SICAV (UCITS compliant)

L&G Future World Global Credit Fund

ISIN

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

Price112.03c

As at25 Oct 2021

This share class is not currently pricing.

Fund facts

Fund size
$80.6m
Base currency
USD
Launch date
11 Jul 2018
Domicile
Luxembourg
Share class launch

N/A

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N/A

N/A

N/A

N/A

11 Jul 2018

11 Jul 2018

11 Jul 2018

N/A

11 Jul 2018

Statistics

Modified duration
9.04 years
Gross redemption yield (unhedged)
2.23%

As at 30 Sep 2021

Fund aim

The Fund aims to produce a return derived from capital growth and income by investing in fixed and floating-rate securities.

Benchmark

What does it invest in? Invests predominantly in fixed income securities including corporate bonds and other debt instruments, issued globally and denominated predominantly in US Dollar but also in Euro and Sterling.
How does it invest? Actively managed, investing primarily in debt with an investment grade (rated as lower risk) credit rating. May also invest in other types of securities and derivatives. The Fund will also seek to reflect the Investment Manager’s long-term thematic views including risks relating to climate change, and environmental, social and governance (ESG) factors are integrated into the Fund's investment process.
Does it promote sustainability characteristics? The Fund promotes a range of environmental and social characteristics which are met by tracking the Index. Further information on how such characteristics are met by the Fund can be found in the Supplement.

Performance

Source: Lipper

Performance (%)

Change

Performance summary (%)

To month-end
To quarter-end

As at 30 Sep 2021

Cumulative	Fund
6 Months	-
Year to date	-
3 years	-
5 years	-

Annualised	Fund
1 year	-
3 years	-
5 years	-

As at 30 Sep 2021

Cumulative	Fund
6 Months	-
Year to date	-
3 years	-
5 years	-

Annualised	Fund
1 year	-
3 years	-
5 years	-

Rolling 12-month performance

Calendar year performance

Monthly performance

Annualised performance

Rolling 12-month performance to last quarter end (%)

12 months to 30 September	2017	2018	2019	2020	2021
Fund	-	-	-	-	-

Calendar year performance (%)

	2016	2017	2018	2019	2020
Fund	-	-	-	-	-

To month-end
To quarter-end

Annualised performance (%)

	1 year	3 years	5 years
Fund	-	-	-

Annualised performance (%)

	1 year	3 years	5 years
Fund	-	-	-

Performance for the I USD Acc unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the I USD Dist unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the P USD Acc unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the P USD Dist unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the R USD Acc unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the R USD Dist unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the X USD Acc unit class in USD, launched on 11 July 2018. Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the X USD Dist unit class in USD, launched on 11 July 2018. Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the Z JPY (Unhedged) Acc unit class in JPY, launched on 11 July 2018. Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the Z USD Acc unit class in USD, launched on . Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Performance for the Z USD Dist unit class in USD, launched on 11 July 2018. Source: Lipper. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

Past performance is not a guide to the future.

Portfolio

As at 30 Sep 2021. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

Currency (%)

	USD	72.8
	EUR	19.9
	GBP	7.2

This is the currency breakdown before allowing for any hedging the fund may use.

AAA	3.9
AA	7.0
A	31.3
BBB	54.6
BB	0.8
Cash	2.4

Sector (%)

	Real Estate	13.0
	Banks	12.2
	Consumer Goods	10.3
	Utilities	9.3
	Health Care	8.6
	Consumer Services	8.6
	Insurance	7.0
	Financial Services	6.2
	Industrials	6.2
	Other	18.7

	Top 10 issuers	12.5
	Rest of portfolio	87.5

No. of issuers in fund	189
No. of issuers in index	1,248

Top 10 issuers (%)

AT&T Inc	1.4
Goldman Sachs Group Inc	1.3
Citigroup Inc	1.3
Morgan Stanley	1.3
Bank of America Corporation	1.3
JPMorgan Chase & Co.	1.2
Chubb Ina Holdings Inc	1.2
Voya Financial Inc	1.2
Church & Dwight	1.2
Avalonbay Communities Inc	1.2

Sustainability

Sustainability disclosures

The Sustainable Finance Disclosure Regulation (SFDR) is an EU regulation that came into force on 10 March 2021, and imposes disclosure requirements for EU financial products. These requirements include disclosing sustainability-related information for funds that (i) promote (among other characteristics) environmental or social characteristics (Article 8 products), or (ii) have a sustainable investment objective (Article 9 products), both as defined under SFDR.

