PASADENA, Calif., Oct. 15, 2014 /PRNewswire/ -- Ken Leech the CIO of Western Asset thinks the real opportunity exists for people who are willing to do global unconstrained. When someone thinks about the globe, the benefit of global unconstrained investing is that not all business cycles are alike. In the United States the Fed may be starting to raise rates, but that's not necessarily the case all over the world. In other countries, rates are going down, business cycles aren't synchronized, and managers have the opportunity to avoid places where they believe rates are going up. There are also countries around the world that have much higher and potentially more beneficial interest rates that investors can target. It shouldn't be the entirety of one's portfolio, but for investors who have the willingness to think about an opportunity set that's a little different than just a straight US fixed income approach, Leech thinks that might be a reasonable addition to the portfolio.

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The term "unconstrained" refers to investment strategies not constrained by traditional relative performance benchmarks.

All investments involve risk, including possible loss of principal. Past performance is no guarantee of future results.

The views expressed are those of the portfolio manager as of September 10, 2014 and are subject to change based on market and other conditions. These views may differ from other portfolio managers or the firm as a whole, and are not intended to be a forecast of future events, a guarantee of future results or investment advice.

Diversification does not guarantee a profit or protect against a loss.

Fixed income securities are subject to interest rate and credit risk, which is a possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. As interest rates rise, the price of fixed income securities falls. Yields fluctuate and are subject to change. High yield bonds are subject to increased risk of default and greater volatility due to the lower credit quality of the issues. Yields and interest rates fluctuate and are not guaranteed. High yield bonds are subject to increased risk of default and greater volatility due to the lower credit quality of the issues.

This material is for information only and does not constitute an invitation to the public to invest in any funds, securities, strategies or other products. 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.

Information and opinions expressed by either Legg Mason or its affiliates are current as of October 10, 2014, and are subject to change without notice, and do not take into account the particular investment objectives, financial situation or needs of individual investors.

© 2014 Legg Mason Investor Services, LLC, member FINRA, SIPC. Western Asset and Legg Mason Investor Services, LLC, are Legg Mason, Inc. subsidiaries.

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SOURCE Legg Mason Inc.