Western Asset Macro Opportunities Fund
Data updated: 2024-09-26
C000129909 — Western Asset Macro Opportunities Fund. Long Total / Aggregate Bond · $254.57M AUM. Holdings, fees, performance and SEC filings.
C000129909 Fund Overview
Western Asset Macro Opportunities Fund is a US mutual fund managed by Western Asset Funds INC, categorised as Long Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Western Asset Funds INC
- Category: Long Total / Aggregate Bond
- Assets under management: $254.57M
- 1-year return: 2.3%
- SEC CIK: 0000863520
- SEC series ID: S000041845
- Share class ID: C000129909
C000129909 Investment Objective and Strategy
Western Asset Macro Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Western Asset Funds INC.
Investment objective
Maximize total return.
Principal investment strategy
Under normal circumstances, the fund seeks to achieve its investment objective by implementing an opportunistic investing strategy. The fund attempts to identify and capitalize on attractive relative-value opportunities principally in fixed income markets around the globe by investing in a variety of securities and other instruments (for example, by comparing spreads with a subadvisers assessment of an issuers creditworthiness or by seeking to profit from the relative values of two related financial instruments by taking a single long or short position or by taking a long position with respect to one and a short position with respect to the other). Although the fund does not expect to invest in individual equities it may also invest in equity-related strategies, such as equity index futures and swaps, to the extent a subadviser believes those strategies are consistent with the funds overall objective and strategy.
The funds trading strategy is expected to include positions based on longer-term outlooks, such as the subadvisers views on long-term macroeconomic themes, and shorter-term circumstances. The fund has fewer restrictions than other fixed income funds and expects to trade actively. The fund may enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps and foreign currency futures, forwards and options. In particular, the fund may use certain derivatives, including bond and interest rate futures, options on bonds, options on bond and interest rate futures, interest rate options, interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), other options (including options on credit default swaps and options on currency forwards, futures and swaps), other futures, swaps, forwards, options on swaps, options on forwards, and mortgage-backed securities to a significant extent, although the amounts invested in these instruments may change from time to time.
Non-dollar securities may be held on a currency-hedged or -unhedged basis. The fund may engage (although it may choose not to) in currency exchange transactions to protect against uncertainty in the level of future exchange rates or to enhance returns. The fund may also engage in short sales or may otherwise hold short positions. The derivatives used by the fund may represent a form of investment leverage in that the potential exposure of the fund may exceed its net assets. See Leveraging Risk below for further discussion of related risks. Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration (including futures positions), as estimated by the funds subadvisers, within the range of -5 to 10 years. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).
The fund may invest in debt and fixed income securities of any credit quality, including securities that are in default. In addition, under normal circumstances, at the time of purchase: No more than 75% of the funds net assets may be invested in non-dollar denominated securities. No more than 50% of the funds net assets may be invested in un-hedged non-U.S. dollar denominated securities, currency futures, forwards, or options measured at notional value, excluding instruments used for hedging purposes. No more than 50% of the funds net assets may be invested in debt and other fixed income securities rated below the Baa or BBB categories at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations (NRSROs) or unrated securities of comparable quality at the time of purchase (as determined by the subadvisers).
Securities rated below investment grade (i.e., securities rated below the Baa/BBB categories) are commonly known as junk bonds or high yield securities. No more than 50% of the funds net assets may be invested in securities of issuers in emerging markets. The fund considers a country to be an emerging market country if, at the time of investment, it is represented in the J.P. Morgan Emerging Market Bond Index Global or the J.P. Morgan Corporate Emerging Market Bond Index Broad or categorized by the World Bank in its annual categorization as middle- or low-income. The fund is permitted to invest in securities issued or guaranteed by the government of the United States or any of the G-7 countries, including their agencies, instrumentalities and political sub-divisions, without limit; however, (i) no more than 10% of the funds net assets may be invested in securities issued or guaranteed by a single government that is a non-G-7 country, including its agencies, instrumentalities and sub-divisions; and (ii) other than as described above, no more than 5% of the funds net assets may be invested in the obligations of any single issuer, excluding investments in commingled investment vehicles.
The fund is non-diversified within the meaning of the Investment Company Act of 1940, as amended. As a result, the value of its shares will be more susceptible to any single economic, political or regulatory event affecting one or a small number of issuers than shares of a diversified fund. Because the fund may focus a significant portion of its investments in a single country or currency, it will be more susceptible to factors adversely affecting such currency or issuers within that country than would a more diversified portfolio of securities. The funds likely focus on a limited number of investment strategies at any given time subjects it to similar risks.
C000129909 Holdings
Top 10 holdings of Western Asset Macro Opportunities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Poland Government Bond | 5.30% |
| Inter-American Devel Bk | 4.89% |
| Western Asset Premier Institutional Government Reserves | 4.56% |
| Republic Of South Africa | 3.82% |
| Indonesia Government | 3.19% |
| Mex Bonos Desarr Fix Rt | 3.13% |
| US Treasury N/b | 2.55% |
| Fannie Mae or Freddie Mac | 2.50% |
| Indonesia Government | 2.46% |
| European Bk Recon & Dev | 2.31% |
C000129909 Portfolio Allocation
Asset-class allocation of Western Asset Macro Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 78.6% |
| Securitized | 20.7% |
| Cash & Equivalents | 4.6% |
| Loans | 2.1% |
| Real Estate | 0.7% |
C000129909 Performance
Total returns for C000129909 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.3% |
| 3 years (annualised) | -4.1% |
| 5 years (annualised) | 0.0% |
C000129909 Risk Information
Risk metrics for C000129909, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 19.7%
C000129909 Costs and Fees
C000129909 costs about $124 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.24%
- Gross expense ratio: 1.24%
- Portfolio turnover: 117%
- Brokerage commissions: 46.78 bps of average net assets (SEC N-CEN)
C000129909 Cashflows
Over the 12 months to 2024-07, Western Asset Macro Opportunities Fund had net inflows of $110.93M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-07 | −$3.73M |
| 2024-06 | −$7.48M |
| 2024-05 | −$12.37M |
| 2024-04 | −$5.67M |
| 2024-03 | −$16.49M |
| 2024-02 | −$19.41M |
C000129909 Debt Constituents
Largest debt holdings of Western Asset Macro Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Poland Government Bond | 5.30% |
| Inter-American Devel Bk | 4.89% |
| Republic Of South Africa | 3.82% |
| Indonesia Government | 3.19% |
| Mex Bonos Desarr Fix Rt | 3.13% |
| US Treasury N/b | 2.55% |
| Indonesia Government | 2.46% |
| European Bk Recon & Dev | 2.31% |
| US Treasury N/b | 2.10% |
| Mex Bonos Desarr Fix Rt | 1.95% |
C000129909 Prospectus and SEC Filings
Official Western Asset Macro Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-23
- Prospectus (485BPOS) — filed 2023-02-22
- Prospectus (485BPOS) — filed 2022-02-22
- Portfolio holdings (N-PORT) — filed 2024-09-26
- Portfolio holdings (N-PORT) — filed 2024-06-25
- Portfolio holdings (N-PORT) — filed 2024-03-26
- Annual census (N-CEN) — filed 2024-01-05
- Annual census (N-CEN) — filed 2023-01-06
Related Funds
Other Long Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.