SFDR categorisation: Article 8Article 8: These funds promote environmental and/or social characteristics

Environmental and social characteristics
Pre-contractual disclosure

The Fund promotes a range of environmental and social characteristics as described below. These characteristics are met by:

Stock selection

Carbon intensity

Future World Protection List

The Future World Protection List captures companies failing to meet globally accepted business practices on sustainability, or our minimum requirements on the carbon transition. There are two environmental and/or social components to the list:

Companies that derive 30% or more of their revenues (as a % of their balance sheet) from coal mining or extraction are excluded from the Fund.
Companies that are in breach of at least one of the United Nation Global Compact principles for a continuous period of three years (36 months) or more are considered persistent violators and are excluded.
In addition, companies involved in controversial weapons are also excluded. These exclusions, however, did not form the rationale for the article 8 categorisation.
The Future World Protection List is monitored on an on-going basis and updated every 6 months. In order to determine the list of companies included on the Future World Protection List, we use data from a number of external ESG data providers.

Further information on the methodologies used to assess, measure and monitor the inclusion of companies on the Future World Protection List can be found at https://www.lgim.com/landg-assets/lgim/_document-library/capabilities/future-world-protection-list-public-methodology.pdf

Climate Impact Pledge

Companies are excluded from the Fund in accordance with our Climate Impact Pledge.

The Pledge maps out a large number of companies worldwide, in climate-critical sectors against key indicators. Using quantitative and qualitative measures, such companies are assessed under a traffic light system drawing on independent data providers and our pioneering climate modelling.
The Climate Impact Pledge engagement strategy sets expectations of companies in the coal value chain. Where these companies do not meet minimum requirements with regards to our climate strategy and action, we will vote against them and may divest from the Fund.
The Climate Impact Pledge is monitored on an on-going basis and updated annually.

Further information on the methodologies used to assess, measure and monitor the exclusion of companies from the Fund in accordance with the Climate Impact Pledge can be found at www.lgim.com/climate-impact-pledge

Exclusions

Tilting

Paris-aligned benchmark optimisation

ESG integration

Our ESG integration encompasses both top-down and bottom-up approaches to identify and assess ESG factors in the research analysis process. The top-down research analysis identifies long-term, thematic shifts and structural changes which help determine the resiliency of sectors and the companies within them. The bottom-up analysis uses a proprietary, company analysis tool called Active ESG View which provides information on the ESG credentials of companies.

Our Active ESG View tool forms an essential component of this overall active research process. The tool brings together granular quantitative and qualitative inputs in order to reflect a full picture of the ESG risks and opportunities embedded within each company.
Active ESG View combines ESG raw data with qualitative assessment capturing ESG insights from our company analysis and engagements.
The ESG analysis starts with third-party data from multiple different vendors which includes hundreds of ESG metrics (including data on carbon emissions, water and waste, environmental policies and controls, labour, health and safety, bribery and corruption) spanning 64 specific sectors and/or sub-sectors from a number of ESG data providers.
Our Global Research and Engagement Groups (GREG), which is made up of Investment Stewardship and investment teams, have established a proprietary materiality matrix using such data which seeks to identify financially material topics for a given industry. The materiality matrix brings structure to our research and a framework to help systematically define and prioritise our engagement activity across the firm.
The GREGs review the ESG data within the Active ESG View tool for each sector in order to increase or decrease weightings for each environmental, social and/or governance factor within the tool with the aim to create an overall assessment.

Active ESG View is an integral feature of this fund and the outputs of Active ESG View must be taken into account for all investment decisions.

Active engagement is a vital pillar within our approach to ESG integration. In practice, the data alone may not tell the full story, which is why we believe that incorporating a qualitative element is essential in order to fully capture the ESG risks embedded within each company. Our qualitative inputs capture ESG insights leveraging on the extensive knowledge of our various research teams. Formulating a forward looking view on how a company is managing sector specific challenges is a crucial element of our research process.

A description of the extent to which the environmental and social characteristics are met will likely be made available as part of the annual report published in 2022 as required by SFDR. The Fund’s most recent annual report does not include any information pursuant to SFDR.

