Fund facts
Fund size
£335.7m
Base currency
GBP
Launch date
Mar 2012
Domicile
United Kingdom
Statistics
Modified duration
6.54 years
Gross redemption yield (unhedged)
5.62%
As at 31 Dec 2022
Fund aim
Benchmark
Fund characteristics
Performance
Source: LGIM
LIBOR is changing: read more on how future reforms of interbank offered rates may affect your investments with us.
Performance (%)
Performance summary (%)
As at 31 Dec 2022
| Cumulative | Fund | Benchmark |
| Quarterly | -1.93 | -2.03 |
| 6 months | 0.46 | -0.32 |
| Year to date | -5.97 | -6.18 |
| Annualised | Fund | Benchmark |
| 1 year | -5.97 | -6.18 |
| 3 years | 0.90 | -0.62 |
| 5 years | 2.45 | 1.49 |
| Since launch | 4.82 | 4.25 |
Rolling 12-month performance to last quarter end (%)
| 12 months to 31 December | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Fund | 2.74 | 6.96 | 10.30 | -0.95 | -5.97 |
| Benchmark | 2.45 | 7.06 | 7.03 | -2.26 | -6.18 |
Calendar year performance (%)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Fund | 2.74 | 6.96 | 10.30 | -0.95 | -5.97 |
| Benchmark | 2.45 | 7.06 | 7.03 | -2.26 | -6.18 |
Monthly performance (%)
Annualised performance (%)
| Annualised | 1 year | 3 years | 5 years | Since launch |
|---|---|---|---|---|
| Fund | -5.97 | 0.90 | 2.45 | 4.82 |
| Benchmark | -6.18 | -0.62 | 1.49 | 4.25 |
Performance is reported in GBP based on weekly mid-market prices before the deduction of fees.
Performance is reported in GBP based on daily close mid-market prices before the deduction of fees.
Performance is reported in GBP based on weekly mid-market prices before the deduction of fees.
Performance is reported in GBP based on weekly mid-market prices before the deduction of fees.
Performance is reported in GBP based on weekly mid-market prices before the deduction of fees.
Past performance is not a guide to future performance and the value of investments can go down as well as up.
Portfolio
As at 31 Dec 2022. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.
This is the currency breakdown before allowing for any hedging the fund may use.
| Top 10 issuers | 24.7 | |
| Rest of portfolio | 75.4 |
Top 10 issuers (%)
| United States of America | 9.2 |
| Federal Republic of Germany | 2.1 |
| Oracle Corp | 2.1 |
| Bank of America Corp | 2.1 |
| Deutsche Bank AG | 1.9 |
| Goldman Sachs Group Inc/The | 1.8 |
| UnitedHealth Group Inc | 1.5 |
| Credit Suisse Group AG | 1.5 |
| HSBC Holdings PLC | 1.3 |
| Toronto-Dominion Bank/The | 1.2 |
Fund Managers
Colin is co-Head of Global Fixed Income and has responsibility for the London based fixed income team as well as overall portfolio management responsibilities for our Global Credit and Absolute Return strategies. Colin joined LGIM in 2005 from Henderson Global Investors where he was Head of Investment Grade Credit Fund Management. He has over 30 years’ experience in bond markets, specialising in non-government debt, and he has previously worked for Henderson Global Investors, Scottish Widows and Scottish Amicable.
Matthew was appointed Head of Global Bond Strategies in September 2019. Prior to this he was co-head of the Euro credit portfolio management team, responsible for Euro-benchmarked and absolute return funds. He joined LGIM in March 2009 as a senior research analyst responsible for covering financial institutions and joined the Euro credit portfolio management team in February 2011. Prior to this Matthew spent three years as a Partner at Banquo Credit Management (a multibillion euro absolute return investment manager) and four years at UBS as Head of Financial Institutions Ratings Advisory. Matthew has more than 20 years’ experience in financial services and graduated from the University of York with a BA (hons) in English. He qualified as a chartered accountant with Coopers & Lybrand in 1996.
ColinReedie
MatthewRees
Literature
Fact sheets
2022Change date
KIDs and Key features
ESG reports
2022Change date
Fund updates
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.
Units can be purchased, sold or switched on a designated dealing day. This fund is offered on a
daily close or daily midday
basis. Further information is available in the relevant operational procedures sheet and the Description of Funds.
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.
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.
Units can be purchased, sold or switched on a designated dealing day. This fund is offered on a
weekly close or daily midday
basis. Further information is available in the relevant operational procedures sheet and the Description of Funds.
