Legg Mason gets another ‘highly recommended’ rating
Global funds management group, Legg Mason has received another “highly recommended” rating from Lonsec for its Legg Mason Western Asset Australian Bond Trust.
The fund manager announced the rating today, noting that it was the third successive year in which it had received the “highly recommended” rating from Lonsec.
Commenting on the rating, Legg Mason Australia/New Zealand managing director, Andy Sowerby said he believed the rating of the Bond Trust represented a just reward for the Western Asset Australian Bond team headed by Anthony Kirkham.
The Bond Trust is typically invested in a mix of bonds and debt securities paying fixed-interest coupons by government or non-government entities. Its non-government sector is dominated by supranational, sovereign agency issuers and ‘corporates’ (for credit). The main corporate issuers are the main trading banks, property trusts and issuers such as Woolworths.
Most of its holdings are issued in Australian dollars, although up to five per cent of the Bond Trust may comprise non-A$ securities issued by Australian companies in foreign currency markets. The goal is to fully hedge any non-A$ securities.
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