Research house, Zenith Investments Partners, has started coverage of the recently launched BetaShares Legg Mason Fixed Income active exchange traded fund (ETF) (BNDS) and rewarded the fund with a ‘recommended’ rating.
The rating provider praised the investment team, Western Asset Management, who managed the fund which aims to provide access to an actively managed portfolio of Australian fixed income securities.
BNDS also aimed to replicate the strategy of the unlisted Legg Mason Western asset Australian Bond Fund which was issued to the market by BetaShares.
BNDS was launched on the Australian Securities Exchange (ASX) in November, 2018, and currently held $35 million in its assets under management (AUM).
According to head of Legg Mason Australia, Andy Sowerby, the fund managed to fill a gap in the investment marketplace, in terms of both its nature and structure.
“Investors are generally underweight both in domestic fixed income and nervous about the increased market volatility and outlook,” he said.
“BNDS provides a much-needed solution to help add defensive assets to portfolios, accessing the proved expertise of Anthony Kirkham and the team of Western Asset.
“The ‘recommended’ rating from Zenith just further underscores the product’s quality.”