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About the Fund

A macro-oriented, unconstrained, global fixed income fund that has the tools to fare well in changing rate and risk environments with a strong track record over the long-term. The Fund can target attractive risk-adjusted returns during different market environments.

Distinctive Approach

Western Asset seeks to offset long-term risk positions with macro strategies.

Flexible Diversification

Strategy may serve as an opportunistic diversifier to traditional exposures by investing across global fixed income, foreign exchange, and derivative markets.

Diversified, Low Correlation

Potential for a low correlation and beta to equity and fixed income markets over the long-term.

Investment Strategy Overview

Investment Objective

The Fund seeks to maximise total return, consisting of income and capital appreciation.

Risk Profile

Western Asset seeks to maximise total return, while managing overall portfolio risk.

Nimble Duration Management

Active management of portfolio duration from negative 5 years to positive 10 years allows the fund to generate returns across different rate environments.

Broad Opportunity Set

Provides concentrated and opportunistic exposures to Western Asset's key themes by investing across global fixed income markets (including emerging markets), currencies and derivatives.

Active Use of Macro Strategies

Combines long-term fundamental value investing with active management of duration, yield curve and volatility. Macro strategies can be used to enhance returns as well as to hedge risks.

Distinct Roles Within a Portfolio

Generate Uncorrelated Alternative Source of Return

Performance is not dependent on the direction of interest rates or a particular fixed income sector.

Diversifier

An alternative to higher volatility fixed income allocation, to smooth overall fixed income volatility and returns. A liquid diversifier that fits in a pure "alternatives" sleeve given the greater volatility than traditional fixed income and lower volatility than equities.

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Fund Information

Meet Our Team

Prashant Chandran, CFA

Portfolio Manager

Prashant is a Portfolio Manager in Western Asset Management Company. Prior to rejoining Western Asset in 2007, Prashant worked at Tahoma Capital. Previously, he was a Research Analyst for Western Asset, and Director of Capital Markets at Microsoft Corporation for over five years. Prashant earned a Bachelor of Science from the Indian Institute of Technology Bombay. He also holds a Master of Science from the University of Toledo and an MBA from the University of Chicago, Booth School of Business. Prashant is a CFA® charterholder.

Fixed Income From Every Dimension

As a fixed income leader, we provide new solutions to persistent challenges

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Insights

7 OCTOBER 2025

Charting the next chapter in EM central bank reserve management

Western Asset: EM and frontier market central banks have shifted from a narrow focus on holding US dollars and USTs as a crisis buffer to a more diversified, strategically managed approach to reserves.

3 FEBRUARY 2025

Key Convictions: First quarter 2025

In this quarterly update, Western Asset anticipate a favorable environment for fixed-income investments in 2025 driven by strong global growth, overall progress on inflation and select opportunities arising from market volatility.

28 JANUARY 2025

The Big Picture: First quarter 2025

Western Asset: A quarterly report providing an in-depth analysis of the global economic landscape, key drivers and insights into fixed-income markets for investors.

Fixed Income

We offer investors a wide range of fixed income strategies that span all major sectors and include core plus, credit, unconstrained, emerging markets, municipals and specialty, to suite your needs.

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FTGF Western Asset Macro Opportunities Bond Fund

Fund Risks

Bonds: There is a risk that issuers of bonds held by the fund may not be able to repay the investment or pay the interest due on it, leading to losses for the fund. Bond values are affected by the market's view of the above risk, and by changes in interest rates and inflation.

Derivatives: The Fund makes significant use of derivatives. The use of derivatives can result in greater fluctuations of the fund's value and may cause the fund to lose as much as or more than the amount invested.

Liquidity: In certain circumstances it may be difficult to sell the fund's investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments.

Low rated bonds: The fund may invest in lower rated or unrated bonds of similar quality, which carry a higher degree of risk than higher rated bonds.

Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and regulated, and more volatile than the markets of more developed countries.

Asset-backed securities: The timing and size of the cash-flow from asset-backed securities is not fully assured and could result in loss for the fund. These types of investments may also be difficult for the fund to sell quickly.

Fund currency: Changes in exchange rates between the currencies of investments held by the fund and the fund's base currency may negatively affect the value of an investment and any income received from it.

Hedging: The fund may use derivatives to reduce the risk of movements in exchange rates between the currency of the investments held by the fund and base currency of the fund itself (hedging). However, hedging transactions can also expose the fund to additional risks, such as the risk that the counterparty to the transaction may not be able to make its payments, which may result in loss to the fund.

Interest rates: Changes in interest rates may negatively affect the value of the fund. Typically as interest rates rise, bond values fall.

Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations.

Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.

Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.

Important Information

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security, or fund, or to adopt any investment strategy. It does not constitute legal or tax advice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. Individual securities are examples only and are not recommendations to buy or sell an investment. Opinions expressed are subject to change without notice and do not consider the needs of investors. For the avoidance of doubt, if you make a decision to invest, you will be buying units/shares in the fund and will not be investing directly in the underlying assets of the fund.

This is a sub-fund of FTGF Global Funds plc ('FTGF'). FTGF is an open-ended investment company with variable capital, organised as an undertaking for collective investment in transferable securities ('UCITS'). FTGF is authorised in Ireland by the Central Bank of Ireland. Information has been prepared from sources believed reliable. It is not guaranteed in any way by any Franklin Resources, Inc. company or affiliate (together 'Franklin Templeton'). Before investing you should read the application form Prospectus and KIID. The fund documents may be obtained free of charge in English, French, German, Italian and Spanish from FTGF's registered office at Riverside Two, Sir John Rogerson's Quay, Grand Canal Dock, Dublin 2, Ireland, from FTGF's administrator, BNY Mellon Fund Services (Ireland) Limited, requested via FT's European Facilities Service which is available at https://www.eifs.lu/franklintempleton or please visit www.franklinresources.com to be directed to your local Franklin Templeton website.

In addition, a summary of investor rights is available from franklintempleton.lu. The summary is available in English.

In the UK, this financial promotion is issued by Franklin Templeton Investment Management Limited (FTIML) Registered office: Cannon Place, 78 Cannon Street, London, EC4N 6HL. FTIML is authorised and regulated by the Financial Conduct Authority. UK Investors should also read the Fund's Supplementary Information Document.

This information is only for use by professional clients. It is not aimed at retail clients. Not for onward distribution.