"We hear from superannuation funds that there is a dearth of products that cater for their members in the retirement phase," Legg Mason Australian Equities chief investment officer Reece Birtles said.
"We have developed this yield strategy to assist those funds to deliver the most appropriate strategies for their members."
The strategy will hold around 50 stocks with absolute stock limits of 5 per cent, without consideration of a capital weighted benchmark. It currently offers a gross absolute yield of 6.7 per cent.
It is currently available to institutional investors via direct mandates, but Legg Mason is assessing the market appetite for the creation of a unit trust version.
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