- ISIN
- US52470G7429
- Issuer
- Legg Mason
- Inception Date
- Dec 27, 2006
- Category
- Corporate Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
LMLCX Performance Chart
Western Asset SMASh Series C Fund (LMLCX) is down 0.5% since the beginning of the year. LMLCX is currently trading at $9 per share. Investors who bought $1,000 worth of LMLCX shares 5 years ago would now be looking at an investment worth $1,211.
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Returns By Period
Western Asset SMASh Series C Fund (LMLCX) has returned -0.54% so far this year and 3.77% over the past 12 months. Over the last ten years, LMLCX has returned 4.17% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Western Asset SMASh Series C Fund
- 1D
- 0.11%
- 1M
- -2.29%
- 6M
- -0.85%
- YTD
- -0.54%
- 1Y
- 3.77%
- 3Y*
- 4.92%
- 5Y*
- 3.91%
- 10Y*
- 4.17%
- ALL TIME*
- 4.66%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
LMLCX Monthly Returns History
Based on dividend-adjusted daily data since May 23, 2012, LMLCX's average daily return is +0.02%, while the average monthly return is +0.40%. At this rate, an investment would double in approximately 14.5 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +8.0%, while the worst month was Mar 2020 at -12.5%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 5 months.
On a daily basis, LMLCX closed higher 44% of trading days. The best single day was Mar 25, 2020 with a return of +4.3%, while the worst single day was Mar 9, 2020 at -4.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.32% | 1.18% | -2.81% | 1.67% | 1.29% | 0.31% | -2.40% | -0.54% | |||||
| 2025 | 0.69% | 3.76% | -1.19% | -0.43% | 0.11% | 3.68% | -0.42% | 2.10% | 2.41% | 0.55% | 0.72% | -0.27% | 12.22% |
| 2024 | -0.51% | -1.37% | 1.77% | -3.07% | 2.35% | 0.57% | 2.36% | 2.07% | 1.59% | -4.38% | 2.39% | -5.55% | -2.21% |
| 2023 | 5.28% | -3.48% | 3.39% | 0.70% | -1.46% | 1.70% | 0.68% | -1.24% | -3.63% | -2.50% | 7.96% | 5.62% | 12.93% |
| 2022 | -2.50% | -2.47% | 1.41% | -3.56% | 1.57% | -3.98% | 2.75% | -0.16% | -2.48% | 2.01% | 4.96% | -0.68% | -3.51% |
| 2021 | -0.70% | -0.20% | 0.47% | 0.32% | 0.38% | 1.14% | -0.23% | 0.31% | -0.24% | 0.19% | -1.26% | 2.92% | 3.08% |
Benchmark Metrics
Western Asset SMASh Series C Fund has an annualized alpha of 2.51%, beta of 0.17, and R2 of 0.20 versus S&P 500 Index. Calculated based on daily prices since May 23, 2012.
- This fund participated in 40.84% of S&P 500 Index downside but only 32.22% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.17 may look defensive, but with R2 of 0.20 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.20 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.51%
- Beta
- 0.17
- R²
- 0.20
- Upside Capture
- 32.22%
- Downside Capture
- 40.84%
Expense Ratio
LMLCX has an expense ratio of 0.00%, meaning no management fees are charged.
Return for Risk
Risk / Return Rank
LMLCX ranks 23 for risk / return — above 23% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Western Asset SMASh Series C Fund (LMLCX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LMLCX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.25 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 2.00 | -0.75 |
| Martin ratioReturn relative to average drawdown | 4.02 | 8.49 | -4.47 |
Dividends
Dividend History
Western Asset SMASh Series C Fund provided a 6.39% dividend yield over the last twelve months, with an annual payout of $0.56 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.56 | $0.56 | $0.57 | $0.54 | $0.39 | $0.52 | $0.35 | $0.41 | $0.50 | $0.40 | $0.36 | $0.53 |
Dividend yield | 6.39% | 6.11% | 6.58% | 5.78% | 4.46% | 5.42% | 3.54% | 4.16% | 5.59% | 4.04% | 3.75% | 5.64% |
Monthly Dividends
The table displays the monthly dividend distributions for Western Asset SMASh Series C Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.02 | $0.03 | $0.04 | $0.05 | $0.05 | $0.05 | $0.04 | $0.27 | |||||
| 2025 | $0.00 | $0.05 | $0.04 | $0.05 | $0.04 | $0.05 | $0.04 | $0.05 | $0.05 | $0.04 | $0.05 | $0.10 | $0.56 |
| 2024 | $0.02 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.04 | $0.05 | $0.11 | $0.57 |
| 2023 | $0.02 | $0.05 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.05 | $0.05 | $0.05 | $0.04 | $0.08 | $0.54 |
| 2022 | $0.01 | $0.00 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.06 | $0.39 |
| 2021 | $0.01 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.22 | $0.52 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Western Asset SMASh Series C Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Western Asset SMASh Series C Fund was 23.45%, occurring on Mar 20, 2020. Recovery took 173 trading sessions.
The current Western Asset SMASh Series C Fund drawdown is 2.94%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-23.45%Mar 2020 | 29d | 8mo 9d | 9mo 8dFeb 2020 - Nov 2020 | COVID crash2020 |
-11.77%Jan 2025 | 3mo 27d | 7mo 24d | 11mo 21dSep 2024 - Sep 2025 | — |
-9.80%Sep 2022 | 8mo 27d | 2mo 16d | 11mo 13dJan 2022 - Dec 2022 | Bear market2022 |
-8.29%Oct 2023 | 8mo 18d | 1mo 11d | 9mo 29dFeb 2023 - Nov 2023 | — |
-6.59%Feb 2016 | 8mo 21d | 2mo 3d | 10mo 24dMay 2015 - Apr 2016 | — |
Drawdown Indicators
| LMLCX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.45% | -56.78% | +33.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -9.10% | +4.88% |
Max Drawdown (3Y)Largest decline over 3 years | -11.77% | -18.90% | +7.13% |
Max Drawdown (5Y)Largest decline over 5 years | -11.77% | -25.43% | +13.66% |
Max Drawdown (10Y)Largest decline over 10 years | -23.45% | -33.92% | +10.47% |
Current DrawdownCurrent decline from peak | -2.94% | -1.58% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -10.70% | +8.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 2.14% | -0.82% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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