Global Total Return


The strategy employs an actively, team-managed investment approach around a long-term, value-oriented investment philosophy. The strategy utilizes an opportunistic fixed-income approach which seeks to maximize total return through active macro strategies and tactical asset allocation across the global fixed-income opportunity set. It does this primarily by identifying relative value among securities and sectors in the investment-grade global fixed-income and currency markets. Strategies employed include active duration and yield curve positioning, currency allocation / hedging, relative-value trading as well as sector rotation and issuer selection.

Investment Vehicles

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

Performance as of June 30, 2019

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

Portfolio Characteristics as of June 30, 2019

Leverage None
Credit Quality A+
Effective Duration -1.63 years
Spread Duration 2.40 years
Yield-to-Worst 3.60%


Strategy AUM: Total Global Total Return Assets:
USD2.1 billion (as of June 30, 2019)
Benchmark: There is no benchmark available which appropriately reflects the strategy.
Inception Date: 01 Jan 06

Sector Duration Contribution (years) as of June 30, 2019

Sector Duration Contribution (years) Portfolio
EM Corporate 0.3
Euro Corporate 0.4
French Govt -0.2
French Inflation Linked 0.2
German Bund -7.2
India Govt 0.1
Indonesia Govt 0.4
Italy Inflation Linked 0.2
Japan Govt -0.2
Japan Inflation Linked 0.1
Mexico Govt 0.5
Poland Govt 0.3
South African Govt 0.2
UK Corporate 0.1
UK Gilt -0.6
US Corporate 1.2
US Treasury 2.1
USD EM 0.4
Note: Sector exposure includes look-through to any underlying commingled vehicles if held. Data may not sum to total due to rounding.
Strategy Profile
Western Asset investment strategy profiles include overviews, objectives, performance, risk information and more.
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.
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.