Lonsec upgrades Legg Mason Western Asset bond fund
Research house Lonsec has upgraded its rating for the Legg Mason Western Asset Macro Opportunities Bond fund to ‘recommended’ and has reclassified the fund within Lonsec’s growth alternative sector.
The decision reflected the economic leverage that had been employed, the research house said.
Th fund’s absolute return fixed income strategy, which was available offshore for many years and was launched in Australia two years ago, was recognised by Lonsec for its ability to generate risk-adjusted returns in line with its relevant objectives.
The strategy is led by Western Asset’s chief investment officer, Kenneth Leech and offers access to Western Asset’s expertise and infrastructure which as of 31 March had $A561 billion in assets under management.
Legg Mason’s managing director, Australia and New Zealand, Andy Sowerby said: “The Legg Mason Western Asset Macro Opportunities Fund’s objective appeals to investors seeking a high conviction unconstrained proposition that can help diversify risk and deliver attractive returns over time.”
Recommended for you
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.
AllianceBernstein has announced its chief investment officer and Australian equity manager Roy Maslen is to step down from the firm at the end of the year.
Pinnacle Investment Management has announced it plans to launch a new affiliate from a global equities team departing Royal London Asset Management.
Asset manager Nuveen is seeing opportunity in municipal bonds which are at their highest yields in over a decade.