Weekly close
Name
Primary
Bid price
163.32p
Mid price
163.69p
Offer price
164.07p
Absolute change
-
Currency
GBP
As at
27 Mar 2023
Name
n/a
Bid price
n/a
Mid price
n/a
Offer price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
EUR currency hedged
Bid price
116.24p
Mid price
116.51p
Offer price
116.78p
Absolute change
-
Currency
GBP
As at
27 Mar 2023
Name
GBP currency hedged
Bid price
132.31p
Mid price
132.62p
Offer price
132.92p
Absolute change
-
Currency
GBP
As at
27 Mar 2023
Name
GBP currency hedged, distribution
Bid price
88.22p
Mid price
88.42p
Offer price
88.62p
Absolute change
-
Currency
GBP
As at
27 Mar 2023
Weekly dealt funds are valued at the local market close on the day preceding the dealing day.
Daily close
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
Primary (Daily Midday)
Mid price
92.84p
Dealing price
92.84p
Absolute change
-
Currency
GBP
As at
30 Mar 2023
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Daily close dealt funds are valued at the local market close on the dealing day.
Daily midday
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
Primary (Daily Midday)
Mid price
-
Dealing price
-
Absolute change
-
Currency
GBP
As at
-
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
n/a
Mid price
n/a
Dealing price
n/a
Absolute change
n/a
Currency
n/a
As at
n/a
Name
GBP currency hedged, distribution
Mid price
-
Dealing price
-
Absolute change
-
Currency
GBP
As at
-
Daily midday dealt funds are valued at the 12:00 (UK time) on the dealing day.
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.
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.
The return from your investment is not guaranteed and therefore you may receive a lower or higher return than you anticipated. There will be a variation in performance between funds with similar objectives due to the different assets selected.
PMC’s charges and associated transaction costs are subject to change, with notice for the former and without notice for the latter. Charges and transactions costs deducted from the policy reduce your potential for capital growth in the future.
Tax rules and the treatment of income and capital gains could change in the future and may be applied retrospectively.
Inflation reduces the purchasing power of money over time as the cost of purchasing goods and services increases. If the rate of inflation exceeds the rate of return on your portfolio, it will erode the value of your portfolio and its investments in real terms.
In extreme market conditions it may be difficult to realise assets held for a fund and it may not be possible to redeem units at short notice. We may have to delay acting on your instructions to sell or the price at which you cancel the units may be lower than you anticipated.
The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made.
PMC seeks to mitigate counterparty risk wherever possible on behalf of its policyholders through a variety of measures which include: each fund’s non-cash assets being held with independent custodians, sweeping cash (where appropriate) overnight into the LGIM’s range of Liquidity funds (above a deminimus level), using the delivery versus payment system when settling transactions and the use of central clearing for exchange traded derivatives and forward foreign exchange transactions. However, in the event of the failure of a counterparty, custodian or issuer there is a residual risk that a fund may suffer asset losses which are unrecoverable.
Important information
All performance periods over a year will be annualised.
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 Information Document, the Key Features Document and Description of Funds 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.
All information detailed on this website is current at the time of publication and may be changed in the future.
Following the imposition of sanctions on Russian securities and assets being removed from indices the market has been effectively frozen for foreign investors and all equity positions have been marked to zero in line with LGIM’s fair value pricing policy. Regardless of being priced at zero LGIM funds may still own these securities and any value realised in the future will be for the sole benefit of the relevant fund. LGIM will seek to divest from such securities at such a time that market conditions allow consistent with our fiduciary duties and applicable sanctions.
Source and third party data
Source: Unless otherwise indicated all data contained on this website is sourced from Legal and General Assurance (Pensions 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
Information for all Pension and Life Funds is issued by Legal and General Assurance (Pensions Management) Limited (‘PMC’). It is a life insurance company which carries on linked insurance business. As part of that business, it holds investments divided into separate sub-funds known as PF Sections. The value of each Policy that it issues is determined by reference to the value of one or more of the PF Sections. Legal & General Investment Management Limited, has been appointed as the investment manager of these PF Sections and is authorised and regulated by the Financial Conduct Authority. LGIM also provides investment and marketing services to PMC.
Legal and General Assurance (Pensions Management) Limited is Registered in England and Wales No. 01006112. Registered Office: One Coleman Street, London, EC2R 5AA, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, No. 202202.
Index disclaimer
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