The Western Asset Diversified Income Fund (NYSE: WDI) conference
call recording from August 18 is now available. The speakers on the
call were Michael Buchanan, Deputy Chief Investment Officer, and
Chris Kilpatrick, Portfolio Manager, both from Western Asset
Management. This was the first conference call since the Fund’s
common shares began trading on the New York Stock Exchange on June
25, 2021.
The call replay details are as follows:
- Dial-in: 800-585-8367
- Conference ID: 5029008
The replay will be available until October 2, 2021.
The Fund recently published a portfolio positioning commentary,
which is available here.
The Fund is a diversified, closed-end fund seeking high current
income and, secondarily, capital appreciation.
Western Asset’s investment process utilizes cross-sector
correlations designed to seek optimized return potential and
diversification within the portfolio. As active managers of the
portfolio, Western Asset will employ its top-down macro view to
drive decisions on value, credit sectors, credit quality and
duration, and its deep research experience and bottom-up analysis
to make sector and security selections.
Under current market conditions, the Fund anticipates it will
initially focus on shorter-duration and floating-rate securities,
which have traditionally exhibited lower sensitivity to higher
interest rates. Its duration and mix of fixed- and floating-rate
investments are subject to change over time. As market conditions
change, Western Asset will seek to dynamically rotate investments
into sectors and securities that it believes to be undervalued from
a fundamental perspective with an attractive return profile and
away from investments that it believes to be overvalued.
The Fund may invest in both investment-grade and
below-investment-grade corporate debt securities, senior loans,
agency and non-agency residential mortgage-backed securities and
commercial mortgage-backed securities, government (i.e., sovereign)
debt (including U.S. government obligations), floating-rate
securities, bank loans, collateralized loan obligations,
asset-backed securities, private debt and mortgage whole loans.
About Western Asset
Western Asset is one of the world’s leading fixed-income
managers. With a focus on long-term fundamental value investing
that employs a top-down and bottom-up approach, the Firm has nine
offices around the globe and deep experience across the range of
fixed-income sectors. Founded in 1971, Western Asset has been
recognized for an approach emphasizing team management and
intensive proprietary research, supported by robust risk
management. To learn more about Western Asset, please visit
www.westernasset.com.
About Franklin Templeton
Franklin Resources, Inc. is a global investment management
organization with subsidiaries operating as Franklin Templeton and
serving clients in over 165 countries. Franklin Templeton’s mission
is to help clients achieve better outcomes through investment
management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company brings
extensive capabilities in equity, fixed income, multi-asset
solutions and alternatives. With offices in more than 30 countries
and approximately 1,300 investment professionals, the
California-based company has over 70 years of investment experience
and over $1.5 trillion in assets under management as of July 31,
2021. For more information, please visit franklintempleton.com and
follow us on LinkedIn, Twitter and Facebook.
Risks
The Fund is newly organized, with a limited history of
operations. Fixed-income securities involve interest rate, credit,
inflation, and reinvestment risks, and possible loss of principal.
As interest rates rise, the value of fixed-income securities falls.
High yield bonds are subject to greater price volatility,
illiquidity, and possibility of default. Asset-backed,
mortgage-backed or mortgage-related securities are subject to
prepayment and extension risks. The Fund may invest in securities
backed by subprime mortgages that involve a higher degree of risk
and chance of loss. International investments are subject to
special risks, including currency fluctuations and social, economic
and political uncertainties, which could increase volatility. These
risks are magnified in emerging markets. Derivatives, such as
options and futures, can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund
performance. Leverage may increase volatility and possibility of
loss. Shares of closed-end funds frequently trade at a discount to
their net asset value. The Fund is primarily a long-term investment
vehicle and should not be used for short-term trading.
Diversification does not guarantee a profit or protect against a
loss. Information regarding the distribution rate is included for
informational purposes only and is not necessarily indicative of
future results, the achievement of which cannot be assured. The
distribution rate should not be considered the yield or total
return on an investment in the Fund. Distributions are not
guaranteed and are subject to change.
The closed-end funds are not sold or distributed by Franklin
Distributors, LLC or any of Franklin Templeton affiliate. Unlike
open-end funds, shares are not continually offered. Like other
public companies, closed-end funds have a onetime initial public
offering, and once their shares are first issued, they are
generally bought and sold through non-affiliated broker/dealers and
trade on nationally recognized stock exchanges. Share prices will
fluctuate with market conditions and, at the time of sale, may be
worth more or less than your original investment. Shares of
exchange-traded closed-end funds may trade at a discount or premium
to their original offering price, and they often trade at a
discount to their net asset value. Net asset value (NAV) is total
assets less total liabilities divided by the number of shares
outstanding. Market price, which is determined by supply and
demand, is the price at which an investor purchases or sells a
fund. Investment return, market price and net asset value will
fluctuate with changes in market conditions. The funds are subject
to investment risks, including the possible loss of principal
invested.
For more information about the Fund, please call 1-888-777-0102
or consult the Fund’s web site at www.lmcef.com.
Franklin Distributors, LLC and Western Asset are Franklin
Templeton affiliated companies.
© 2021 Franklin Distributors, LLC. Member FINRA/SIPC.
Data and commentary provided in this press release are for
informational purposes only. Franklin Resources and its affiliates
do not engage in selling shares of the Fund. This press release is
not intended to, and does not constitute, an offer to purchase or
sell shares of the Fund.
Category: Fund Announcement
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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version on businesswire.com: https://www.businesswire.com/news/home/20210830005230/en/
Media: Lisa Tibbitts 1-917-674-8060
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