LMSMX Performance — Western Asset SMASh Series M Fund, SMASh Series M Fund
Data updated: 2026-07-22
LMSMX returned +1.24% year to date and +8.33% over one year to May 2026. Annualised returns are +4.57% over 3 years and −2.08% over 5 years. Against its Intermediate Securitized Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $114, against $116 for the category, and to $108 over one year, against $106. Volatility over the past three years was 9.12% a year. In the 12 months to May 2026 the fund lost a net $102.6M, and assets reached $358.88M.
LMSMX Growth of $100
What $100 invested in Western Asset SMASh Series M Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Securitized Bond category average over the same months.
| Period | LMSMX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $106 |
| 3 years (Jun 2023 – May 2026) | $114 | $116 |
| 5 years (Jun 2021 – May 2026) | $90 | $105 |
| Since data start (Sep 2019 – May 2026) | $99 | $111 |
LMSMX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.24% |
| 1 year | +8.33% |
| 3 years (annualised) | +4.57% |
| 5 years (annualised) | −2.08% |
LMSMX Annual Returns
Calendar-year total returns of Western Asset SMASh Series M Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.24% |
| 2025 | +12.32% |
| 2024 | −1.71% |
| 2023 | +5.17% |
| 2022 | −23.27% |
| 2021 | −3.65% |
| 2020 | +12.88% |
| 2019 (Sep–Dec) | +0.78% |
LMSMX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.6% | +1.7% | −1.8% | +0.6% | +0.1% | — | — | — | — | — | — | — |
| 2025 | +1.0% | +3.5% | +0.5% | +1.4% | −1.4% | +2.6% | −1.1% | +3.5% | 0.0% | +0.7% | +1.0% | +0.2% |
| 2024 | +0.1% | −3.4% | +1.2% | −4.8% | +2.5% | +2.0% | +3.9% | +2.6% | +1.7% | −5.9% | +1.5% | −2.4% |
| 2023 | +4.3% | −4.6% | +4.5% | +0.9% | −2.1% | −2.9% | +0.1% | −0.5% | −3.4% | −2.0% | +5.9% | +5.6% |
| 2022 | −3.0% | −1.7% | −6.4% | −4.6% | +0.9% | −2.2% | +3.8% | −5.5% | −7.9% | −2.6% | +4.7% | −0.7% |
| 2021 | −0.6% | −3.1% | −1.3% | +1.3% | +0.3% | +0.2% | +2.2% | −0.3% | −1.5% | −0.8% | +0.8% | −0.8% |
| 2020 | +2.1% | +0.9% | +0.1% | +2.0% | +1.7% | +0.9% | +2.1% | +0.9% | +0.6% | −0.7% | +1.1% | +0.6% |
| 2019 | — | — | — | — | — | — | — | — | +0.2% | +0.5% | −0.3% | +0.3% |
LMSMX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 9.12%
- 3-year Sharpe ratio: 0.01 (vs 4.5% risk-free rate)
- Best month: +5.85% (Nov 2023)
- Worst month: −5.86% (Oct 2024)
LMSMX Fund Flows
Monthly money in and out of Western Asset SMASh Series M Fund, from SEC Form N-PORT.
- 12-month net flow: −$102.6M
- 12-month gross sales (incl. reinvestments): $40.1M
- Sales ÷ redemptions: 0.28×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $4.1M | $19.8M | −$15.7M |
| Apr 2026 | $3.1M | $9.5M | −$6.4M |
| Mar 2026 | $2.4M | $9.9M | −$7.5M |
| Feb 2026 | $3.7M | $8.4M | −$4.8M |
| Jan 2026 | $5.5M | $7.9M | −$2.5M |
| Dec 2025 | $5.2M | $14.1M | −$9.0M |
| Nov 2025 | $2.1M | $9.5M | −$7.4M |
| Oct 2025 | $4.9M | $12.5M | −$7.6M |
| Sep 2025 | $1.9M | $10.8M | −$8.9M |
| Aug 2025 | $1.8M | $11.2M | −$9.4M |
| Jul 2025 | $3.7M | $11.6M | −$7.9M |
| Jun 2025 | $1.8M | $17.5M | −$15.7M |
LMSMX Assets Under Management
Net assets of Western Asset SMASh Series M Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-29 | $358.88M |
| 2026-02-27 | $396.59M |
| 2025-11-28 | $408.16M |
| 2025-08-29 | $429.18M |
| 2025-05-30 | $445.67M |
| 2025-02-28 | $519.94M |
| 2024-11-29 | $757.92M |
| 2024-08-30 | $1.27B |
| 2024-05-31 | $1.31B |
| 2024-02-29 | $1.34B |
| 2023-11-30 | $1.34B |
| 2023-08-31 | $1.41B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.