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Legg Mason launches 'best ideas' bond fund

Legg Mason launches 'best ideas' bond fund

Legg Mason has launched an unconstrained global bond fund, featuring 'best ideas' for global fixed income investors. 

The Legg Mason Brandywine Global Enhanced Absolute Return fund will be managed by Citywire + rated David Hoffman, Steve Smith, Jack McIntryre and Anujeet Sareen.

The annual management charge on the fund is 1.5% and it requires a minimum investment of €1,000. 

The fund can take both long and short positions with a focus on sovereign debt and currencies. 

Domiciled in Dublin, it aims to generate positive absolute returns and outperform the FTSE 3-month T-Bill Index by 600 bps per annum, net of fees on a rolling 36-month basis. 

Hoffman said: 'The environment for fixed income investors is finally changing following a decade of record low rates. For investors, this shift provides return-generating opportunities. This unconstrained fund allows us the flexibility to go wherever we see the best return potential with a view to exploit bond markets and currencies that we've identified as either over or undervalued.'

At launch the fund's three largest country weightings are to the US, Mexico and Malaysia with 39.2%, 13.9% and 6.7% allocated respectively. 

The fund is based on a global unconstrained enhanced bond strategy managed by Brandywine Global in the US since 2012. 

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