Convex Strategies

Legg Mason: Enormous Share Buyback And Normalizing Rates Fuel 65% Upside

Legg Mason (NYSE:LM) is a leading asset management firm with AUM of $656 billion as of July. The company has a market capitalization of $4.10 billion and trades at about 86% of stated book value.

Investment Strategies And Performance

Legg Mason's major affiliate is Western Asset Management, with more than $460 billion of AUM. Western is a global fixed income investor that, net of fees, has outperformed its benchmark over every major time frame. Western was named the US Fixed Income Core Manager of the year by Institutional Investor for 2012.

On the equity side, Royce & Associates and ClearBridge Investments manage more than $100 billion combined; ClearBridge won several awards in 2012 as its large cap value...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
FREESA PRO MEMBERS
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details