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Activate Your Fixed Income

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Activate Your Fixed Income Legg Mason Western Asset Australian Bond Fund ACTIVATE YOUR FIXED INCOME DEC 2018 A STRATEGY WITH THE RIGHT PIECES The Legg Mason Western Asset Australian Bond Fund is managed by Western Asset, one of the largest fixed income managers in the world. With nine offices globally, Western Asset has specialist teams dedicated across the full spectrum of fixed income investing. The Fund is designed to maximise the investment opportunities from Australian fixed income as well as promote the defensive attributes that fixed income offers. In a diversified investor portfolio the Fund can easily be blended with more aggressive investments like equity funds. Why research matters in fixed income Experience of the local team Success in fixed income is as much about risk Western Asset’s Australian fixed income team management as it is about finding investment includes six members that form part of the global opportunities. Balancing the two objectives investment team. The Melbourne-based Australian requires a significant research effort by on-the- team is led by Anthony Kirkham, who has 28 years ground analysts. of investment experience. The six senior members of the team have an average of 22 years industry One way to distinguish fixed income managers experience. is to compare the level of resources dedicated to analysing bond markets, economics and the creditworthiness of bond issuers (credit research). How does the Fund invest? Western Asset has specialised and alternative As a ‘traditional’ fixed income product, the Legg credit research teams globally that few if any Mason Western Asset Australian Bond Fund mainly fixed income managers can match. invests in government and semi government bonds, corporate bonds and asset-backed securities. Western Asset is one of a select group of large Risk management is a key focus: overall interest global players that is dedicated to fixed income, rate risk is managed by limiting duration to one year with no distractions from managing other asset away from benchmark and aims to hold no more classes. than 5% in sub-investment grade bonds. In order to avoid bias to single issuers, the Fund can only invest The business employs over 856 staff. The global up to a maximum of 5% to any non-government investment team includes 129 investment bond issuer. professionals and is aligned by specialist teams including sovereign, corporate, high yield, asset backed and emerging market bonds. This allows the team to effectively cover the full spectrum of fixed income opportunities across a range of risk profiles. ACTIVATE with a world leader in FIXED INCOME Who is Western Asset? Anthony Kirkham Western Asset is the largest Legg Mason affiliate Head of Investment Management byfunds under management, with offices in nine Western Asset Australia countries. Established in 1971 in Pasadena, USA, Western Asset is a specialist fixed income The Australian bond market is continually evolving and a manager with A$609.5 billion under management significant recent development has been the increase in as at 31 December 2018. issuance from Australian corporations in the local bond market. Recent long dated issues from corporations such Western Asset’s investment style emphasises as Telstra, Australian Pipeline Trust and the major banks the use of multiple strategies to add value. The have increased the depth and function of the Australian approach draws on its range of specialist sector credit market. This has allowed the Australian bond market teams, such as sovereign, credit and interest rate to compete more effectively with larger markets like the risk management. US. It has also broadened the funding options of Australian corporate and banks, as well as foreign issuers seeking to The Australian team is highly integrated and diversify their funding sources. connected to the global Western Asset network across multiple channels, including credit research, For Australian fixed income fund managers like Western investment strategy committee, systems and risk Asset, this is a welcome development as it provides a management. Most members of the Australian deeper investment universe and offers greater choice investment team are also structured within global when building portfolios. functional teams. Fund performance (%) as at 31 December 2018 1 mth 3 mths 1 yr 3 yrs pa 5 yrs pa Fund (net) 1 1.40 2.07 4.29 3.91 4.82 Fund (gross) 2 1.43 2.17 4.66 4.25 5.16 Benchmark 3 1.50 2.24 4.54 3.70 4.67 Past performance is not a reliable indicator of future performance. 1 2 3 Class A units - net, before tax and after management fee Class X units - gross, no management fee Formerly the UBS Australia Composite Bond Index. Bloomberg Finance L.P. and its affiliates (collectively ‘Bloomberg’) do not approve or endorse this material and disclaim all liability for any loss or damage of any kind arising out of the use of all or any part of this material. 2.8% Cash flow yield as at 31 December 2018 Compared to Term Deposit rate for 12 months of 2.15%*. *Source: RBA as at 31 December 2018. Based on Legg Mason research and performance is not guaranteed. Key facts About Legg Mason Fund inception Legg Mason is one of the world’s leading asset October 1998 managers and is dedicated solely to managing money, currently managing A$1 trillion globally and A$52.4 billion Fund size (December 2018) in Australia (31 December 2018). The Legg Mason $621.21 million business model is simple and uncompromised: Legg Mason as the parent company provides product, Investment objective marketing and sales support for its nine fund manager The Fund aims to earn an after fee return in excess of the affiliates. This network of nine diverse global asset benchmark over rolling three-year periods. managers covering all major asset classes have complete investment independence and are laser focused on Benchmark investment process and performance. Bloomberg AusBond Composite 0+yr Index^ Distribution frequency Monthly Contact us Management Costs (Class A) Business Development 0.42% Melbourne ^Formerly the UBS Australia Composite Bond Index Tony Pattison Phone +61 (3) 9017 8644 Mobile +61 448 277 060 Email [email protected] Scott Bradley Phone +61 (3) 9017 8650 Mobile +61 422 125 726 Email [email protected] Sydney Matt Stovold Phone +61 (2) 8211 2760 WINNER Mobile +61 438 076 500 Australian Fixed Income Email [email protected] Adam Muston Phone +61 (2) 8211 2759 Mobile +61 401 625 388 Email [email protected] Client Service 1800 679 541 [email protected] IMPORTANT INFORMATION: Legg Mason Asset Management Australia Ltd (ABN 76 004 835 849 AFSL 240827) (Legg Mason) is part of the Global Legg Mason Inc. group. Any reference to “Western” is a reference to Western Asset Management Company. Neither Legg Mason Australia, nor any of its related parties, guarantees the repayment of capital or performance of any of the Funds referred to in this document. Past performance is no guarantee of future performance. Applications to invest in the Legg Mason Western Asset Australian Bond Fund (ARSN 088 670 286) can be made using an application form comprising part of the current Product Disclosure Statement, which can be obtained by contacting Legg Mason on 1800 679 541 or at www.leggmason.com.au. Certain eligibility criteria applies. Legg Mason Australia does not guarantee the accuracy or completeness of this document. To the extent permissible by law, Legg Mason Australia accepts no liability in contract, tort (including negligence) or otherwise for any loss or damage suffered as a result of reliance on this document. This document does not constitute investment advice, and has not been prepared to take into account the investment objectives, financial objectives or particular needs of any particular person. Before making an investment decision you should read the Product Disclosure Statement carefully and you need to consider, with or without the assistance of a financial advisor, whether such an investment is appropriate in light of your particular investment needs, objectives and financial circumstances.© 2018 FE Money Management. All rights reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE Money Management and Lonsec (2) may not be copied or redistributed (3) do not constitute investment advice offered by FE Money Management or Lonsec (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security (5) are not warranted to be correct, complete, or accurate. FE Money Management and Lonsec shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE Money Management and Lonsec does not guarantee that a fund will perform in line with its Fund Manager of the Year award as it reflects past performance only. Likewise, the Fund Manager of the Year award should not be any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. The Professional Planner | Zenith Fund Awards are determined using proprietary methodologies. Fund Awards were issued October 6, 2017 and are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only..
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