Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Legg Mason to soft close $1.3 billion US small cap fund

Legg Mason to soft close $1.3 billion US small cap fund

The flagship $1.3 billion (£780 million)Legg Mason Royce US Small Cap Opportunity fund has reached 90% capacity and is expected to soft close in early summer, the company has said.

Managed by William Hench (pictured) and his team via subsidiary Royce Associates, the fund runs a diversified, value-driven strategy. At the end of January it held just over 300 small and micro caps positions.

Adam Gent, Legg Mason’s head of UK sales, said: ‘The Dublin dollar share class is $1.2-1.3 billion [£720-780 million] and we are looking at soft closing at $1.5 billion to protect existing investors.

‘The soft close means existing investors will still be able to access the fund.

‘The fund has done well and clients find it useful to access the US domestic market. Bill has a great track record and we are trying to keep the purity of the investment performance.’

Over five years to the end of January, the fund’s dollar share class has returned 248.5% compared with 173.2% from the Russell 2000 index.

On a shorter-term basis it is more in line, up 27.3% compared with 27% for the benchmark over one year.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter