Recently Consuelo interviewed Stephen Smith, Managing Director and Portfolio Manager of Brandywine Global Fixed Income Strategies. Brandywine is one of Legg Mason’s investment management companies and Smith has some engaging thoughts to consider about global investing opportunities in 2013.
Home Bias
If you are looking for a more diversified portfolio, it may be time to go to distant shores. Yield curves are different all around the world and going outside the U.S. might be best in sourcing out better risk-adjusted returns for your fixed income strategy.
Leadership Matters
Smith explains his reasons for a increased level of confidence in global markets as the leadership power base has passed from the political class to the all powerful central bankers around the world.
The Search for Income: Mexico
Brandywine’s biggest investment is in Mexico. Why?
DISCLAIMER
The opinions and views expressed herein are not intended to be relied upon as a prediction or forecast of actual future events or performance, or a guarantee of future results, or investment advice.
Past performance is not a guarantee of future results.
[1] Consumer price indexes measure the average change in consumer prices over time in a fixed market basket of goods and services.
Please note an investor cannot invest directly in an index.
All investments involve risk, including possible loss of principal.
Foreign securities are subject to the additional risks of fluctuations in foreign exchange rates, changes in political and economic conditions, foreign taxation, and differences in auditing and financial standards. These risks are magnified in the case of investments in emerging markets. .
This document is for information only and does not constitute an invitation to the public to invest. You should be aware that the investment opportunities described should normally be regarded as longer term investments and they may not be suitable for everyone. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested, and can be affected by changes in interest rates, in exchange rates, general market conditions, political, social and economic developments and other variable factors. Past performance is no guide to future returns and may not be repeated.
Investment involves risks including but not limited to, possible delays in payments and loss of income or capital. Neither Legg Mason nor any of its affiliates guarantees any rate of return or the return of capital invested. Please note that an investor cannot invest directly in an index. Forward-looking statements are subject to uncertainties that could cause actual developments and results to differ materially from the expectations expressed. This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. Individual securities mentioned are intended as examples of portfolio holdings and are not intended as buy or sell recommendations. Information and opinions expressed by either Legg Mason or its affiliates are current as at the date indicated, are subject to change without notice, and do not take into account the particular investment objectives, financial situation or needs of individual investors. The information in this document is confidential and proprietary and may not be used other than by the intended user. Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this document or its contents. This document may not be reproduced, distributed or published without prior written permission from Legg Mason. Distribution of this document may be restricted in certain jurisdictions. Any persons coming into possession of this document should seek advice for details of, and observe such restrictions (if any).
This document may have been prepared by an advisor or entity affiliated with an entity mentioned below through common control and ownership by Legg Mason, Inc.
This material is only for distribution in the jurisdictions listed.
Investors in Europe:
Issued and approved by Legg Mason Investments (Europe) Limited, registered office 201 Bishopsgate, London EC2M 3AB. Registered in England and Wales, Company No. 1732037. Authorized and regulated by the Financial Services Authority. Client Services +44 (0)207 070 7444. This document is for use by Professional Clients and Eligible Counterparties in EU and EEA countries. In Switzerland this document is only for use by Qualified Investors. It is not aimed at, or for use by, Retail Clients in any European jurisdictions.
Investors in Hong Kong, Korea, Taiwan and Singapore:
This document is provided by Legg Mason Asset Management Hong Kong Limited in Hong Kong and Korea, Legg Mason Asset Management Singapore Pte. Limited (Registration Number (UEN): 200007942R) in Singapore and Legg Mason Investments (Taiwan) Limited (Registration Number: (98) Jin Guan Tou Gu Xin Zi Di 001; Address: Suite E, 55F, Taipei 101 Tower, 7, Xin Yi Road, Section 5, Taipei 110, Taiwan, R.O.C.; Tel: (886) 2-8722 1666) in Taiwan. Legg Mason Investments (Taiwan) Limited operates and manages its business independently. It is intended for distributors use only in respectively Hong Kong, Korea, Singapore and Taiwan. It is not intended for, nor should it be distributed to, any member of the public in Hong Kong, Korea, Singapore and Taiwan.
Investors in the Americas:
This document is provided by Legg Mason Investor Services LLC, a U.S. registered Broker-Dealer, which may include Legg Mason International – Americas Offshore. Legg Mason Investor Services, LLC, Member FINRA/SIPC, and all entities mentioned are subsidiaries of Legg Mason, Inc.
Investors in Canada:
This document is provided by Legg Mason Canada Inc. Address: 220 Bay Street, 4th Floor, Toronto, ON M5J 2W4. Legg Mason Canada Inc. is affiliated with the Legg Mason companies mentioned above through common control and ownership by Legg Mason, Inc.
Investors in Australia:
This document is issued by Legg Mason Asset Management Australia Limited (ABN 76 004 835 839, AFSL 204827) (“Legg Mason“). The contents are proprietary and confidential and intended solely for the use of Legg Mason and the clients or prospective clients to whom it has been delivered. It is not to be reproduced or distributed to any other person except to the client’s professional advisers.
THIS MATERIAL IS NOT FOR PUBLIC DISTRIBUTION OUTSIDE THE UNITED STATES OF AMERICA.
FN1310467
