Unit Trust (UCITS compliant)

Legal & General Asian Income Trust

Fund facts

Fund size
£414.1m
Base currency
GBP
Launch date
10 Nov 2008
Domicile
UK
Share class launch

Statistics

Historical yield
4.3%

As at 31 May 2019

Fund aim

The objective of this fund is to provide income, with some potential for growth.  The fund will invest in a broad spread of company shares from all economic sectors. The company shares the fund invests in will be from Asia (excluding Japan), the rest of the Pacific region and Australasia.

Benchmark

FTSE Asia Pacific Ex Japan Index

Sector

IA Asia Pacific ex Japan

  • Invests in companies listed throughout Asia - including Australia, but excluding Japan. The goal is to provide an attractive income along with long-term capital growth
  • Asian economies continue to offer some of the highest growth rates in the world
  • With some companies the world’s leaders in their industries, exposure to them can provide access to exciting growth sectors

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.83%
Bid / Offer spread
0.48%

Codes

ISIN
GB00B409KQ03
SEDOL
B409KQ0
Bloomberg
LEGFARI LN
MEX
LGASIA

Dealing information

Valuation frequencyDaily, 12pm (UK time)
Dealing frequencyDaily
Settlement periodT+4

Find out more about price basis methodologies: View Guide to investing with us

Country registration

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

Fund updates

Monthly commentary

As at

After a strong start to the year, there was a dramatic turn of fortunes during May in what proved a very difficult month for global equity markets.

Against this backdrop, Asia ex Japan equities fell 3.3% in May, though saw diverging performance at the country level. China and Korea were two of the bigger underperformers. Unsurprisingly, technology was particularly weak after President Trump placed Chinese telecom company, Huawei, on a trade blacklist.

For China, domestic activity readings showed some signs of fragility. The equity market suffered as concerns over higher tariffs clouded the outlook for economic growth. Korea and Taiwan were additionally impacted by the negative performance of tech companies and fears over their exposure to global trade.

On the flipside, Australia performed well. Shares in Australian bank stocks jumped after a surprise election result which saw Prime Minister Scott Morrison retain seat of power. Indian equities also benefited following Modi’s landslide victory in the Indian election, which ensured continuity of policy stability.

For the fund, the Asian Income Trust reported a negative return of -1.6% in the period. However, the portfolio outperformed its benchmark and peer group. Both stock selection and country allocation were positive contributors. This was driven by the benefit from our overweight in Australia, where we saw good selection, and the underweight in China, which added value. Elsewhere, the underweight allocation in Korea was helpful, though this was offset by Macau, which was the core negative.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 May 2019

    Cumulative Fund Benchmark
    1 month -1.59 -3.31
    6 months 6.32 4.12
    Year to date 7.97 6.74
    3 years 52.71 52.44
    5 years 49.97 58.01
    Since launch 75.72 -
    Annualised Fund Benchmark
    1 year 0.03 -3.12
    3 years 15.16 15.09
    5 years 8.44 9.58
    Since launch 8.66 -

    As at 31 Mar 2019

    Cumulative Fund Benchmark
    Quarterly 7.95 8.60
    Year to date 7.95 8.60
    3 years 49.05 50.74
    5 years 55.09 66.83
    Since launch 75.68 -
    Annualised Fund Benchmark
    1 year 7.79 4.13
    3 years 14.23 14.66
    5 years 9.17 10.77
    Since launch 8.88 -
    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 13.54 -8.35 39.77 -1.07 7.79
    Benchmark 20.03 -7.80 36.79 5.98 4.13

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund 7.75 -8.84 35.82 14.19 -4.90
    Benchmark 10.05 -3.48 28.66 23.37 -8.51

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 0.03 15.16 8.44 8.66
    Benchmark -3.12 15.09 9.58 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 7.79 14.23 9.17 8.88
    Benchmark 4.13 14.66 10.77 -

    Performance for the C Acc unit class in GBP, launched on 01 September 2015. 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 Inc unit class in GBP, launched on 01 September 2015. 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 E Acc unit class in GBP, launched on 31 October 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 guide to the future.

    Performance for the E Inc unit class in GBP, launched on 16 August 1985. 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 F Acc unit class in GBP, launched on 20 December 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 guide to the future.

