Western Asset's Euro Core Full Discretion composite includes portfolios that employ an active, team-managed investment approach around a long-term, value-oriented investment philosophy. These portfolios use diversified strategies and all sectors of the fixed-income market in seeking to add value while minimizing risk.

Exceed the benchmark return by 100 basis points annually over a 3- to 5-year period while approximating benchmark risk.

Construct a portfolio using all major fixed-income sectors with a bias towards non-sovereign, emphasizing corporate securities. This strategy allows for opportunistic investments in high yield, emerging markets and non-euro securities. Value can be added through sector rotation, issue selection, yield curve positioning, duration management and non-benchmark exposure. Market risk is controlled by constraining duration exposure.