Western Asset Investment Grade Income Fund Inc.
Find Ratings Reports- Last Ratings Update:02/29/2024
- Price as of 02/29/2024 :$11.85
- Net Assets:$119 Million
- NAV:$12.92
- Premium-8.28%
- Peer Rank:47 of 63
- Investment Rating:D+
- Performance:D
- RiskC+
We rate Western Asset Investment Grade Inc at D+. Negative factors that influence this rating include a well below average total return. The fund invests approximately 99% of its assets in bonds and may be considered for investors seeking a General Bd - Investment Grade strategy.
Total return ranks well below peers over the last three years. The Western Asset Investment Grade Inc has returned an annual rate of 7.57% since inception. More recently, the fund has generated a total return of 1.04% in the last five years, -3.30% in the last three years, and 4.90% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 19% of them. It has also outpaced 19% of its competitors on a three year basis and 27% of them over the last year for the period ending 2/29/2024. On a year to date basis, PAI has returned -0.70%.
Downside risk has been below average. PAI has a draw down risk of -35.46%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 14.6%. This fund has had moderate volatility in its monthly performance over the last 36 months.
Low expense ratio helps performance. On total assets of $119.00 million, PAI maintains a low expense ratio compared to its General Bd - Investment Grade peers of just 0.75% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As PAI is a closed end fund, it has no front end or back end load.
Manager tenure and performance record are net positives. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Western Asset Investment Grade Inc has been managed by Michael C. Buchanan for the last 14 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 88% of other fund managers.