ClearBridge Investments is planning to launch a Dublin-domiciled version of the $322.3m ClearBridge Tactical Dividend Income fund, Money Marketing understands.
The fund will be managed by ClearBridge Investments managing director and portfolio manager Peter Vanderlee and fund manager Mark McAllister, who have managed the US-domiciled original since January 2012.
ClearBridge, a wholly owned subsidiary of Legg Mason Asset Management, says the new fund is still subject to regulatory approval.
Describing the launch as “imminent”, Vanderlee says the Dublin-domiciled fund will have a “three pronged approach towards getting income and income growth”.
The new fund will closely follow the US original’s weighting towards energy master limited partnerships and real estate investment trusts – each currently with 24.4 per cent and 15.1 per cent exposure respectively.
Vanderlee says: “We are going to launch a new programme called the Tactical Dividend Income fund.
“This will be a Dublin filing and it will happen very very soon. We are excited about it as we will bringing to bear a three-pronged approach within this fund. Energy MLPs, REITs and common stocks also have a low correlation to each other. So you are attaining further diversification of your portfolio which from a risk perspective is very desirable.”
Vanderlee is aiming to replicate the same investment approach adopted in the existing version of the fund. According to the fund’s fact sheet: “The fund’s portfolio managers combine bottom-up stock selection with top-down thematic overlay to construct a diversified portfolio with the goal of generating high current income.”