Western Asset's UK Core 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 investment-grade 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 markets and sectors. Value can be added through duration, yield curve, sector rotation, issue selection and non-UK exposure. Market risk is controlled by constraining duration and currency exposure.