ICAV (UCITS compliant)

L&G Emerging Markets Government Bond (USD) Index Fund

Important Due to exceptional market conditions, spreads are currently volatile and may be subject to frequent change.

Fund facts

Fund size
$917.7m
Base currency
USD
Launch date
2 Mar 2018
Domicile
Ireland
Share class launch

Statistics

Modified duration
7.72 years
Gross redemption yield (unhedged)
4.74%

As at 30 Jun 2020

Fund aim

The Fund aims to track the performance of the Emerging Markets government bond market as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified (the "Index").

Benchmark

JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index

  • What does it invest in? Invests primarily in US dollar-denominated bonds that make up the index, issued by governments of a broad range of developing countries. These bonds will be a mixture of sub-investment grade (higher risk), investment grade (lower risk) and non-rated bonds. The fund may also use derivatives.
  • How does it invest? Passively managed, aiming to replicate the performance of the index.

Fund updates

Performance

Source: Lipper

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Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Jun 2020

    CumulativeFundBenchmark
    1 month3.303.42
    6 months-3.77-3.68
    Year to date-3.77-3.68
    3 years--
    5 years--
    Since launch5.655.87
    AnnualisedFundBenchmark
    1 year-2.05-1.86
    3 years--
    5 years--
    Since launch3.813.96

    As at 30 Jun 2020

    CumulativeFundBenchmark
    Quarterly11.2311.88
    Year to date-3.77-3.68
    3 years--
    5 years--
    Since launch5.655.87
    AnnualisedFundBenchmark
    1 year-2.05-1.86
    3 years--
    5 years--
    Since launch3.813.96
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

    Rolling 12-month performance to last quarter end (%)

    12 months to 30 June 2016 2017 2018 2019 2020
    Fund-----2.06
    Benchmark-----1.86

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund-----
    Benchmark-----

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-2.05--3.81
    Benchmark-1.86--3.96

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-2.05--3.81
    Benchmark-1.86--3.96

    Performance for the Z EUR (Unhedged) Acc unit class in EUR, launched on 02 March 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 guide to the future.

    Performance for the C USD Acc unit class in USD, launched on 30 August 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 guide to the future.

    Performance for the I EUR (Unhedged) Acc unit class in EUR, 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 guide to the future.

    Performance for the I EUR (Hedged) Acc unit class in EUR, launched on 11 January 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 guide to the future.

    Performance for the I EUR (Hedged) Inc unit class in EUR, launched on 10 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 guide to the future.

    Performance for the I USD Acc unit class in USD, launched on 30 August 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 guide to the future.

    Performance for the K EUR (Unhedged) Acc unit class in EUR, launched on 02 March 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 guide to the future.

    Performance for the K EUR (Hedged) Acc unit class in EUR, launched on 14 March 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 guide to the future.

    Performance for the K GBP (Unhedged) 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 guide to the future.

    Performance for the P EUR (Unhedged) Acc unit class in EUR, 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 guide to the future.

    Performance for the Z EUR (Unhedged) Acc unit class in EUR, launched on 02 March 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 guide to the future.

    Performance for the Z EUR (Hedged) Acc unit class in EUR, launched on 01 May 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 guide to the future.

    Performance for the Z EUR (Hedged) Inc unit class in EUR, launched on 20 September 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 guide to the future.

    Performance for the Z GBP (Hedged) Inc unit class in GBP, launched on 11 January 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 guide to the future.

    Performance for the Z USD Acc unit class in USD, 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 guide to the future.

    Portfolio

    As at 30 Jun 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding. In order to minimise transaction costs, the Fund will not always own all the assets that constitute the index and on occasion it will own assets that are not in the index.

    Currency (%)

    USD100.0

    Years to maturity (%)

    0 to 528.3
    5 to 1033.4
    10 to 157.3
    15 to 203.3
    20 to 257.7
    25 to 3016.7
    30 to 403.1
    Over 400.3

    Credit rating (%)

    AA7.7
    A+0.3
    A13.7
    A-0.4
    BBB32.5
    BB17.6
    B23.7
    B-0.4
    CCC1.0
    Other2.8
    Top 10 holdings5.9
    Rest of portfolio94.1
    No. of issuers in fund159
    No. of issuers in index168

    Top 10 holdings (%)

    Uruguay 5.1% 18 Jun 20500.8
    Kuwait 3.5% 20270.8
    Russia 5.25% 20470.6
    Peru 8.75% 21 Nov 20330.6
    Qatar 5.103% 20480.6
    Peru 5.625% 18 Nov 20500.6
    Qatar 4.817% 20490.6
    Uruguay 4.975% 20550.5
    Colombia 5% 20450.5
    Poland 5% 23 Mar 20220.5

    Country (%)

    Indonesia4.7
    Mexico4.5
    China4.0
    United Arab Emirates3.9
    Saudi Arabia3.8
    Qatar3.7
    Russia3.4
    Turkey3.3
    Philippines3.2
    Other65.6

    Management Team

    The Index Fund Management team comprises 25 fund managers, supported by two analysts. Management oversight is provided by the Global Head of Index Funds. The team has average industry experience of 15 years, of which seven years has been at LGIM, and is focused on achieving the equally important objectives of close tracking and maximising returns.

    LGIMIndex Fund Management Team

    Literature

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