- Strives to provide long-term capital appreciation by investing in equity and equity-related securities of foreign companies
- Takes a high conviction, flexible approach to invest across sectors, geographies and market capitalizations, seeking to manage risk on an absolute basis, without regard to any specific benchmark
- Focuses on finding companies that have a strong history of offering high and sustainable returns on invested capital over time
The International Unconstrained Equity Strategy is not measured against a benchmark. There is no benchmark available which appropriately reflects the strategy. The MSCI All-Country World Index ex US is used for reference only.
meet your managers
Active equity specialist that builds global, stock-driven portfolios based on fundamental research – devoted to delivering optimum investment outcomes and superior client relationships.
Meet Your Managers
Ken Hughes (industry since 1994) and Zehrid Osmani (industry since 1997) co-manage your Fund.
Martin Currie is an active equity specialist that builds global, stock-driven portfolios based on fundamental research, devoting all of its resources to delivering optimum investment outcomes and superior client relationships.
Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.
What I Should Know
The Fund is newly organized, with a limited history of operations. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The fund may be significantly overweight to underweight certain companies, industries or market sectors, which may cause the fund's performance to be more sensitive to developments affecting those companies, industries or sectors. International investments are subject to special risks including currency fluctuations, as well as social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. To the extent the fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on fund performance relative to a more geographically diversified fund. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. In addition to the Fund's operating expenses, the Fund will indirectly bear the operating expenses of any underlying funds. The fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund.
IMPORTANT PERFORMANCE INFORMATION: Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A and Class A2 shares reflect the deduction of a maximum front-end sales charge of 5.75%. One-, three- and five-year returns for Class B shares reflect a maximum contingent deferred sales charge (CDSC) of up to 5.0%, 3.0% and 1.0% respectively. Class C1 shares have no initial or CDSC charge, but are subject to a 12b-1 fee. One-year returns for Class C shares reflect a CDSC of 1.0%. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance shown excluding sales charges would have been lower, if the applicable sales charge been reflected. Had fees not been waived in various periods performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.
Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.
An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.
Net Asset Value (NAV): An investment option’s net asset value (“NAV”) per unit or unit price is calculated by dividing the value of its net assets by the total number of units outstanding.
**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2019 without Board consent. The Gross and Net Expenses listed include 0.00 of Acquired Fund Fees and Expenses ("AFFE") that are required to be shown in the Fund's prospectus. AFFE reflects the Fund's pro rata share of fees and expenses relating to its investments in acquired funds; however, AFFE are not incurred directly by the Fund. Therefore, AFFE are not reflected in the Fund's audited financial statements or financial highlights.
IMPORTANT HOLDINGS INFORMATION: Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.
Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.
The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated payable dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Account Services. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.
An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.