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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.66

$1.34 B

4.64%

$0.36

0.02%

Vitals

YTD Return

-2.7%

1 yr return

-1.1%

3 Yr Avg Return

-7.4%

5 Yr Avg Return

-2.3%

Net Assets

$1.34 B

Holdings in Top 10

27.8%

52 WEEK LOW AND HIGH

$7.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.02%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 140.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.66

$1.34 B

4.64%

$0.36

0.02%

LMSMX - Profile

Distributions

  • YTD Total Return -2.7%
  • 3 Yr Annualized Total Return -7.4%
  • 5 Yr Annualized Total Return -2.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.11%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Western Asset SMASh Series M Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    May 21, 2012
  • Shares Outstanding
    N/A
  • Share Class
    M
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    S. Leech

Fund Description

Under normal circumstances, the fund expects to invest primarily in a combination of U.S. dollar denominated and non-U.S. dollar denominated investment grade (that is, rated in the Baa/BBB categories or above, or, if unrated, determined to be of comparable credit quality by the subadviser) debt obligations of U.S. and non-U.S. issuers (including emerging market issuers) and in derivatives and other instruments relating to such investments. The fund intends to invest a substantial portion of its assets in mortgage-related securities (including collateralized mortgage obligations), U.S. government securities and money market instruments. The fund also intends to invest in asset-backed and inflation-protected securities and to engage in dollar rolls on mortgage-related securities.
Although the fund may invest in securities of any maturity, the fund’s target dollar-weighted average effective duration, as estimated by the fund’s subadviser, is expected to range between 6 months and 10 years. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).
Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options, interest rate swaps, credit default swaps and options on credit default swaps, and futures contracts, and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit, subject to applicable regulatory requirements. For additional information regarding derivatives, see “More on the funds’ investment strategies, investments and risks—Derivatives” in the Prospectus.
The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes.
The fund may borrow money to increase portfolio holdings, to the extent consistent with the fund’s fundamental investment restrictions. The fund is classified as “diversified.”
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LMSMX - Performance

Return Ranking - Trailing

Period LMSMX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -6.0% 3.9% 99.21%
1 Yr -1.1% -10.3% 16.1% 97.22%
3 Yr -7.4%* -10.4% 26.2% 99.58%
5 Yr -2.3%* -6.6% 191.4% 99.43%
10 Yr 1.3%* -2.4% 73.7% 62.83%

* Annualized

Return Ranking - Calendar

Period LMSMX Return Category Return Low Category Return High Rank in Category (%)
2023 0.3% -16.2% 8.1% 94.05%
2022 -25.8% -34.7% 131.9% 99.80%
2021 -5.9% -11.6% 4.4% 96.83%
2020 5.3% -10.1% 946.1% 26.97%
2019 0.4% -1.7% 156.4% 99.09%

Total Return Ranking - Trailing

Period LMSMX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -6.0% 3.9% 99.21%
1 Yr -1.1% -10.3% 16.1% 97.22%
3 Yr -7.4%* -10.4% 26.2% 99.58%
5 Yr -2.3%* -6.6% 191.4% 99.43%
10 Yr 1.3%* -2.4% 73.7% 62.83%

* Annualized

Total Return Ranking - Calendar

Period LMSMX Return Category Return Low Category Return High Rank in Category (%)
2023 5.1% -11.3% 11.0% 79.48%
2022 -23.3% -32.2% 131.9% 99.70%
2021 -3.2% -9.4% 9.2% 97.68%
2020 12.9% -1.9% 1009.0% 7.75%
2019 7.7% 1.1% 21668.0% 78.47%

NAV & Total Return History


LMSMX - Holdings

Concentration Analysis

LMSMX Category Low Category High LMSMX % Rank
Net Assets 1.34 B 2.73 M 292 B 48.54%
Number of Holdings 441 1 17889 65.46%
Net Assets in Top 10 373 M -106 M 36.5 B 47.36%
Weighting of Top 10 27.84% 4.4% 134.1% 39.07%

