Please note that effective from 31 March 2023, changes are being made to the investment objective of the Fund to better reflect how it’s managed by removing reference to the outperformance percentage and clarifying that the objective of the Fund is after the deduction of all fees and expenses. For further information please contact the Manager, Monday to Friday between 9.00am to 5:00pm on 0370 050 0955 or by email at [email protected]
Fund facts
Fund size
£1,035.5m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch
Statistics
Annualised yield
6.3%
Modified duration
4.19 years
As at 28 Feb 2023
Fund aim
The objective of the Fund is to provide income and growth above those of the ICE BofA BB-B Global High Yield Non-Financial 2% Constrained Total Return Index (Hedged to GBP), the “Benchmark Index”. The Fund aims to outperform the Benchmark by 1% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.
Benchmark
ICE BofA BB-B Global High Yield Non-Financial 2% Constrained Total Return Index (Hedged to GBP)
Fund snapshot
- What does it invest in? Invests in sub-investment grade (or high yield) bonds issued by companies around the world.
- How does it invest? Actively managed, with the ability to invest at least 70% in bonds with a sub-investment grade (higher risk) credit rating. May also invest in bonds with an investment grade (lower risk) credit rating, and securities with bond-like features.
Performance
Source: Lipper
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Performance for the A Acc unit class in GBP, launched on 26 August 2005. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the A Inc unit class in GBP, launched on 26 August 2005. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the F Acc unit class in GBP, launched on 17 August 2012. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the F Inc unit class in GBP, launched on 17 August 2012. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the G Inc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the G Acc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the I Acc unit class in GBP, launched on 26 August 2005. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the I Inc unit class in GBP, launched on 26 August 2005. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the L Acc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the L Acc unit class in GBP, launched on 25 April 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the L Inc unit class in GBP, launched on 25 April 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the L Inc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the R Acc unit class in GBP, launched on 01 November 2000. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the R Inc unit class in GBP, launched on 01 November 2000. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the X Acc unit class in GBP, launched on 27 March 2008. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the X Inc unit class in GBP, launched on 27 March 2008. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the unit class in GBP, launched on 14 August 2006. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the unit class in GBP, launched on 26 October 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance (%)
Performance summary (%)
As at 28 Feb 2023
| Cumulative | Fund | Benchmark |
| 1 month | -1.44 | -1.40 |
| 6 months | 1.71 | 2.27 |
| Year to date | 2.62 | 1.97 |
| 3 years | -4.93 | -3.17 |
| 5 years | -0.58 | 4.28 |
| Since launch | - | - |
| Annualised | Fund | Benchmark |
| 1 year | -7.87 | -6.35 |
| 3 years | -1.67 | -1.08 |
| 5 years | -0.12 | 0.84 |
| Since launch | - | - |
As at 31 Dec 2022
| Cumulative | Fund | Benchmark |
| Quarterly | 4.46 | 5.03 |
| Year to date | -14.38 | -12.41 |
| 3 years | -8.06 | -6.25 |
| 5 years | -3.26 | 1.61 |
| Since launch | - | - |
| Annualised | Fund | Benchmark |
| 1 year | -14.38 | -12.41 |
| 3 years | -2.76 | -2.12 |
| 5 years | -0.66 | 0.32 |
| Since launch | - | - |
Rolling 12-month performance to last quarter end (%)
| 12 months to 31 December | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | 5.43 | 1.45 | -2.58 | 15.55 | 9.18 | -6.16 | 12.13 | 6.13 | 1.17 | -14.38 |
| Benchmark | 5.95 | 3.16 | -2.05 | 14.71 | 6.28 | -3.43 | 12.22 | 4.97 | 1.96 | -12.41 |
Calendar year performance (%)
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | 5.43 | 1.45 | -2.58 | 15.55 | 9.18 | -6.16 | 12.13 | 6.13 | 1.17 | -14.38 |
| Benchmark | 5.95 | 3.16 | -2.05 | 14.71 | 6.28 | -3.43 | 12.22 | 4.97 | 1.96 | -12.41 |
Monthly performance (%)
Annualised performance (%)
| 1 year | 3 years | 5 years | Since launch | |
|---|---|---|---|---|
| Fund | -7.87 | -1.67 | -0.12 | - |
| Benchmark | -6.35 | -1.08 | 0.84 | - |
Annualised performance (%)
| 1 year | 3 years | 5 years | Since launch | |
|---|---|---|---|---|
| Fund | -14.38 | -2.76 | -0.66 | - |
| Benchmark | -12.41 | -2.12 | 0.32 | - |
Portfolio
As at 28 Feb 2023. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.
Currency (%)
This is the currency breakdown before allowing for any hedging the fund may use. We aim to hedge the portfolio 100% back to the base currency.
Currency (%)
| USD | 80.3 | |
| EUR | 14.2 | |
| GBP | 5.5 |
This is the currency breakdown before allowing for any hedging the fund may use. We aim to hedge the portfolio 100% back to the base currency.
Years to maturity (%)
| 0 - 5 Years | 87.5 | |
| 5 - 10 Years | 8.1 | |
| 10 - 15 Years | 1.2 | |
| 15 - 20 Years | 0.5 | |
| 20 - 25 Years | 0.8 | |
| 25 - 30 Years | 0.8 | |
| Other | 0.2 | |
| 30 + | 1.0 |
Based on final maturity, however many high yield bonds have a callable feature and so could be redeemed at an earlier date.
Ratings based on the ICE BofAML rating methodology.