    Performance for the F Inc unit class in GBP, launched on 20 December 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 guide to the future.

    Performance for the I 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 guide to the future.

    Performance for the I 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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    Performance for the R Acc unit class in GBP, launched on 24 December 2004. 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 R Inc unit class in GBP, launched on 24 December 2004. 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 unit class in GBP, launched on 18 April 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.

    Past performance is not a guide to the future.

    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 guide to the future.

    Portfolio

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

    Sector (%)

    Financials 29.2
    Industrials 18.0
    Telecommunications 13.7
    Consumer Services 11.7
    Basic Materials 8.4
    Technology 7.9
    Oil & Gas 5.3
    Utilities 3.4
    Consumer Goods 2.4

    Market capitalisation (%)

    Large 81.5
    Mid 12.3
    Small 2.2
    Micro 0.0
    Cash and Equivalents 4.0

    Cash positions are held as collateral on futures

    Top 10 holdings 34.1
    Rest of portfolio 65.9
    No. of holdings 57

    Top 10 holdings (%)

    Transurban Group 4.7
    Taiwan Semiconductor Manufacturing 4.0
    China Mobile 3.6
    Telstra Corp 3.6
    China Construction Bank 3.5
    Qantas Airways 3.4
    Westpac Banking Corp 3.2
    Amcor 2.9
    DBS Group Holdings 2.7
    Orica 2.4

    Country (%)

    Australia 31.9
    China 20.9
    Taiwan 10.6
    Hong Kong 9.7
    Singapore 7.8
    India 6.5
    Korea 4.3
    Thailand 3.4
    New Zealand 3.3
    Other 1.7

    Top 5 stock over/underweights (%)

    Fund Relative
    Transurban Group 4.7 4.3
    Telstra Corp 3.6 3.4
    Qantas Airways 3.4 3.4
    China Mobile 3.6 2.7
    Amcor 2.9 2.7
    Commonwealth Bank of Australia 0.0 -1.8
    AIA Group Ltd 0.0 -2.1
    Samsung Electronics 0.0 -3.1
    Alibaba Group Holding 0.0 -3.3
    Tencent Holdings 0.0 -4.3

    Fund Manager

    Paul joined LGIM in 2006 and is the lead fund manager for the Asian income portfolios. He has managed the Asian Income Trust since its inception. He began his investment career in 1991 at Phillips and Drew Fund Management, now called UBS Global Asset Management, and developed broad experience across UK, Europe, Japan and, predominantly, Asia ex Japan, over subsequent years. At LGIM Paul launched the Asian Income Trust in November 2008 and in 2013 formed the Global Income Team which, together with Andrew Koch, Stephen Message and Veeral Gandhi forms the core of the firm’s equity income expertise. He read engineering, economics and management at Lincoln College, Oxford University, and is an associate of the Society of Investment Professionals.

    Paul Hilsley

    Literature

    Income

    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

    Dividend history

    Total dividends paid in each financial year of the fund.

    Prices

    Name
    I GBP Acc
    Bid price
    932.30p
    Offer price
    936.70p
    Absolute change
    -0.0024
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    571.80p
    Offer price
    574.40p
    Absolute change
    -0.0015
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    908.00p
    Offer price
    912.20p
    Absolute change
    -0.0026
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    556.30p
    Offer price
    558.80p
    Absolute change
    -0.0016
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    874.40p
    Offer price
    878.60p
    Absolute change
    -0.0028
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    535.60p
    Offer price
    538.00p
    Absolute change
    -0.0017
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    88.97p
    Offer price
    89.38p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    76.16p
    Offer price
    76.52p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    n/a
    Bid price
    n/a
    Offer price
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    Absolute change
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    Currency
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    Price time
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    Offer price
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    n/a
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    Name
    L GBP Acc
    Bid price
    51.54p
    Offer price
    51.78p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    n/a
    Bid price
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    Offer price
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    Price time
    n/a
    Name
    GBP
    Bid price
    -
    Offer price
    -
    Absolute change
    -
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    GBP
    Bid price
    -
    Offer price
    -
    Absolute change
    -
    Currency
    GBP
    Price time
    12:00 UK time

    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
    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.

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    Source and third party data

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    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

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