Pre-contractual disclosure

The Fund promotes a range of environmental and social characteristics. The Fund seeks to meet these characteristics by;

(i) investing in bonds and bond related instruments issued by companies which meet the Investment Manager’s core pillars of ESG integration (as further described below); and

(ii) excluding investments in bonds issued by companies in the L&G Future World Protection List which includes (i) coal miner companies where coal extraction forms the largest part of their revenues, and (ii) perennial violators of United Nations Global Compact. A summary of the L&G Future World Protection List Methodology is available at: https://www.lgim.com/landg-assets/lgim/_document-library/capabilities/future-world-protection-list-public-methodology.pdf. In addition, the Fund excludes issuers in accordance with the Manager’s climate impact pledge (the “Climate Impact Pledge”). The Pledge maps out a large number of companies worldwide, in climate-critical sectors against key indicators. Using quantitative and qualitative measures, such companies are assessed under a traffic light system drawing on independent data providers and the Investment Manager’s pioneering climate modelling. A summary of the Manager’s Climate Impact Pledge is available at: www.lgim.com/climate-impact-pledge.

Evaluating positive ESG factors is an integral part of the Fund’s investment process. The Investment Manager’s integrated framework for responsible investing across both public and private assets is primarily based on stewardship with impact and collaborative active research across asset classes. As part of the investment research process, material ESG factors are identified using both top-down and bottom-up approaches. The top-down research analysis performed by the Investment Manager’s sector experts, in conjunction with its investment stewardship teams; help determine the resiliency of sectors and the companies within them. ESG factors are also fully embedded into the bottom-up research process which involves evaluating the ESG credentials of companies that the Investment Manager considers for investment, alongside traditional financial metrics. The Investment Manager has developed a proprietary research tool called ESG Active View which brings together these granular quantitative and qualitative inputs by evaluating sector-specific ESG factors. The ESG Active View provides an overview of how companies manage potential, sector-specific ESG risks and opportunities, so that these can be considered alongside all other components of fundamental investment analysis.

In addition to the above, active engagement with the issuers is used as a tool to drive progress and influence positive change and is conducted independently and in collaboration with industry peers and broader stakeholders. Engagement activities normally focus on specific material ESG issues and involve formulating an engagement strategy with regard to such issues with the aim to track and review the progress of the issuers during this process. The Investment Manager also provides regular reporting on the outcomes of its engagement. This can be made available on request or can be found at: www.lgim.com . Together, these activities enable the Investment Manager to conduct engagement that drives positive change and to deliver integrated investment solutions.

The Investment Manager finally aims to ensure that (where applicable) the issuers in which the Fund is invested follow good governance practices by 1) setting its expectations with issuers' management with regard to good governance practices; 2) actively engaging with the issuers; and 3) supporting policymakers and legislators to ensure there is strong regulation and standards.

Governance practices

The ways in which we ensure that investee companies follow good governance practices are set out below.

Setting expectations

A number of policies and processes guide the engagement activities, set out the approach to investment stewardship, and outline the expectations of investee issuers. The Global Corporate Governance and Responsible Investment Principles set out the approach and expectations with respect to key topics that are essential for an efficient governance framework, and for building a sustainable business model. We expect all issuers on a global scale to closely align with our principles which set out the fundamentals of corporate governance. We also take into account market specificities and take a tailored approach to voting on some topics in various markets. Further related policies can be found on the Investment Stewardship section of the LGIM website.

Active engagement

Active engagement with the issuers is used as a tool to drive progress and influence positive change and is conducted independently and in collaboration with industry peers and broader stakeholders. Engagement activities normally focus on specific material ESG issues and involve formulating an engagement strategy with regard to such issues with the aim to track and review the progress of the issuers during this process.

Voting

Supporting policymakers and legislators

LGIM's Investment Stewardship team actively engages with policy makers and legislators to ensure there is strong regulation and standards in regards to governance practices.

Fund Managers

Maurice is the portfolio manager for our buy and maintain strategy in the Global Fixed Income team. Maurice joined LGIM in March 2013 from Aviva Investors where he worked for over six years as a credit portfolio manager. At Aviva he managed a range of sterling, euro and global credit portfolios including buy and maintain strategies. Maurice began his investment career in 2001 as a credit analyst and subsequently a manager of global credit portfolios at Merrill Lynch Investment Managers. Maurice graduated from the University of Cambridge and holds an MA in economics. He is also a CFA charterholder.

Connor joined LGIM in 2014 as a portfolio manager, having transferred from the LGIMA office in Chicago where he was an Associate Portfolio Manager. Connor has BA degrees in mathematics and economics from Williams College.

