Macro Opportunities

Description

The strategy is an unconstrained, global macro strategy that focuses on long-term value investing and active management of duration, yield curve and volatility. It does this primarily by identifying relative value among securities and sectors in global fixed-income markets.

Investment Vehicles

Separate Account: Contact your Client Service Executive or call 1-626-844-9400
Commingled Vehicle Available

Performance as of March 31, 2019

Returns for periods greater than one year are annualized. Please see the Performance and Risk Disclosures for more detail.

Portfolio Characteristics as of March 31, 2019

Leverage None
Credit Quality BBB
Effective Duration 2.50 years
Spread Duration 1.61 years
Yield-to-Worst 6.86%

Snapshot

Strategy AUM: Total Macro Opportunities Assets:
USD12.9 billion (as of March 31, 2019)
Benchmark: There is no benchmark available which appropriately reflects the strategy.
Inception Date: 01 Apr 12

Sector Allocation as of March 31, 2019

Sectors Portfolio (%) Benchmark (%)
IG Credit 39.9 0.0
HY Credit 10.8 0.0
Peripheral Europe 12.1 0.0
Emerging Markets 38.4 0.0
Foreign Exchange 46.0 0.0
MBS/ABS 7.9 0.0
Municipals 0.5 0.0
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.
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IMPORTANT INFORMATION: All investments involve risk including loss of principal. Past performance is not indicative of future investment results. This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients.
1 The information provided is supplemental to the Macro Opportunities Composite. Please see performance disclosure.
2 Western Asset believes that attribution is not a hard science, but rather a means of evaluating strategies to determine their relative impact on overall portfolio performance. The intent of the manager, therefore, is critical in the evaluation of different strategies, and the return attribution for any sector or strategy could be over or understated due to its inclusion in another component. Data will not sum to 100% due to the exclusion of government-related cash bonds/derivatives and cash/cash equivalents.
3 Emerging Markets and Peripheral Europe exposures are denominated in both USD and local currency. Local currency exposure is reflected in Foreign Exchange as well as in the Emerging Markets and Peripheral Europe sectors.
4Represents gross currency exposure.
Employees and/or clients of Western Asset may have a position in the securities mentioned. This has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation or needs. It is your responsibility to be aware of and observe the applicable laws and regulations of your country of residence.

Western Asset Management Company Distribuidora de Títulos e Valores Mobiliários Limitada is authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brasil. Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R is a holder of a Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore. Western Asset Management Company Ltd is a registered Financial Instruments Business Operator and regulated by the Financial Services Agency of Japan. Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority ("FCA"). This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK and EEA countries as defined by the FCA or MiFID II rules.