PMCs

Unit-Linked Life Insurance

Core Plus Fund

Fund codeTD

Fund aim

The fund aims to exceed the return of the Markit iBoxx £ Non-Gilts Total Return Index by 1.15% p.a. over a rolling three year period (before fees).

Fund characteristics

The fund invests in sterling, euro and US dollar denominated fixed and floating rate securities and related derivatives. Derivatives are used for efficient portfolio management in accordance with FCA rules. Currency and interest rate exposures which are derived from non-GBP securities are predominantly hedged back to sterling. The fund has a duration range of +/-2 years relative to the benchmark and aims to maintain the tracking error in the range of 0% to 3% p.a. Core Plus can allocate up to 100% in AAA-rated Sovereign and Supranational debt or investment grade credit in sterling, euro and US dollar. Up to 15% of the fund may be allocated to sub-investment grade credit and the fund can hold as much as 60% of its assets in cash.

Fund facts

Fund size£367.0m
Base currencyGBP
DomicileUnited Kingdom
Share class launch30/04/08
Modified duration6.08 years
Gross redemption yield (unhedged)5.20%
As at 31 Dec 2023

Benchmark

Markit iBoxx £ Non-Gilts Total Return Index

Performance

Source: LGIM. 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.
Share class launch date:30 Apr 2008
Benchmark:Markit iBoxx £ Non-Gilts Total Return Index
Share class launch date:30 Apr 2008
Benchmark:Markit iBoxx £ Non-Gilts Total Return Index
    Share class launch date:30 Apr 2008
    Benchmark:Markit iBoxx £ Non-Gilts Total Return Index

    Portfolio breakdown

    As at 31 Dec 2023

    Top 10 issuers33.0%
    Rest of portfolio67.0%
    No. of issuers198

    Top 10 issuers (%)

    United Kingdom11.2
    European Investment Bank5.0
    BNP Paribas3.0
    HSBC Holdings2.7
    Citigroup2.2
    Credit Agricole Group2.1
    Volkswagen1.7
    Toronto-Dominion Bank1.7
    Credit Mutuel1.7
    Lloyds Banking Group1.6

    Currency (%)

    GBP
    		92.4
    EUR
    		4.3
    USD
    		3.4

    All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Fund managers

    Colin Reedie headshot

    Colin Reedie

    Colin Reedie's award

    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 Rees headshot

    Matthew Rees

    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.

    Literature

    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.

    Download full price history

    Monthly price history

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    Please note that a maximum of 10 years price history is available.

    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

    The Markit iBoxx index referenced herein is the intellectual property of Markit Indices Limited (“Markit”) and is used under license. The Fund is not sponsored, endorsed, or promoted by Markit. Markit makes no representations or warranties as to the index including those of merchantability or fitness for a particular purpose or use, or the accuracy and/or completeness of the index or any data included therein.

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