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Legg Mason sees opportunities in flexibility

The Legg Mason Capital Management opportunities fund aims for growth by investing in equities, debt securities, derivatives and other financial instruments. It is based on a US domiciled fund launched in 1999 that is managed by Bill Miller.

This Dublin version has a flexible investment strategy, with investments not restricted by size, style, sector or asset class. It is benchmarked against the S&P 500 index and will invest mainly in the US, but it can have global exposure, including emerging markets. It can also go short using derivatives, which is known as synthetic shorting.

LMCM is a specialist investor in big US companies and is well known for its research-driven investment process that focuses on value. With this fund, the investment manager looks for shares and other securities that have been priced by the market at significant discounts to what research indicates is their true value.

The advantage of this fund is that its go anywhere approach means that it can invest wherever the best opportunities lie and its US bias is not set in stone. This approach can be useful if market conditions change, but it is an aggressively managed portfolio and investors should be aware of its potential for high volatility.

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