Legg Mason unveils Global Absolute Return

Legg Mason has launched a Global Absolute Return fund managed by its hedge fund specialist affiliate Permal.

The Dublin-domiciled Ucits III vehicle will have daily dealing and aims to deliver an 8%-10% return per annum over a full market cycle of three to five years, with a volatility of between 6%-8%.

Legg Mason Permal Global Absolute Return will be managed by Christopher Zuehlsdorff, with Alexander Pillersdorf serving as co-portfolio manager.

It will take a macro approach to multi-asset investing, with exposure to global equity, global fixed income, real estate, infrastructure, commodities, foreign currencies, eligible hedge fund strategies, cash and cash equivalents.

The fund's asset class exposure is approximately 35% global fixed income, 20% global equities, 20% real asset strategies, 14% alternative strategies, and 11% cash or cash equivalents.

Its investment process uses a blend of quantitative analysis and the fundamental top down views of Permal's senior investment committee.

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