Western Asset provides a wide range of liquidity and enhanced liquidity strategies to institutional investors worldwide. Through disciplined, active management, the company seeks to meet clients' specific investment objectives, including high current income, maximized total return and principal protection and stability.

Enhanced Liquidity
Western Asset's Enhanced Liquidity mandate is an active team managed strategy that employs a top-down economic and interest-rate outlook, combined with a bottom-up security selection process. It seeks a higher return than a money market fund while maintaining a high degree of liquidity.

Enhanced Liquidity constructs a portfolio using a broad spectrum of money market securities and short-duration assets. Yield-curve management, sector allocation and security selection seeks to add value to the portfolio.

Enhanced Cash
Western Asset's Enhanced Cash mandate is an active, team managed strategy that employs a high quality, value-oriented approach utilizing diversified strategies and all investment grade sectors of the fixed income market to add value while minimizing risk.

The Enhanced Cash portfolio uses all major fixed income sectors with a bias towards non-Treasury securities. Sector rotation, issue selection, duration, and term-structure weighting seeks to add value to the portfolio.
 

Money Market
Western Asset's Managed Cash mandate is an active, team managed strategy that employs fundamental and technical analyses to determine sector weightings. The strategy seeks to provide liquidity and as high a level of income as is consistent with preservation of capital.

The Managed Cash portfolio uses a range of money market instruments including commercial paper, asset-backed securities and U.S. Treasuries. Using fundamental research to assess the three-month and twelve-month outlook seeks to add value to the portfolio.
 

Western Asset provides taxable fixed income strategies to investors worldwide. The company's Traditional Fixed Income, Absolute Return, and Portable Alpha strategies all offer active management through a team based approach in order to provide portfolios that are value-oriented, well diversified, and tightly controlled.

Traditional Fixed Income
Western Asset's traditional fixed income mandates are active, team managed strategies that employ long-term, value-oriented approaches utilizing diversified strategies and all sectors of the fixed income market in an attempt to add value while minimizing risk. The company's investment objective is to exceed the benchmark returns while approximating benchmark risk over a market cycle. Western Asset's approach is to construct portfolios using all major fixed income sectors with a bias towards non-Treasuries. These strategies typically allow for opportunistic investments in high yield, emerging markets and non-dollar securities. Western Asset seeks to add value through sector rotation, yield curve positioning, issue selection, and duration management.

Portable Alpha
Western Asset's Portable Alpha mandates are active, team managed fixed-income portfolios that employ a derivatives overlay to replicate the exposure of a client specified benchmark. Typically, the company uses a short duration strategy that employs a long term value-oriented approach and diversified strategies to add value while minimizing risk. Western Asset then uses futures and/or a total return swap to receive the performance of the benchmark.

Absolute Return
Western Asset's Absolute Return mandate is an actively managed, diversified, fixed-income portfolio. The portfolio construction is based on Western Asset's fundamental view of the fixed income markets and is independent of broad market benchmarks. The performance objective is to maximize return consistent with the current market environment and to outperform the broad market over a market cycle. Western Asset's Absolute Return mandate is not measured against a benchmark, since there is no benchmark available which appropriately reflects the strategy of Absolute Return. The company intends to actively manage sector, duration and term-structure exposure. Western Asset will be opportunistic and will make tactical changes based on our fundamental assessment of current market conditions.
 

Western Asset offers institutional investors active municipal bond and tax-efficient fixed income management. The company manages portfolios to meet clients' unique investment and after-tax return goals within an established risk framework. Western Asset actively manages portfolios utilizing disciplined top-down and bottom-up research, focusing on extensive credit and security analysis.

Municipals
Western Asset's Municipal mandate is an active, team managed strategy that employs a disciplined investment process focused on relative value and sector rotation.  The mandate seeks to maximize investment returns while providing relative safety and liquidity by focusing on investment grade securities.

Municipal management uses a diversified portfolio of municipal securities. Yield curve management, sector allocation and security selection seeks to add value to the portfolio.

U.S. Tax Efficient
Western Asset's Tax Efficient mandate is an active team managed strategy focused on relative value and sector rotation.  The strategy allocates between taxable and tax-exempt markets as it seeks the optimal after-tax return for the client.