RECENT COMMENTARY
CHANGE FONT SIZE
While details remain thin, it seems likely that China will re-introduce the crawling peg that existed from July 2005 until July 2008, at which time a parity of 6.83/USD was fixed. During the following three years of managed flexibility, the yuan gained 21% against the US dollar (it lost 8% against the euro). Appreciation expectations are more modest today. Non-deliverable forward (NDF) contracts imply an appreciation of around 3% over the next 12 months against the dollar, up from near 0% a month ago but still below the expectations seen earlier in the year. More bullish forecasters call for closer to 5% appreciation in the next year.
PRODUCTS
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Traditional Fixed Income
Western Asset's traditional fixed income mandates are active, team managed strategies that employ long-term, value-oriented approaches utilising diversified strategies and all sectors of the fixed income market in an attempt to add value while minimising 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.
Western Asset's traditional fixed income mandates are active, team managed strategies that employ long-term, value-oriented approaches utilising diversified strategies and all sectors of the fixed income market in an attempt to add value while minimising 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.
Absolute Return
Western Asset's Absolute Return mandates are actively managed, diversified fixed income portfolios. 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 maximise return consistent with the current market environment and to outperform the broad market over a market cycle.
Western Asset's Absolute Return mandates are actively managed, diversified fixed income portfolios. 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 maximise return consistent with the current market environment and to outperform the broad market over a market cycle.
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 specific benchmark. Typically, the company uses a short duration strategy that employs a long term value-oriented approach and diversified strategies that seek to add value while minimising risk. Western Asset then uses futures and/or a total return swap to receive the performance of the benchmark.
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 specific benchmark. Typically, the company uses a short duration strategy that employs a long term value-oriented approach and diversified strategies that seek to add value while minimising risk. Western Asset then uses futures and/or a total return swap to receive the performance of the benchmark.
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