Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. 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
When Brewin's Gutteridge met BlackRock's easy Rieder

When Brewin's Gutteridge met BlackRock's easy Rieder

Following Federal Reserve chair Janet Yellen’s testimony, Ben Gutteridge, head of fund research at Brewin Dolphin, grills Rick Rieder, CIO of fundamental fixed income at BlackRock.

Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter