Morningstar Fund Ratings: Weekly Round-up

ANALYST RATINGS: Legg Mason Western Asset Asian Opportunities, Franklin Euro High Yield and Skagen Kon-Tiki

Morningstar Analysts 25 October, 2016 | 1:39PM

New Coverage

Legg Mason WA Asian OpportunitiesNeutral

Don Yew

We have initiated coverage on Legg Mason Western Asset Asian Opportunities with a Morningstar Analyst Rating of Neutral. This fund is comanaged by Desmond Soon, Chia-Liang Lian, and Swee-Ching Lim; however, lead portfolio management responsibilities lie with Soon, who took over the lead role from Lian in May 2015. Soon offers deep portfolio management experience, and we are impressed by his solid knowledge of the Asian fixed-income markets. The investment process aims to deliver alpha across diversified sources—currency, rates, and credit--and the fund’s greater use of credit is a key point of differentiation from most of its peers in the category. While the investment process is sensible, we are still building conviction in Soon as the lead portfolio manager on this strategy, especially considering that he had been comanaging the fund only since April 2014.

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