Short-Dated High Yield

Investment Objective

Build portfolios primarily comprised of short-dated high-yield bonds that seek to benefit from 1) a lower than market default rate, 2) investing in issues that have a higher than market probability of being retired early by the issuer at premium to market prices and 3) identifying attractive risk-adjusted investment opportunities.

Investment Style

To construct and maintain a portfolio of high-yield investments with maturities of seven years or less that seeks to generate superior risk-adjusted returns. A key ingredient of the process is to uncover issues that Western Asset believes are candidates that may be retired early for various reasons. These reasons may include onerous covenant feature(s), interest rate savings or an issuer's view on the direction of interest rates.

Investment Vehicles

Separate Account: Contact your CSE or call 1-626-844-9400
Commingled Vehicle Available

Performance as of June 30, 2017

The Short-Dated High Yield Composite is not measured against a benchmark. There is no benchmark available which appropriately reflects the strategy of this Composite.

Returns for periods greater than one year are annualized. Please see the Performance Disclosure for more information.

Snapshot

Strategy AUM: Total Short-Dated High Yield Assets:
US$779.8 million (as of June 30, 2017)
Benchmark: No Benchmark*
Inception Date: 01 Sep 11

Sector Allocation as of June 30, 2017

Short-Dated High Yield | Sector Allocation as of June 30, 2017
Note: Sector allocation includes look-through to any underlying commingled vehicles if held. All weightings are a percentage of total market value. A negative cash position may be reported, which is primarily due to the portfolio's unsettled trade activity. Data may not sum to 100% due to rounding.

Portfolio Characteristics as of June 30, 2017

Short-Dated High Yield | Portfolio Characteristics as of June 30, 2017
Past performance is not indicative of future investment results, the value of any investment can fall as well as rise.
* The Short-Dated High Yield Composite is not measured against a benchmark. There is no benchmark available which appropriately reflects the strategy.