Legg Mason IF WA Retirement Income Bond X

A portfolio of corporate bonds managed by Western Asset Management.

  • 98.30p
    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!

  • 0.50%
    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).

  • 0.85%
    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.

  • 3.20%

    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 26 January 2021

Fund summary

Sector £ Strategic Bond
Structure OEIC
Launched January, 2013
Size £12m
Yield 3.20%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 30 Nov


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.50%
Ongoing charges figure 0.85%


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Investment process

A portfolio of fixed income securities managed by Western Asset Management, a privately owned subsidiary of the Legg Mason Group. The main objectives are to pay a steady quarterly income without eroding capital. Western are a US bred fixed income manager, (with offices in Pasadena, London and Singapore), responsible for $82bn in various portfolios. The fund's portfolio is actively allocated across a range of fixed income sectors, such as government , non-investment grade and investment grade bonds, according to what the managers feel is most important given current economic and market conditions. All overseas bonds will be hedged back into Sterling.

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.


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Top 10 holdings

Data accurate as at 31 July 2020

9.8067% Legg Mason Western Asset Us High Yield Lm Dis Usd
2.5031% Credit Suisse Ag New York Branch 3.625% Bds 09/09/24 Usd250000
2.417% Bnp Paribas Sa 3.25% Bds 03/03/23 Usd1000
2.209% Hm Treasury United Kingdom Dmo 1.625% Treasury Gilt 22/10/28 Gbp0.01
2.2023% Bank Of America Corp Frn 20/12/23 Usd1000
2.1856% Hm Treasury United Kingdom Dmo 0.875% Gilt 22/10/29 Gbp0.01
2.066% Hm Treasury United Kingdom Dmo 2% Gilt 07/09/25 Gbp0.01
2.0633% Hm Treasury United Kingdom Dmo 1.75% Gilt 07/09/22 Gbp0.01
2.0408% Hm Treasury United Kingdom Dmo 1.5% Gilt 22/07/26 Gbp0.01
1.9965% Hm Treasury United Kingdom Dmo 2.25% Gilt 07/09/23 Gbp
Source: Trustnet

Sector breakdown

High Yield Bond 24.00%
Banks 22.00%
Government Bonds 19.00%
Non-Cyclical Consumer Goods 5.00%
Cash & Cash Equivalents 4.00%
Cyclical Consumer Goods 4.00%
Asset/Mortgage-Backed Securities 3.00%
Financials 3.00%
Energy 2.00%
Property Shares 2.00%

Key Investor Information