SICAV (UCITS compliant)

L&G Euro Corporate Bond Fund

Fund facts

Fund size
€117.7m
Base currency
EUR
Launch date
25 Nov 2013
Domicile
Luxembourg
Share class launch

Statistics

Modified duration
5.09 years
Gross redemption yield (unhedged)
1.26%

As at 31 May 2019

Fund aim

The Fund aims to produce a return derived from capital growth and income by investing predominantly in Euro denominated fixed income securities.

Benchmark

Markit iBoxx Euro Corporates Index TR

  • Aims to produce a return derived from capital growth and income
  • Invests predominantly in a variety of euro denominated fixed interest instruments
  • May also invest in asset-backed securities such as mortgage-backed securities and consumer loans

Fund updates

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 May 2019

    Cumulative Fund Benchmark
    1 month -0.07 -0.14
    6 months 3.98 4.00
    Year to date 3.53 3.82
    3 years 7.58 6.60
    5 years 14.73 13.33
    Since launch 15.45 -
    Annualised Fund Benchmark
    1 year 3.51 3.12
    3 years 2.46 2.15
    5 years 2.78 2.53
    Since launch 2.88 -

    As at 31 Mar 2019

    Cumulative Fund Benchmark
    Quarterly 2.70 3.22
    Year to date 2.70 3.22
    3 years 7.66 6.65
    5 years - -
    Since launch 14.52 13.55
    Annualised Fund Benchmark
    1 year 2.61 2.31
    3 years 2.49 2.17
    5 years - -
    Since launch 2.80 2.63
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 31 March 2015 2016 2017 2018 2019
    Fund - 0.28 2.83 2.04 2.61
    Benchmark - 0.36 2.50 1.70 2.31

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund - 0.36 4.53 2.57 -0.50
    Benchmark - -0.66 4.72 2.37 -1.29

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 3.51 2.46 2.78 2.88
    Benchmark 3.12 2.15 2.53 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 2.61 2.49 - 2.80
    Benchmark 2.31 2.17 - 2.63

    Performance for the unit class in None, 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the I EUR Acc unit class in EUR, launched on 07 May 2014. 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the I EUR Dist 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the P EUR Acc unit class in EUR, launched on 25 July 2014. 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the P EUR Dist unit class in EUR, launched on 01 August 2014. 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the R EUR Acc unit class in EUR, launched on 25 July 2014. 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the R EUR Dist unit class in EUR, launched on 25 July 2014. 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the X EUR 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the X EUR Dist 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z EUR Acc unit class in EUR, launched on 21 March 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z EUR Dist unit class in EUR, launched on 25 November 2013. 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z GBP (Unhedged) Acc unit class in GBP, launched on 27 June 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z USD (Unhedged) Acc unit class in USD, launched on 27 June 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. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Portfolio

    As at 31 May 2019. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    EUR 96.4
    USD 2.8
    GBP 0.9

    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.

    Top 10 issuers 26.1
    Rest of portfolio 73.9
    No. of issuers 128

    Top 10 issuers (%)

    Bundesrepublik Deutschland 8.2
    Banque Federative Du Credit Mutuel 3.0
    Rabobank Nederland 2.5
    Caisse Nationale De Credit Agricole 2.1
    Deutsche Bank AG 2.0
    BP plc 1.8
    Verizon Communications Inc 1.8
    Volkswagen AG 1.7
    UBS AG London 1.25% 2020 1.7
    Societe Generale SA 1.6

    Credit rating (%)

    Fund Benchmark Relative
    AAA 9.2 0.5 8.7
    AA 6.1 10.9 -4.7
    A 36.9 39.6 -2.7
    BBB 42.0 49.0 -7.0
    BB 3.3 0.0 3.2
    B 0.5 - 0.5
    NR 0.0 - -
    Cash 2.0 - 2.0

    Top sector over/underweights (%)

