MY ACCOUNT CONTACT US CAREERS SITE HELP ABOUT US RESEARCH INVESTMENT SOLUTIONS OBJECTIVE-DRIVEN INVESTING FUNDS Unconstrained Investing - Unconstrained Defined ? From time to time, ideas arise in the financial markets that challenge conventional investment approaches. Today that idea is unconstrained investing. Typically, we think of the hedge fund world as the domain for this type of approach: a pure alpha strategy that adheres to no benchmark and is intended only to showcase the talents of the manager. If we consider how we traditionally utilize fixed-income—as an offset to the equity risk that tends to dominate investors' portfolios and as a source of income that seeks to stabilize overall portfolio returns—then we understand that exiting fixed-income entirely could substantially increase portfolio risk. Unconstrained investing allows investors to seek the desirable characteristics of fixed-income (income, diversification and risk reduction), and to avoid the undesirable (longer duration and high correlation to government rates). In its most basic form, unconstrained investing allows an investor to allocate capital based on an independent assessment of value rather than the issuance patterns of the major constituents of the indices. Head of Products, Don Plotsky discusses unconstrained investing Western Asset breaks down its unconstrained strategies into three groupings and highlights strategies within each one. 1 Unconstrained with Bond-Like Risk and Return 2 Multi-Asset Credit 3 Opportunistic (Higher Risk/Higher Return) In Summary OBJECTIVE USE FOR Total Return Unconstrained Maximize long-term total return Traditional bond supplement replacement Global Strategic Income High current income Diversified high-income across opportunity set while dampening volatility Short-Duration High Income High current income High income while minimizing interest rate risk Macro Opportunities Maximize total return Liquid alternative/non-correlated alpha For further detail on this topic please read Unconstrained Investing: Unleash Your Bonds by Donald H. Plotsky. TOTAL RETURN UNCONSTRAINED (TRU) RELATED MATERIALS Executive Summary Brochure A Decade of Unconstrained Investing Q&A Investment Report WA TRU Fund (WAARX) GLOBAL STRATEGIC INCOME RELATED MATERIALS Executive Summary The Importance of Income The Importance of Income Part 2 WA Global Strategic Income Fund (SDSYX) SHORT-DURATION HIGH INCOME RELATED MATERIALS Executive Summary Brochure WA Short Duration High Income Fund (SHIYX) MACRO OPPORTUNITIES RELATED MATERIALS Executive Summary Brochure Monthly Review WA Macro Opportunities Fund (LAOIX) Macro Opportunities by Joseph Filicetti Product Manager SEPTEMBER 15, 2015 LISTEN TO THE PODCAST © 2015 Western Asset Privacy Policy Online Security Policy Your use of this website signifies that you agree to our Terms and Conditions of Use. Morningstar Awards 2014 © Morningstar, Inc. All Rights Reserved. Awarded to Ken Leech, Carl Eichstaedt, and Mark Lindbloom for Western Asset Core Bond Fund (WACSX) and Western Asset Core Plus Bond Fund (WAPSX) named Morningstar 2014 U.S. Fixed Income Manager of the Year, United States of America. Morningstar Awards 2015 © Morningstar, Inc. Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth evaluation by its fund analysts.