Legg Mason IF WA Global Multi Strategy Bond X

Global fund invested in debt & fixed income securities denominated in various currencies

  • 83.99p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.63%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.79%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 4.20%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 22 January 2021

Fund summary

Sector £ Strategic Bond
Structure OEIC
Launched November, 2012
Size £155m
Yield 4.20%
Charging basis Capital
Dividends paid Last day of each month

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.63%
Ongoing charges figure 0.79%

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Investment process

The fund is looking to maximise total return through income and capital appreciation by diversifying across a range of fixed income securities, sectors and currencies. The fund seeks to achieve its objective by investing globally, principally in debt and fixed income securities denominated in currencies of a variety of developed and emerging market countries.

Manager research

Average monthly relative returns

  • 16/17 -0.50%
  • 17/18 -0.14%
  • 18/19 0.03%
  • 19/20 -0.08%
  • 20/21 -0.18%

Bestinvest MRI

  • 3 years -0.08%
  • 5 years -0.17%
  • Career -0.26%
  • 3 years 48.80%
  • 5 years 27.10%
  • Career 2.60%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Western Asset Management

Western-LA was founded in 1971 and subsequently afiliated with LeggMason Inc in 1986, with Western-London established in 1996. Focused entirely on fixed income assets, they actively manage £65bn, £6bn of which is run from London. The team in London consists of 5 investment professionals dedicated to corporate debt, 6 to government issues and 2 working on funds analysis, which includes risk management. There is close liason with the US side of the firm which consists of 22 investment professionals, including specialists covering asset or mortgaged backed securities. Their value orientated investment process is carried out with a long term horizon and uses a diversified range of strategies. Each managers specialist expertise will be blended to asset allocate amongst the various issue types.

Track record

Western Asset Management has 18.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.26%. During the worst period of relative performance (from July 2002 - April 2020) there was a decline of 47% relative to the index. The worst absolute loss has been 22%.

Periods of worst performance

Absolute -22.00% (February 2007 - March 2009)
Relative -47.00% (July 2002 - April 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

6.0114% Legg Mason Western Asset Euro High Yield Lm Acc Eur
2.7587% Indonesia(Republic Of) 7% Bds 15/05/27 Idr1000000
2.673% Legg Mason Western Asset Emerging Markets Corporate Bond Lm(M)
2.288% Mexico(United Mexican States) 7.75% Nts 13/11/42 Mxn100000
1.2009% South Africa(Republic Of) 6.5% Bds 28/02/41 Zar1
1.139% United States Of Amer Treas Bonds 2.875% Bds 15/11/45 Usd100
1.1001% Lone Star Portfolio Trust 2015 Lsp F 7.8546% Mat 09/15/2028
1.0858% Legg Mason Qualified Investor Fd Ii Western Asset European Loan Lm Eur Acc
1.0598% Indonesia Government International 8.25% Bds 15/05/29 Idr1000000
1.0567% Sprint Capital Corp 8.75% Bds 15/3/32 Usd1000
Source: Trustnet

Sector breakdown

Others 25.00%
Investment Grade Corporate Bonds 22.00%
High Yield Bond 22.00%
Cash & Cash Equivalents 11.00%
Banks 7.00%
Asset/Mortgage-Backed Securities 5.00%
Government Bonds 5.00%
Asset/Mortgage-Backed Securities 2.00%

Key Investor Information

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