Top 10 Holdings

  1. Fannie Mae or Freddie Mac 4.27%
  2. Fannie Mae Pool 3.76%
  3. Ginnie Mae 2.89%
  4. United States Treasury Bill 2.70%
  5. United States Treasury Bill 2.65%
  6. BX 2021-LBA3 Mortgage Trust 2.58%
  7. United States Treasury Bill 2.56%
  8. BX Commercial Mortgage Trust 2021-XL2 2.53%
  9. Ginnie Mae II Pool 1.99%
  10. Freddie Mac STACR REMIC Trust 2021-DNA3 1.90%

Asset Allocation

Weighting Return Low Return High LMSMX % Rank
Bonds
95.44% 0.00% 215.98% 46.68%
Other
15.42% -13.23% 58.65% 12.92%
Cash
0.49% -54.51% 88.26% 86.20%
Stocks
0.00% 0.00% 99.93% 37.11%
Preferred Stocks
0.00% 0.00% 74.68% 32.68%
Convertible Bonds
0.00% 0.00% 7.93% 86.80%

Bond Sector Breakdown

Weighting Return Low Return High LMSMX % Rank
Securitized
90.74% 0.00% 98.40% 1.77%
Government
2.03% 0.00% 86.23% 93.99%
Corporate
1.28% 0.00% 100.00% 93.00%
Municipal
1.02% 0.00% 100.00% 28.18%
Derivative
0.72% -5.38% 58.65% 14.48%
Cash & Equivalents
0.49% 0.00% 88.06% 80.92%

Bond Geographic Breakdown

Weighting Return Low Return High LMSMX % Rank
US
95.44% 0.00% 215.98% 41.78%
Non US
0.00% 0.00% 39.04% 41.49%

LMSMX - Expenses

Operational Fees

LMSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.02% 0.01% 39.10% 99.61%
Management Fee 0.00% 0.00% 1.76% 0.30%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

LMSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

LMSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LMSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 140.00% 2.00% 493.39% 53.69%

LMSMX - Distributions

Dividend Yield Analysis

LMSMX Category Low Category High LMSMX % Rank
Dividend Yield 4.64% 0.00% 9.75% 6.54%

Dividend Distribution Analysis

LMSMX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Monthly

Net Income Ratio Analysis

LMSMX Category Low Category High LMSMX % Rank
Net Income Ratio 1.11% -1.28% 4.79% 84.57%

Capital Gain Distribution Analysis

LMSMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

LMSMX - Fund Manager Analysis

Managers

S. Leech


Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

Julien Scholnick


Start Date

Tenure

Tenure Rank

Mar 01, 2017

5.25

5.3%

– Western Asset Management Company, LLC – Portfolio Manager, 2003- – Salomon Smith Barney – Associate, Private Client Group, 2000-2001 – Digital Coast Partners – Senior Analyst, 1999-2000 – Arthur Andersen, LLP – Senior Analyst, 1997-1999 – Cornell University, M.B.A. – University of California, Los Angeles, B.A., magna cum laude – Chartered Financial Analyst

Sean Johnson


Start Date

Tenure

Tenure Rank

Jun 29, 2018

3.92

3.9%

Greg Handler


Start Date

Tenure

Tenure Rank

Jan 04, 2019

3.41

3.4%

Greg E. Handler is the Portfolio Manager of Legg Mason Partners Fund Advisor, LLC.

Ion Dan


Start Date

Tenure

Tenure Rank

Sep 01, 2021

0.75

0.8%

Vice President, Portfolio Manager, Senior Structured Products Analyst, Trader Ion Dan is a member of the firm’s taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. He is lead co-portfolio manager for the Absolute Return MBS strategy, and senior analyst and trader for agency mortgage-backed securities (MBS). Dan joined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in April 2011 as part of the firm’s integration of Macquarie Allegiance Capital, with responsibility for evaluating and trading agency MBS. Previously, he spent 10 years with Macquarie Allegiance, most recently as MBS sector manager and portfolio manager. Dan started his career as a junior options trader on the PCX Exchange. He earned bachelor’s degrees in both business administration and economics from the University of California at Berkeley.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16