Legg Mason subsidiary Western Asset has unveiled two flexible fixed income funds - Multi-Asset Credit and Global Total Return Investment Grade Bond.
The Legg Mason Western Asset Multi-Asset Credit fund is managed by Christopher Orndorff, based in the firm's California office, who has already been managing the strategy since October 2010 for US clients. Officially launched on 31 December, with assets over £100m, the fund invests predominantly in investment grade and high yield credit, emerging market debt, as well as bank loans, structured securities, inflation-linked bonds and government bonds. The manager also seeks to minimise the downside risk to investors in the event of a credit market sell-off by employing a range of hedging...
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