SICAV (UCITS compliant)

L&G Global High Yield Bond Fund

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

Fund facts

Fund size
$1,026.9m
Base currency
USD
Launch date
11 May 2015
Domicile
Luxembourg
Share class launch

Statistics

Modified duration
4.32 years
Gross redemption yield (unhedged)
5.80%

As at 29 Feb 2020

Fund aim

The objective of the Fund is to provide a combination of high income and growth over the long term above that of the ICE BofA BB-B Global High Yield Non-Financial 2% Constrained Total Return Index (Hedged to USD), the “Benchmark Index”. The Fund is actively managed and aims to outperform the Benchmark Index 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 USD) +1%

  • What does it invest in? Invests predominantly in sub-investment grade (higher risk) fixed income securities including corporate bonds and other debt instruments, issued in a variety of currencies in countries worldwide.
  • How does it invest? Actively managed, investing in fixed income securities that have a sub-investment grade (higher risk) credit rating. May also invest in unrated bonds, other types of securities and derivatives.

Fund updates

Performance

Source: Lipper

LIBOR is changing: read more on how future reforms of interbank offered rates may affect your investments with us.

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 29 Feb 2020

    CumulativeFundBenchmark
    1 month-2.34-1.33
    6 months0.781.82
    Year to date-1.98-1.07
    3 years--
    5 years--
    Since launch4.549.31
    AnnualisedFundBenchmark
    1 year3.666.25
    3 years--
    5 years--
    Since launch3.006.12

    As at 31 Dec 2019

    CumulativeFundBenchmark
    Quarterly2.96-
    Year to date12.07-
    3 years--
    5 years--
    Since launch6.65-
    AnnualisedFundBenchmark
    1 year12.07-
    3 years--
    5 years--
    Since launch4.93-
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 31 December 2015 2016 2017 2018 2019
    Fund----12.07
    Benchmark----13.22

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund----12.07
    Benchmark----13.22

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund3.66--3.00
    Benchmark6.25--6.12

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund12.07--4.93
    Benchmark----

    Performance for the unit class in GBP, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Acc unit class in EUR, launched on 27 November 2017. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Dist unit class in EUR, launched on 30 August 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 GBP (Hedged) Acc unit class in GBP, launched on 30 August 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 GBP (Hedged) Dist unit class in GBP, launched on 30 August 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 USD Acc unit class in USD, launched on 21 May 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 USD Dist unit class in USD, launched on 03 August 2015. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Acc unit class in EUR, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Dist unit class in EUR, launched on 24 August 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 USD Acc unit class in USD, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 USD Dist unit class in USD, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 USD Acc unit class in USD, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 USD Dist unit class in USD, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Unhedged) Acc unit class in EUR, launched on 25 May 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Acc unit class in EUR, launched on 08 March 2016. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Dist unit class in EUR, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 11 May 2015. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Acc unit class in GBP, launched on 01 December 2015. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 (Hedged) Dist unit class in GBP, launched on 22 August 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 Acc unit class in USD, launched on 02 November 2015. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 Dist unit class in USD, launched on 11 December 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and 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 29 Feb 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    USD80.1
    EUR17.2
    GBP2.7

    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 issuers16.9
    Rest of portfolio83.1
    No. of issuers277

    Top 10 issuers (%)

    Teva Pharm Finance Llc2.9
    Petroleo Brasileiro SA2.8
    Evergrande Real Estate Group Ltd2.1
    Sprint Communications Inc1.8
    Transdigm Inc1.5
    Commscope Holding Co Inc1.3
    Endo Pharmaceuticals Holdings Inc1.2
    Freeport McMoran Inc1.2
    Kaisa Group Holdings Ltd1.2
    Scientific Games Corp1.1

    Credit rating (%)

    FundBenchmarkRelative
    BBB2.0-2.0
    BB43.161.2-18.2
    B45.238.86.4
    CCC1.0-1.0
    NR0.6-0.6
    Cash4.9-4.9
    Split rated3.1-3.1

    Top sector over/underweights (%)

    FundBenchmarkRelative
    Cash5.0-5.0
    Energy/E&P14.711.73.1
    Gaming4.82.91.9
    Manufacturing3.41.71.7
    Homebuilders/materials12.611.31.3
    Retailers4.83.71.2
    Food / Drink4.73.71.1
    Transportation0.71.9-1.2
    Services4.55.7-1.3
    Technology2.54.1-1.6
    Telecommunications7.59.8-2.3
    Cable/Satellite TV2.65.2-2.6
    Other31.534.4-2.9
    Utilities0.63.9-3.3

    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

    Fact sheets

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    Trading information

    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.
    This share class is not currently pricing.
    This share class is not currently pricing.
    Name
    I GBP Hedged Acc
    Mid price
    101.62p
    Change (%)
    -
    Currency
    GBP
    Price time
    16:00 CET
    Name
    I GBP Hedged Inc
    Mid price
    91.31p
    Change (%)
    -
    Currency
    GBP
    Price time
    16:00 CET
    Name
    I EUR Hedged Acc
    Mid price
    97.88c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    I EUR Hedged Inc
    Mid price
    90.12c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    I USD Acc
    Mid price
    106.31c
    Change (%)
    -
    Currency
    USD
    Price time
    16:00 CET
    Name
    I USD Inc
    Mid price
    98.96c
    Change (%)
    -
    Currency
    USD
    Price time
    16:00 CET
    Name
    n/a
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    n/a
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    Name
    n/a
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    Name
    n/a
    Mid price
    n/a
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    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    P EUR Hedged Inc
    Mid price
    90.21c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    n/a
    Mid price
    n/a
    Change (%)
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    n/a
    Mid price
    n/a
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    n/a
    Name
    Z GBP Acc
    Mid price
    167.84p
    Change (%)
    -
    Currency
    GBP
    Price time
    16:00 CET
    Name
    Z GBP Hedged Acc
    Mid price
    128.44p
    Change (%)
    -
    Currency
    GBP
    Price time
    16:00 CET
    Name
    Z GBP Hedged Inc
    Mid price
    91.29p
    Change (%)
    -
    Currency
    GBP
    Price time
    16:00 CET
    Name
    Z EUR Acc
    Mid price
    111.63c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    Z EUR Hedged Acc
    Mid price
    123.91c
    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
    Z USD Acc
    Mid price
    135.93c
    Change (%)
    -
    Currency
    USD
    Price time
    16:00 CET
    Name
    Z USD Inc
    Mid price
    99.99c
    Change (%)
    -
    Currency
    USD
    Price time
    16:00 CET

    Further details

    Costs

    Price basis
    Single swing
    Initial charge
    0.00%
    Ongoing charges figure
    0.58%
    Dilution adjustment
    1.670%- round trip
    Swing factor
    2.148%

    Codes

    ISIN
    LU1003760672
    SEDOL
    -
    Bloomberg
    LGHIGHA LX
    MEX
    -

    Dealing information

    Valuation frequency
    Daily, 16:00 CET
    Dealing frequency
    Each Business Day
    Settlement period
    T+3
    Administrator/Custodian
    Northern Trust

    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
    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
    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

    Issued by LGIM Managers (Europe) Limited as management company for this fund. Registered in Ireland No. 609677. Registered Office: 33/34 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Authorised and Regulated by the Central Bank of Ireland No. C173733.

    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.