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Morningstar

Western Asset Core Bond I WATFX

Morningstar Medalist Rating
Medalist Rating as of | See Franklin Templeton Investment Hub
  • NAV / 1-Day Return 10.66  /  0.16 %
  • Total Assets 15.2 Bil
  • Adj. Expense Ratio
    0.450%
  • Expense Ratio 0.450%
  • Distribution Fee Level Below Average
  • Share Class Type Institutional
  • Category Intermediate Core Bond
  • Credit Quality / Interest Rate Sensitivity Medium / Moderate
  • Min. Initial Investment 1,000,000
  • Status Open
  • TTM Yield 3.29%
  • Effective Duration 6.85 years

USD | NAV as of Jun 10, 2023 | 1-Day Return as of Jun 10, 2023, 12:17 AM GMT+0

Morningstar’s Analysis WATFX

Will WATFX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable WATFX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the WATFX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of WATFX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Patience required.

Senior Analyst Mike Mulach

Mike Mulach

Senior Analyst

Summary

Western Asset Core Bond still benefits from an experienced and capable group of managers, but some of the key supporting sector teams no longer stand out in their own right. Risk management practices are another source of concern, even if the team’s relative value approach remains thoughtful. The strategy’s cheapest shares have been downgraded to Morningstar Analyst Ratings of Bronze from Gold, with more-expensive share classes carrying Neutral to Negative ratings.

by Mike Mulach
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings WATFX

More WATFX Holdings
  • Current Portfolio Date
  • Equity Holdings 2
  • Bond Holdings 2540
  • Other Holdings 55
  • % Assets in Top 10 Holdings 12.3
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Western Asset Prem Instl Govtt Rsrv Pref

7.81
1,105,727,191
Cash and Equivalents

United States Treasury Bonds 4%

1.66
234,908,925
Government

United States Treasury Bonds 1.875%

1.59
224,428,249
Government

Federal National Mortgage Association 3%

1.53
215,972,726
Securitized

Federal National Mortgage Association 3.5%

1.30
183,891,591
Securitized

Federal National Mortgage Association 2.5%

1.26
178,012,551
Securitized

United States Treasury Notes 1.125%

1.19
167,901,183
Government

Usd Otc Cash Margin

1.12
157,832,820
Cash and Equivalents

Federal National Mortgage Association 2%

1.06
150,538,742
Securitized

Federal National Mortgage Association 4%

1.02
144,916,866
Securitized