Western Asset’s time-tested investment process is designed around their value philosophy and team-based approach.

 

 

 

Insights

Title Description
Municipal Market Update: July Western Asset examines recent trends in the muni bond market and provides its outlook about conditions ahead.

All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s webpage for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.