Legg Mason Western Asset Global Bond A (SSB8320AU) Report & Performance

What is the Legg Mason Western Asset Global Bond A fund?

Legg Mason Western Asset Global Bond A aims to outperform the Bloomberg Barclays Global Aggregate Index (hedged into Australian dollars) (Benchmark) over rolling three-five year periods. The investment process applies an active, team-managed strategy that employs a long term, value-oriented approach to identify inefficiencies and subsequent mispricing opportunities in the global fixed income market.

  • The Fund seeks to add value through duration management, yield curve selection, sector allocation, issue selection, country and currency allocation.
  • Portfolio risk is controlled through market and sector diversification, position limits, duration guidelines and active hedging of currency exposures.
  • Opportunistic allocations to high yield credit and emerging market debt securities.
  • Risk controlled through broad diversification across markets and sectors, duration management and active hedging of currency exposure

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Legg Mason Western Asset Global Bond A

Legg Mason Western Asset Global Bond A Fund Commentary September 30, 2023

The Fund was down 3.01% during the month of September. In comparison the benchmark was down 1.84% over the month of September. Within the Fund, an overweight to overall Fund duration detracted from returns as yields rose. While an underweight to Japanese duration was additive. An overweight to the 5-year part of the US yield curve and an underweight to 10-years added to returns as the yield curve steepened. An overweight to US agency mortgage backed securities detracted modestly from returns as spreads widened. While US high-yield corporate bonds underperformed. Emerging market country exposure had a negative impact on returns as currency positioning detracted from returns as the US dollar strengthened.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Legg Mason Western Asset Global Bond ASSB8320AUManaged FundsFixed IncomeBonds - GlobalFixed Income - Bonds - Global IndexGlobal Aggregate Hdg Index401.73 M0.5%0.00%0.12%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Legg Mason Western Asset Global Bond A1.46%4.95%10.22%-2.49%1.55%6.83%7.6%5.61%-4.36%-16.23%-17.38%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Legg Mason Western Asset Global Bond AFixed Income - Bonds - Global Index1.74%0.23%NA%NA%NA%1.412.3%1.9%0.990.97

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Legg Mason Western Asset Global Bond AYes-https://www.franklintempleton.com.au/-

Product Due Diligence

What is Legg Mason Western Asset Global Bond A

Legg Mason Western Asset Global Bond A is an Managed Funds investment product that is benchmarked against Global Aggregate Hdg Index and sits inside the Fixed Income - Bonds - Global Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Legg Mason Western Asset Global Bond A has Assets Under Management of 401.73 M with a management fee of 0.5%, a performance fee of 0.00% and a buy/sell spread fee of 0.12%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Legg Mason Western Asset Global Bond A has returned 1.46% in the last month. The previous three years have returned -2.49% annualised and 5.61% each year since inception, which is when the Legg Mason Western Asset Global Bond A first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Legg Mason Western Asset Global Bond A first started, the Sharpe ratio is NA with an annualised volatility of 5.61%. The maximum drawdown of the investment product in the last 12 months is -4.36% and -17.38% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Legg Mason Western Asset Global Bond A has a 12-month excess return when compared to the Fixed Income - Bonds - Global Index of 1.74% and 0.23% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Legg Mason Western Asset Global Bond A has produced Alpha over the Fixed Income - Bonds - Global Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Fixed Income - Bonds - Global Index category, you can click here for the Peer Investment Report.

What level of diversification will Legg Mason Western Asset Global Bond A provide?

Legg Mason Western Asset Global Bond A has a correlation coefficient of 0.97 and a beta of 1.41 when compared to the Fixed Income - Bonds - Global Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Legg Mason Western Asset Global Bond A and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Legg Mason Western Asset Global Bond A with the Global Aggregate Hdg Index?

For a full quantitative report on Legg Mason Western Asset Global Bond A compared to the Global Aggregate Hdg Index, you can click here.

Can I sort and compare the Legg Mason Western Asset Global Bond A to do my own analysis?

To sort and compare the Legg Mason Western Asset Global Bond A financial metrics, please refer to the table above.

Has the Legg Mason Western Asset Global Bond A been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Legg Mason Western Asset Global Bond A?

If you or your self managed super fund would like to invest in the Legg Mason Western Asset Global Bond A please contact via phone or via email .

How do I get in contact with the Legg Mason Western Asset Global Bond A?

