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Global Total Return

Description

The strategy is a macro-oriented, actively managed and well diversified, investment grade, global unconstrained solution. It aims to maximize total return, while managing overall portfolio risk, by identifying relative value among securities and sectors in the investment-grade global fixed income markets. The strategy allows an opportunistic allocation of up to 10% in below investment grade securities. The strategy leverages Western Asset's best ideas and disciplined research program to add value through active duration and yield curve positioning, country and currency allocation, sector rotation and security selection.

Investment Vehicles

Performance as of December 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 December 31, 2019

Leverage None
Credit Quality A+
Effective Duration 3.00 years
Spread Duration 2.71 years
Yield-to-Worst 2.98%

Snapshot

Strategy AUM: Total Global Total Return Assets:
USD2.0 billion (as of December 31, 2019)
Benchmark: There is no benchmark available which appropriately reflects the strategy.
Inception Date: 01 Jan 06

Sector Duration Contribution (years) as of December 31, 2019

Sector Duration Contribution (years) Portfolio
Cash & Cash Equivalents 0.0
EM Corporate 0.1
Euro Corporate 0.4
France Govt -1.0
French Inflation Linked 0.2
German Bund -4.0
Indonesia Govt 0.4
Italy Govt 0.5
Italy Inflation linked 0.2
Japan Govt -0.2
Japan Inflation Linked 0.2
Mexico Govt 0.4
Norway Govt 0.2
Poland Govt 0.4
South African Govt 0.2
South Korea Govt 0.0
Spain Govt 0.8
UK Corporate 0.1
UK Govt -0.6
US Corporate 1.0
US Corporates 0.1
US Treasury 3.1
US-TIPS 0.1
USD EM 0.5
Note: Sector allocation includes look-through to any underlying commingled vehicles if held. Data may not sum to total due to rounding.
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.