Sector (%)
| Energy / E&P | 17.7 | |
| Homebuilders / materials | 6.7 | |
| Leisure / Lodging | 5.6 | |
| Retailers | 5.4 | |
| Gaming | 4.9 | |
| Telecommunications | 4.6 | |
| Automotive / parts | 4.4 | |
| Technology | 3.7 | |
| Transportation | 3.0 | |
| Other | 43.9 |
Region (%)
| North America | 70.1 | |
| Western Europe | 15.1 | |
| Asia / Pacific - EM | 5.7 | |
| Latin America | 5.6 | |
| MEA | 1.8 | |
| Eastern Europe | 0.6 | |
| Cash | 0.5 | |
| Russia / CIS | 0.5 |
| Top 10 issuers | 11.8 | |
| Rest of portfolio | 88.2 |
| No. of issuers | 402 |
Top 10 issuers (%)
| Ford Motor Co | 2.1 |
| Petroleos Mexicanos | 1.7 |
| Carnival | 1.2 |
| VICI Properties | 1.2 |
| TEGNA | 1.1 |
| ARD Holdings | 1.0 |
| Wynn Resorts | 0.9 |
| Altice USA | 0.9 |
| FJ International Invest | 0.9 |
| Bellis Topco | 0.8 |
Fund Manager
Martin Reeves is Head of Global High Yield. Prior to joining LGIM in 2011, Martin ran Credit Research at AllianceBernstein where he had worked since 1998. Prior to Alliance Bernstein Martin was Head of US High Yield Research at UBK Asset Management and a Chartered Accountant with Ernst & Young. Martin holds an MA in Economics from Cambridge University, St Catharine's College.
MartinReeves
Literature
Key literature
Fact Sheet
28 Feb 2023
Fact Sheet
31 Aug 2018
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
17 Feb 2023
KIID
14 Feb 2018
KIID
27 Apr 2018
KIID
17 May 2017
KIID
17 May 2017
KIID
17 May 2017
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
17 May 2017
KIID
14 Feb 2018
KIID
27 Apr 2018Prospectus
16 Mar 2023Value assessment
30 Apr 2022Fact sheets
2023Change date
Legal documents
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
17 Feb 2023
KIID
14 Feb 2018
KIID
27 Apr 2018
KIID
17 May 2017
KIID
17 May 2017
KIID
17 May 2017
KIID
27 Jan 2023
KIID
27 Jan 2023
KIID
17 May 2017
KIID
14 Feb 2018
KIID
27 Apr 2018Prospectus
16 Mar 2023UK EMT costs and charges
23 Jan 2023European EMT costs and charges
23 Jan 2023Value assessment
30 Apr 2022Reports and accounts
2022Change date
Long report - annual
05 Sep 2022Long report - annual
05 Sep 2021Long report - annual
05 Sep 2020Long report - annual
05 Sep 2019Long report - annual
05 Sep 2018Long report - annual
05 Sep 2017Short report - annual
05 Sep 2018Short report - annual
05 Sep 2017Long report - interim
05 Mar 2022Long report - interim
05 Mar 2021Long report - interim
05 Mar 2020Long report - interim
05 Mar 2019Long report - interim
05 Mar 2018Long report - interim
05 Mar 2017Short report - interim
05 Mar 2019Short report - interim
05 Mar 2018Short report - interim
05 Mar 2017Income
Latest dividends
The latest dividends are shown below. The historic level of income generated by this fund may go down as well up and will vary over time.
of
Total dividends paid in each financial year of the fund.
Prices
This share class is not currently pricing.
Name
I GBP Acc
Price
135.40p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
I GBP Inc
Price
36.67p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
R GBP Acc
Price
121.40p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
R GBP Inc
Price
36.65p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
F GBP Acc
Price
128.80p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
F GBP Inc
Price
35.54p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
L GBP Acc
Price
49.40p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
L GBP Inc
Price
38.94p
Change (%)
0
Currency
GBP
Price time
12:00 UK time
Name
n/a
Price
n/a
Change (%)
n/a
Currency
n/a
Price time
n/a
Name
GBP
Price
-
Change (%)
-
Currency
GBP
Price time
12:00 UK time
Name
GBP
Price
-
Change (%)
-
Currency
GBP
Price time
12:00 UK time
A single swing price is displayed from 1st December 2020. Prior to this date, Bid and Offer prices are displayed for those funds that were previously dual priced.
Further details
Costs
Price basis
Single swing
Initial charge
0.00%
Ongoing charges figure
0.41%
Dilution adjustment
0.656%- round trip
Codes
ISIN
GB00B0CNHJ41
SEDOL
B0CNHJ4
Bloomberg
NATHIIA
MEX
LGITA
Dealing information
| Valuation frequency | Daily, 12pm (UK time) |
| Dealing frequency | Daily |
| Settlement period | T+4 |
Country registration
This share class is registered for sale in the following countries:
For valuations and account queries contact:
Legal & General (Unit Trust Managers) Limited
PO Box 6080
Wolverhampton
WV1 9RB
Tel : 0370 050 0955
Email: [email protected]
Legal & General ICAV
LGIM Liquidity Funds Plc
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
10 Rue du Château d'Eau
L-3364 Leudelange
Grand-Duché de Luxembourg
Facsimile: +352 28 294 454
Telephone: +352 28 294 123
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 are traded through agents, brokers or investment banks matching buyers and sellers. This makes the bonds less easy to buy and sell than investments traded on an exchange. In exceptional circumstances the fund may not be able to sell bonds and 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 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.
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.
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.
Investment returns on bonds are sensitive to trends in interest rate movements. Such changes will affect the value of your investment.
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 Legal & General Investment Management Limited as promoter and distributor for this fund in the UK.
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.
Index disclaimer
Source ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend Legal & General Investment Management (Holdings) Limited or its affiliates, or any of their products or services.
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