MauriceBrowne

ConnorOlvany

Literature

Key literature

Change date

Legal documents

UK EMT costs and charges

European EMT costs and charges

Incorporation Document

Report and accounts

2020Change year

Annual Report and Accounts

Annual Report and Accounts

Annual Report and Accounts

Annual Report and Accounts

Annual Report and Accounts

Interim Report and Accounts

Interim Report and Accounts

Trading information

Non-Trading Days

Prices

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

This share class is not currently pricing.

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Z USD Inc

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112.03c

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-

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USD

Price time

23:00 CET

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Further details

Costs

Price basis
Single swing
Initial charge
0.00%
Ongoing charges figure
0.21%
Dilution adjustment
0.522%- round trip
Swing factor
0.261%

CodesISIN
LU1821407167
SEDOL
-
Bloomberg
LGGCIUA LX
MEX
-

Dealing information

Valuation frequency

Daily, 23:00 CET

Dealing frequency

Each Business Day

Settlement period

T+3

Administrator/Custodian

Northern Trust

Country registration

This share class is registered for sale in the following countries:

For valuations and account queries contact:

Legal & General ICAV
Northern Trust International Fund Administration Services (Ireland) Limited
City East Plaza - Block A
Towlerton
Ballysimon Road
Limerick
Ireland
V94 X2N9
Fax: +353 1 434 5293
Telephone: +353 1 434 5080
Email: [email protected]

Legal & General SICAV
Northern Trust Global Services SE
6 rue Lou Hemmer
L-1748 Senningerberg
Grand-Duché de Luxembourg
Facsimile: +352 276 222 150
Telephone: +352 276 222 514
Email: [email protected]

Key risks

The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.

Past performance is no guarantee of future results.

This fund holds bonds that, rather than being traded on an exchange, are traded through agents, brokers or investment banks matching buyers and sellers. This makes the bonds less easy to buy and sell than investments that are traded on an exchange. Directors may defer withdrawals, or suspend dealing. The Directors can only delay paying out if it is in the interests of all investors and with the permission of the fund trustee or depositary.

The fund invests directly or indirectly in bonds which are issued by companies or governments. If these companies or governments experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. If this happens, the value of the fund may fall.

Prices of the ABS/MBS may be volatile, and will generally fluctuate due to a variety of factors that are inherently difficult to predict. In addition, the terms of the ABS/MBS may restrict its sale in particular circumstances.

The fund could lose money if any institution providing services such as acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund.

Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains.

Investment in contingent convertible debt securities may result in material losses to the portfolio based on certain trigger events. The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a partial or total loss of value or alternatively they may be converted into shares of the issuing company which may also have suffered a loss in value.

The fund may have underlying investments that are valued in currencies that are different from sterling (British pounds). Exchange rate fluctuations will impact the value of your investment. Currency hedging techniques may be applied to reduce this impact but may not entirely eliminate it.

We may take some or all of the ongoing charges from the fund's capital rather than the fund's income. This increases the amount of income, but it reduces the growth potential and may lead to a fall in the value of the fund.

Investment returns on bonds are sensitive to trends in interest rate movements.

Important information

This information is intended for investment professionals only and is for information purposes only. It should not be distributed without our permission.

No investment decisions should be made without first reviewing the key investor information document and prospectus (and any supplements thereto) of the relevant product which includes information on certain risks associated with an investment.

Unless otherwise agreed in writing, the Information on this website (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Any trading or investment decisions taken by you should be based on your own analysis and judgment (and/or that of your professional advisers) and not in reliance on us or the Information.

This information is only directed at investors resident in jurisdictions where each fund is registered for sale. It is not an offer or invitation to persons outside of those jurisdictions. We reserve the right to reject any applications from outside of such jurisdictions.

All information detailed on this website is current at the time of publication and may be changed in the future.

Source and third party data

Source: Unless otherwise indicated all data contained on this website is sourced from Legal & General Investment Management Limited.

Where this document contains third party data ('Third Party Data’), we cannot guarantee the accuracy, completeness or reliability of such Third Party Data and accept no responsibility or liability whatsoever in respect of such Third Party Data

Issuer

Issued by LGIM Managers (Europe) Limited as management company for this fund. Registered in Ireland No. 609677. Registered Office: 33/34 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Authorised and Regulated by the Central Bank of Ireland No. C173733.

Legal & General Investment Management Limited has been appointed as the discretionary investment manager for these Funds and is Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA, United Kingdom. Authorised and regulated by the Financial Conduct Authority, No. 119272.

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