Western Asset’s manager Ian Edmonds has gained his first A rating for his performance on the Legg Mason WA Global Multi Strategy Premier fund fund. Over three years he has generated returns of 22.8%, compared to the 15.8% delivered by the Citywire-assigned benchmark, Barclays Global Aggregate TR GBP Hedged.
The fund has a global fixed income remit and a focus on sectors of investment grade and high yield corporate bonds as well as government bonds, asset-backed and mortgage-backed securities. His top holdings at the end of February were German bonds, Bundesobligation Bonds 2.250%, 2015 (8.3%) and a position in the Legg Mason Western Asset IS High Yield fund (5.4%). Geographically his portfolio is mainly invested in issuers based in Germany (27.6%) and in the US (23.6%).
Since the beginning of the year the fund's currency positioning has boosted performance. Edmonds has been helped by exposure to the euro, Mexican peso, Brazilian real and the Indian rupee. This was offset by the fund’s exposures to the South African rand, Japanese yen and pound sterling.
The fund's allocation to high yield corporate bonds has also helped. Over the next few months he is looking to increase the fund's Asian currency exposure alongside exposure to a diversified basket of emerging market currencies.