If you would like to get in contact with the Legg Mason Western Asset Global Bond A manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Legg Mason Western Asset Global Bond A. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - June 30, 2023

The Fund was down 0.30% during the month of June. In comparison the benchmark was down 0.16 over the month of June. Within the Fund, duration positioning had a negative impact on performance as yields in the US and the UK moved higher. While, short-dated US and UK government bond yields moved sharply higher, also detracting from returns. On the other side, positives within the Fund included, the spread between long-term inflation expectations in the US versus Germany declining modestly, adding to returns. While Emerging Market country and foreign exchange exposure were positive contributors. High yield corporate bonds also had a positive impact on returns. In addition, an overweight to corporate bonds added to returns as spreads narrowed. While an overweight to US agency MBS also added value.

Performance Commentary - May 31, 2023

The Fund was up 3.06% during the month of March, and was up 2.96% over the March quarter. In comparison the benchmark was up 2.11% over the month of March and was up 2.38% over the March quarter.

Within the Fund, Investment-grade and high-yield corporate credit spreads were wider over the month. USD-denominated emerging market (EM) bond spreads widened, while EM local yields fell but underperformed US Treasury yields. The US dollar was generally weaker across both developed market (DM) and EM currencies.

Performance Commentary - March 31, 2023

The Fund was up 3.06% during the month of March, and was up 2.96% over the March quarter. In comparison the benchmark was up 2.11% over the month of March and was up 2.38% over the March quarter.

Within the Fund, Investment-grade and high-yield corporate credit spreads were wider over the month. USD-denominated emerging market (EM) bond spreads widened, while EM local yields fell but underperformed US Treasury yields. The US dollar was generally weaker across both developed market (DM) and EM currencies.

Performance Commentary - December 31, 2022

The Fund was down 1.36% during the month of December, and was up 1.86% over the December quarter. In comparison the benchmark fell 1.31% over the month of December and was up 0.64% over the December quarter. Within the Fund, overweight positions in US, UK and core European duration detracted as yields rose. An underweight to Japanese duration contributed to returns. US yield-curve positioning added modestly to returns in December, and currency positioning was also a positive as the US dollar weakened. An overweight to US high-yield corporate bonds detracted to the Fund’s return. From a positioning perspective, we reduced the overweight allocation to UK duration early in the month. We added to core European duration as yields rose in the aftermath of the ECB policy meeting, and we tactically traded the South African rand.

Performance Commentary - September 30, 2022

The Fund was down 4.49% during September, and was down 4.93% over the September quarter. In comparison the benchmark fell 3.50% over the month of September and fell 3.78% over the September quarter. Within the Fund, overweight positions in US, UK and Australian duration detracted from returns. While a flatter US yield curve was also additive in September. Overweight’s to emerging market government bonds and corporate bonds detracted from performance. While currency positioning detracted as the US dollar strengthened. Long positions in the Japanese yen, Norwegian krone and in select emerging market currencies detracted. This was partially offset by short British pound and Chinese renminbi exposures, which added to returns. From a positioning perspective, we increased the underweight to Japanese duration and reduced the US yield-curve flattener. We purchased long UK inflationlinked government bonds. While also reducing our underweight to the British pound, initiated a long Canadian dollar exposure and added to the Japanese yen.

Performance Commentary - June 30, 2022

The Fund was down 2.62% during June, and was down 5.37% over the June quarter. In comparison the benchmark fell 1.64% over the month of June and 4.66% over the June quarter.

From a performance standpoint, a modest overweight to overall portfolio duration detracted from performance. While, short positions in US and UK inflation swaps were positive contributors to performance. An overweight to Emerging market bonds and currencies detracted, while overweights to European financial issuers detracted over the month of June.

In addition the Funds allocations to high-yield corporate bonds negatively impacted performance. While a short position in the Japanese yen provided useful diversification and added to returns over the month of June. Form a positioning perspective within the Fund, we added to core European duration as yields rose and increased US yield-curve flattener, rotating 5-year duration exposure into 30-year bonds. We increased an underweight to Japanese duration and initiated an overweight to local currency Polish government bonds. The Fund also added to investment-grade corporate bonds with a focus on high-quality banks and moved from a short to long position in Japanese yen

Performance Commentary - March 31, 2022

The Fund was down 2.96% during March, and was down 6.45% over the March quarter. The Fund’s underweight to core European duration was positive but this was offset by overweight positions in US, Australian and Canadian duration. While an overweight to spread sectors contributed to performance. On the other side, an overweight to local EM government bonds detracted from performance while currency positioning was modestly negative. The Fund switched from underweight to overweight overall Fund duration, while adding to core European and UK duration as yields rose. We reduced the Fund’s US yield curve-fattening position and we rotated from hard currency EM bonds into investment-grade corporates. ƒThe Fund also reduced EM currency exposure versus the US dollar and closed underweights to the Australian and Canadian dollars.

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