EKS. I've closed my AES preferred position today (was acquired 4/'09). Moved monies into a new high yield bond fund, HYI.
For this one, I'll rely on the fund manager:
Western Asset, the manager, is part of Legg Mason, and since I have a position in the stock (LM), I'll take a chance on their new fund. Already though I see it's impossible for me to find information on the fund at the LM website, even though I'm directed there by LM and fund manager when searching for HYI info. Very poor customer communication on their part. Not confidence-inspiring at all.
I do see this bromide at the website:
"Western Asset uses a team-based approach to managing your Fund, with team members averaging over 20 years of investment industry experience.
One of the world's largest and leading fixed-income managers, Western Asset has focused exclusively on fixed income since its founding in 1971. They offer investors a broad range of core and specialized bond portfolios from across the fixed-income universe, all managed using a long-term, value-oriented investment process."
And from a recent Barron's:
LEGG MASON'S WESTERN ASSET management unit, home of the Western Asset Core Plus Bond Portfolio (WACPX), among others, successfully priced a new high-yield closed-end fund last week, the Western Asset High Yield Defined Opportunity Fund (HYI)l. It raised $479.3 million.
"It has a target yield of 8½% to 8¾% and a 15-year-term trust,"says Mike Buchanan, head of credit at Western. The average junk bond yields around 7.5%.
So whose junk bonds does he like? Issues from rail company Kansas City Southern (KSU), casino operator Harrah's Entertainment, and independent power outfit Mirant (MIR)."
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NOG. I have it on my watch list still. Don't own it though. |
