Western Asset Gov/Corp Portfolios slightly outperformed the benchmark (gross of fees, underperformed net of fees).
Sector positioning was a slight detractor due to an overweight to investment-grade credit.
Security selection was beneficial to performance due to a higher-quality tilt compared to the benchmark.
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Key Takeaways
Markets: The first quarter of 2026 was characterized by elevated geopolitical risk and accelerating AI-driven disruption across the software sector and its incumbent business models. The period was shaped by a series of
