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Leggmason.co.uk

Q111 Quarterly Commentary
Legg Mason Global Funds FCP (Luxembourg)
The Legg Mason US Growth and Value Fund increased by 5.34%1 in US dollar terms over the first quarter, while its benchmark, the S&P 500 Net Dividends Index, rose in dollar terms by 5.77%. The Fund’s stock selection was detrimental to its relative performance over the period in the energy, health care, and materials sectors. On the positive side, selection was beneficial in the information technology (IT) and financials sectors. The manager believes the economy is now on a more solid footing and that the US is experiencing a self-sustaining economic recovery. Its outlook for the stock market is optimistic. The manager’s expectations are more balanced than they have been over the past two years, however, as significant gains have already been made off the market bottom of 2009 and there are still a number of issues to be addressed. The first quarter saw the domestic stock market produce solid single-digit gains despite experiencing considerable volatility, particularly in February and early March, in reaction to the turmoil in the Middle East and North Africa and the earthquake in Japan. The market experienced a pullback that almost nullified its year-to-date gains, but rapidly recovered as the quarter drew to a close. The S&P 500 Index returned 5.92% over the period, while the technology-oriented NASDAQ Composite Index returned 5.09% and the Dow Jones Industrials Index returned 7.07%. The underlying economic trends for the US were generally positive in the first quarter, with modest improvements in unemployment and manufacturing data, as well as rising capital expenditures and auto sales. The manager feels the first quarter represented an acceleration of many of the broader economic and market trends that were seen in the fourth quarter. The Legg Mason US Growth and Value Fund increased by 5.34%1 in US dollar terms over the first quarter, while its benchmark, the S&P 500 Net Dividends Index, rose in dollar terms by 5.77%. Looking at the effect of the Fund’s stock selection over the period, this was detrimental to its relative performance in the energy, health care, and materials sectors. On the positive side, however, selection was beneficial in the information technology (IT) and financials sectors. In terms of individual portfolio holdings, the largest detractors to the Funds’ relative performance over the quarter included office supplies company Staples in the consumer discretionary sector, Dolby Laboratories and Microsoft in the IT sector, Celgene in the health care sector, and Comerica in the financials sector. The manager exited two of these positions, namely Dolby Laboratories and Celgene, during the quarter. The leading positive contributors to the Fund’s relative performance, meanwhile, included energy stocks Exxon Mobil and National Oilwell Varco, as well as Moody’s Corporation in the financials sector, Amerisource Bergen in the healthcare sector, and ASML Holding in the IT sector. In terms of the Fund’s trading activity during the period, the manager added new positions in Pfizer in the health care sector, Chevron in the energy sector, NetApp in the IT sector, MetLife in the financials sector, and homebuilder Lennar Corporation in the consumer discretionary sector. In addition to Dolby Laboratories and Celgene, the manager exited the Fund’s positions in Newell Rubbermaid in the consumer discretionary sector and Exelon in the utilities sector.
1 Class A Ord. US Dollar Shares.
Source for performance figures - Legg Mason. Performance is calculated on a NAV to NAV basis. Performance calculations
include reinvested dividends, without deduction of withholding tax, and the deduction of the Total Expense Ratio over the calculated
period. Sales charges, taxes and other locally applied costs to be paid by an investor have not been deducted.
FOR DISTRIBUTOR USE ONLY, NOT TO BE DISTRIBUTED TO THE PUBLIC OR END INVESTORS Batterymarch • Brandywine Global • ClearBridge Advisors • Esemplia • Global Currents • Legg Mason Capital Management
Legg Mason Hong Kong • Permal • Royce & Associates • Western Asset Management
Q111 Quarterly Commentary
Legg Mason Global Funds FCP (Luxembourg)
The manager believes the economy is now on a more solid footing and that the US is experiencing a self-sustaining economic recovery. Its expectation for full-year 2011 GDP growth remains solid but not exuberant, while its outlook for the stock market is optimistic and it expects this year to be a solid one. The manager’s expectations are more balanced than they have been over the past two years, however, as significant gains have already been made off the market bottom of 2009 and there are still a number of issues to be addressed. These include questions such as when will the housing market come back? Will the federal and state and local governments successfully address mounting deficits? Will the anticipated conclusion of the Fed’s quantitative easing programme impact market liquidity? What impact will higher energy costs have on profit margins? In line with the manager’s historical approach, it sought to take advantage of the market volatility, adding several holdings to the portfolio late in the quarter, where it felt price weakness had created opportunities. The manager continued to favour stocks of companies that it expects to benefit primarily from business rather than consumer spending, as it expects them to deliver faster earnings-per-share growth for the foreseeable future. In the industrials sector in particular, the manager favours mid- and late-cycle companies rather than early-cycle industrials, both because of where it feels we are in the current economic cycle and because it thinks that early-cycle industrials tend to be more vulnerable to higher raw materials prices and carry high valuations. The manager’s bottom line is that it continues to be positive, continues to be opportunistic, and continues to find great values in the type of stocks in which it invests, some of which it notes have not fully participated in the market rally of the last two years.
This Fund is managed by ClearBridge Advisors

FOR DISTRIBUTOR USE ONLY, NOT TO BE DISTRIBUTED TO THE PUBLIC OR END INVESTORS Q111 Quarterly Commentary
Legg Mason Global Funds FCP (Luxembourg)
This is a sub-fund (Fund) of Legg Mason Global Funds FCP (Luxembourg), a mutual fund constituted under Luxembourg Law as a “fonds commun de placement” with multiple compartments (Sub-Funds). It qualifies and is authorised in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF) as an undertaking for collective investment in transferable securities and is a section 264 Scheme as recognised by the FSA. This document does not constitute an invitation to invest. Past performance is no guide to future returns and may not be repeated. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested. The value of investments and the income from them can be affected by changes in interest rates, in exchange rates, general market conditions, political, social and economic developments and other variable factors. This Fund is offered solely to non-US investors under the terms and conditions of the Fund’s current prospectus – please refer to the Simplified Prospectus and Prospectus documentation, which describe the full objective and risk factors associated with this Fund. Before investing you should carefully read the Prospectus. Copies of prospectuses, simplified prospectus, semi-annual and annual reports, if published, may be obtained at: Legg Mason Investments (Luxembourg) S.A., 145, rue du Kiem, L-8030 Strassen, Grand Duchy of Luxembourg. This document is for use by Professional Clients and Eligible Counterparties. It is not aimed at, or for use by, Retail Clients. This information has been prepared from sources believed reliable but is not guaranteed by Legg Mason Investments and is not a complete summary or statement of all available data. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Issued and approved by Legg Mason Investments (Europe) Limited, registered office 7th Floor, 201 Bishopsgate, London EC2M 3AB. Registered in England and Wales, Company No. 1732037. Authorised and regulated by the Financial Services Authority. Client Services +44 (0) 20 7070 7444. FOR DISTRIBUTOR USE ONLY, NOT TO BE DISTRIBUTED TO THE PUBLIC OR END INVESTORS

Source: http://www.leggmason.co.uk/pdf/quarterly_commentaries/LUC1GVAC.pdf

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