Unit-Linked Life Insurance

Core Plus Fund

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


Markit iBoxx £ Non-Gilts Total Return Index


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
    Credit Agricole Group2.1
    Toronto-Dominion Bank1.7
    Credit Mutuel1.7
    Lloyds Banking Group1.6

    Currency (%)


    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.



    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

    Download full price history

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