Active GBP Collateralised and Corporates Fund
Unit-Linked Life Insurance
Active GBP Collateralised and Corporates Fund
Fund codeTE
Fund codeTE
Fund aim
Fund characteristics
Fund facts
Fund size | £35.0m |
Base currency | GBP |
Domicile | United Kingdom |
Share class launch | 30/04/08 |
Modified duration | 6.44 years |
Gross redemption yield (unhedged) | 5.00% |
Benchmark
Markit iBoxx £ Collateralised and Corporates Index
Performance
With effect from 25th January 2022 the Fund’s permitted exposure to bonds with minimum credit ratings of BB- increased from 5% to 10%.
Portfolio breakdown
As at 31 Dec 2023
Top 10 issuers | 26.6% |
---|---|
Rest of portfolio | 73.4% |
No. of issuers | 114 |
---|
Top 10 issuers (%)
United Kingdom | 6.0 |
CK Hutchison Holdings | 2.8 |
BNP Paribas | 2.5 |
Banco Santander | 2.4 |
Credit Agricole Group | 2.4 |
E.ON | 2.2 |
National Grid | 2.2 |
UBS Group | 2.2 |
Credit Mutuel | 2.1 |
Hammerson | 1.9 |
Currency (%)
GBP | 96.6 |
EUR | 1.9 |
USD | 1.4 |
Top 10 issuers | 26.6% |
---|---|
Rest of portfolio | 73.4% |
No. of issuers | 114 |
---|
Top 10 issuers (%)
United Kingdom | 6.0 |
CK Hutchison Holdings | 2.8 |
BNP Paribas | 2.5 |
Banco Santander | 2.4 |
Credit Agricole Group | 2.4 |
E.ON | 2.2 |
National Grid | 2.2 |
UBS Group | 2.2 |
Credit Mutuel | 2.1 |
Hammerson | 1.9 |
Currency (%)
GBP | 96.6 |
EUR | 1.9 |
USD | 1.4 |
Credit rating (%)
Fund | Benchmark | Relative | ||
---|---|---|---|---|
AAA | 3.1 | 3.3 | -0.2 | |
AA | 16.4 | 9.4 | 7.0 | |
A | 31.8 | 39.0 | -7.2 | |
BBB | 42.7 | 48.2 | -5.5 | |
BB | 3.1 | 0.1 | 3.0 | |
NR | - | 0.1 | -0.1 | |
Cash | 3.0 | - | 3.0 |
Top sector over/underweights (%)
Fund | Benchmark | Relative | ||
---|---|---|---|---|
Sovereign | 6.3 | - | 6.3 | |
Utilities | 20.2 | 16.9 | 3.3 | |
Cash and Equivalents | 3.0 | - | 3.0 | |
ABS | 13.2 | 11.7 | 1.5 | |
Insurance | 6.9 | 6.2 | 0.7 | |
Real Estate | 4.5 | 4.3 | 0.2 | |
Telecommunications | 5.2 | 5.3 | -0.2 | |
Technology | 0.5 | 1.0 | -0.5 | |
Consumer Services | 3.7 | 4.3 | -0.6 | |
Basic Materials | - | 0.6 | -0.6 | |
Unknown | 0.2 | 0.9 | -0.7 | |
Financial Services | 2.5 | 3.6 | -1.1 | |
Covered | 1.3 | 2.3 | -1.1 | |
Oil & Gas | 0.6 | 1.8 | -1.2 | |
Consumer Goods | 5.0 | 6.3 | -1.3 | |
Health Care | 0.3 | 1.9 | -1.7 | |
Industrials | 2.9 | 4.8 | -1.8 | |
Banks | 23.8 | 28.1 | -4.3 |
All data source LGIM unless otherwise stated. Totals may not sum due to rounding.
Fund managers
Ian Hutchinson
Ian leads the UK active Credit team having joined LGIM in 2004. He started in 1998 at Standard & Poor’s as a Eurobond analyst. Ian is IMC qualified and a CFA charterholder. He holds a degree in International Relations from the University of Sussex.
James MacIntyre-Ure
James is a UK Credit senior portfolio manager in the Pan European Credit team, having joined LGIM in 2012. He is IMC qualified and a CFA charterholder. He holds a BSc (Hons) in Investment and Financial Risk Management from Cass Business School.
Literature
Document type
Prices
Units can be purchased, sold or switched on a designated dealing day. This fund is offered on a weekly close basis. Further information is available in the relevant operational procedures sheet and the Description of Funds.
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