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
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Your Business: Cover Star Club

Profile: How David Esfandi is shaping Canaccord Genuity WM

Profile: How David Esfandi is shaping Canaccord Genuity WM

After six months as chief executive of Canaccord Genuity David Esfandi's ambitions are taking shape

Wealth Manager on Twitter