    Fund Benchmark Relative
    Sovereign 8.2 - 8.2
    Banks 32.5 28.2 4.3
    Cash and Equivalents 2.0 - 2.0
    Covered 1.0 - 1.0
    Real Estate 4.7 4.2 0.5
    Other 0.5 - 0.5
    Consumer Services 3.6 3.3 0.3
    Financial Services 2.0 2.5 -0.6
    Basic Materials 1.3 3.0 -1.7
    Oil & Gas 2.8 4.6 -1.9
    Industrials 6.6 8.8 -2.2
    Insurance 2.8 5.1 -2.3
    Health Care 2.7 5.4 -2.7
    Consumer Goods 9.9 14.4 -4.6

    Fund Managers

    Marc joined LGIM in May 2012 as a portfolio manager in the Pan European Credit team. Marc previously spent 12 years at Blackrock, first as a senior portfolio manager within Philips Investment Management in Eindhoven and then as Director, Investment Manager in London, where he was responsible for the non-financials management of investment grade portfolios and was a portfolio manager for two Asian credit portfolios. Marc started in the industry in 1995 as a portfolio manager at ABP investments (now APG). He graduated from Tilburg University, Netherlands with an MSc in economics and is a Certified European Financial Analyst (CEFA).

    Matthew is a portfolio manager in the Pan-European team. He joined LGIM in March 2009 as a senior research analyst responsible for covering financial institutions. Prior to this Matthew spent three years as a key member of the investment management team at Banquo Credit Management (a euro investment manager) and four years at UBS as Head of Financial Institutions Ratings Advisory. Matthew has more than 23 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.

    Marc Rovers

    Matthew Rees

    Literature

    Prices

    This share class is not currently pricing.
    This share class is not currently pricing.
    This share class is not currently pricing.
    This share class is not currently pricing.
    Name
    I EUR Acc
    Mid price
    116.24c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    R EUR Acc
    Mid price
    113.50c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    R EUR Inc
    Mid price
    108.92c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    P EUR Inc
    Mid price
    108.94c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    Z GBP Acc
    Mid price
    105.62p
    Change (%)
    -
    Currency
    GBP
    Price time
    16:00 CET
    Name
    Z EUR Acc
    Mid price
    101.78c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    Z EUR Inc
    Mid price
    113.41c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    Z USD Acc
    Mid price
    101.05c
    Change (%)
    -
    Currency
    USD
    Price time
    16:00 CET

    Further details

    Costs

    Price basis
    Single swing
    Initial charge
    0.00%
    Ongoing charges figure
    0.36%
    Dilution adjustment
    0.39%- round trip
    Swing factor
    0.195%

    Codes

    ISIN
    LU0984223668
    SEDOL
    -
    Bloomberg
    LGECBIA LX
    MEX
    -

    Dealing information

    Valuation frequency
    Daily, 16:00 CET
    Dealing frequency
    Each Business Day
    Settlement period
    T+3
    Administrator/Custodian
    Northern Trust
    Spreads are effective from 22 May 2019.

    Country registration

    This share class is registered for sale in the following countries:

    For valuations and account queries contact:

    Legal & General ICAV
    LGIM Liquidity Funds Plc

    Northern Trust International Fund Administration Services (Ireland) Limited
    George’s Court, 54-62 Townsend Street
    Dublin 2, Ireland.
    Fax: +353 1 434 5293
    Telephone: +353 1 434 5080
    Email: [email protected]

    Legal & General SICAV
    Northern Trust Global Services SE
    6 rue Lou Hemmer
    L-1748 Senningerberg
    Grand-Duché de Luxembourg
    Facsimile: +352 276 222 150
    Telephone: +352 276 222 514
    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.

    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

    Information for all Collectives is issued by Legal & General Investment Management Limited (‘LGIM’). It is a MiFID II compliant investment management firm that acts as Promoter and Distributor to a range of EU domiciled UCITS umbrella companies and a range of UK domiciled UCITS and Non UCITS Retail Schemes. LGIM also acts has been appointed as the Investment Manager of these funds.

    Legal & General Investment Management Limited 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

    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.