Strong Leadership Lands This Bond Fund on Our Radar
Western Asset Corporate Bond may be somewhat intrepid, but we think it's an intriguing choice nonetheless.
Benjamin Joseph: With less than half a billion dollars in assets, Western Asset Corporate Bond represents a mere fraction of Western Asset Management’s footprint in the investment-grade corporate universe. Indeed, the California-based fixed-income giant run nearly 100 billion dollars in investment-grade corporate mandates. The strategy struggled during the financial crisis under different leadership, but since Ryan Brist took the lead here in early 2010, it has delivered strong results.
Brist is currently Western Asset’s head of global investment-grade credit. He was already an experienced corporate-bond investor when he joined the firm in 2009, having overseen credit portfolios for years at Delaware Investment Advisors and Logan Circle Partners. In addition to his exemplary long-term record on this fund, his calls have contributed in recent years to the success of the firm’s diversified offerings, such as Western Asset Core Plus Bond. Brist is particularly fond of so-called crossover credits on the border between investment-grade and high-yield. With the flexibility to invest up to 20% in high-yield corporates, the fund’s portfolio may appear more intrepid than some of its more-cautious peers at times, with the performance swings to match. Overall, though, Brist’s determination to avoid credits headed for trouble has paid off here, making this fund an intriguing choice for corporate-bond exposure.
Benjamin Joseph does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process.