Legg Mason and Western Asset unveil macro bond fund

Legg Mason Global Asset Management has launched a global macro bond fund through its fixed income subsidiary Western Asset.

The Legg Mason Western Asset Macro Opportunities fund is co-managed by Kenneth Leech, co-CIO of Western Asset, and Prashant Chandran. A high conviction fund, it will aim to achieve a total return while keeping volatility between 5%-10%. The strategy will see the managers looking to exploit market dislocations and relative value opportunities through active trading of cash, bonds, futures, options and other derivatives including CDX. Positions will primarily be taken through derivatives for maximum liquidity and can be long, short or market neutral, the group said. The managers w...