Unit Trust (UCITS compliant)

Legal & General Asian Income Trust

Asset Management Market Study

In response to the Asset Management Market Study, we have (i) updated our fund investment objectives and policies so they are clearer and more useful for investors and (ii) explained why and how our funds use particular benchmarks or, if they do not use a benchmark, how investors should assess the performance of a fund.

Updated KIIDs and prospectuses are available for the UK authorised funds. The fact sheets with the new disclosures will be available from September 2019. For further information on the Asset Management Market Study, please download our frequently asked questions.

The way we manage the funds, and the risk profiles associated with our funds, has not changed. Full details of the clarifications we’ve made to our funds, please download our UK fund updates.

Fund facts

Fund size
£416.3m
Base currency
GBP
Launch date
10 Nov 2008
Domicile
UK
Share class launch

Statistics

Historical yield
4.2%

As at 30 Sep 2019

Fund aim

The objective of the Fund is to provide income and growth above those of the FTSE Asia Pacific ex-Japan TR Net Index (the “Benchmark Index”). The Fund aims to outperform the Benchmark Index by 2% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

FTSE Asia Pacific ex-Japan TR Net Index

Sector

IA Asia Pacific ex Japan

  • What does it invest in? Invests at least 80% in shares in companies throughout Asia, including Australasia, but excluding Japan.
  • How does it invest? Actively managed, with holdings in between 40 and 80 companies on average over a typical market cycle of 3-5 years.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.83%
Bid / Offer spread
0.47%

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

September was a positive month for equities despite ongoing political and growth concerns. We saw a reversal of August trends as real rates backed up, equities rose and gold posted its weakest month of the year. However, arguably the biggest event in the period was the style factor rotation out of growth and momentum towards value.

Asia Pacific ex Japan equities rose 0.7% in September. By region, Australia outperformed, as the banks and materials sectors rallied. South Korea was the strongest performer in the region, helped by better prospects for memory prices which led to strong rallies for Samsung and SK Hynix. Taiwan performed well as a number of suppliers to Apple benefited from better demand prospects for the company’s new smartphones. On the flipside, China underperformed, as weaker economic data was met by muted stimulus from policymakers. Hong Kong was also weak, as protests continued in the city which had a negative impact on sentiment. Indonesia fell following protests concerning attempts to pass more socially conservative laws.

The fund delivered a positive return of 1.4% in the period. Stock selection in China and positive country allocation from our underweight positioning made a sizeable positive contribution. Elsewhere, good selection in New Zealand and Taiwan helped returns. the stock level, Fletcher Building, Catcher Technology and Coal India were the main winners. Not owning Alibaba also added value. For activity, we increased our position in Bangkok Bank on the back of weakness post Q2 results and exited the remaining position in ESR-Reit.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Sep 2019

    Cumulative Fund Benchmark
    1 month 1.44 0.67
    6 months 3.34 2.58
    Year to date 11.56 11.41
    3 years 25.37 26.82
    5 years 52.35 61.23
    Since launch 81.55 -
    Annualised Fund Benchmark
    1 year 6.41 4.12
    3 years 7.83 8.24
    5 years 8.78 10.02
    Since launch 8.73 -

    As at 30 Sep 2019

    Cumulative Fund Benchmark
    Quarterly -0.64 -0.75
    Year to date 11.56 11.41
    3 years 25.37 26.82
    5 years 52.35 61.23
    Since launch 81.55 -
    Annualised Fund Benchmark
    1 year 6.41 4.12
    3 years 7.83 8.24
    5 years 8.78 10.02
    Since launch 8.73 -
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 September 2015 2016 2017 2018 2019
    Fund -13.32 40.20 13.50 3.80 6.41
    Benchmark -8.03 38.24 15.75 5.23 4.12

    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 6.41 7.83 8.78 8.73
    Benchmark 4.12 8.24 10.02 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 6.41 7.83 8.78 8.73
    Benchmark 4.12 8.24 10.02 -

    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 30 Sep 2019. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Sector (%)

    Financials 27.7
    Industrials 16.8
    Telecommunications 13.3
    Consumer Services 12.4
    Technology 8.4
    Basic Materials 8.1
    Oil & Gas 6.2
    Utilities 3.3
    Consumer Goods 3.0
    Unclassified 0.9

    Market capitalisation (%)

    Large 85.7
    Mid 10.1
    Small 2.3
    Micro 0.0
    Cash and Equivalents 1.9
    Top 10 holdings 34.8
    Rest of portfolio 65.2
    No. of holdings 57

    Top 10 holdings (%)

    Taiwan Semiconductor Manufacturing 4.6
    Transurban Group 4.3
    China Mobile 3.9
    Qantas Airways 3.7
    Westpac Banking Corp 3.4
    China Construction Bank 3.4
    Telstra Corp 3.3
    Petrochina 3.0
    DBS Group Holdings 2.7
    Orica 2.5

    Country (%)

    Australia 31.1
    China 22.4
    Taiwan 11.3
    Hong Kong 8.8
    Singapore 7.3
    India 6.0
    Korea 4.7
    New Zealand 3.3
    Thailand 3.3
    Other 1.6

    Top 5 stock over/underweights (%)

    Fund Relative
    Transurban Group 4.3 3.9
    Qantas Airways 3.7 3.6
    China Mobile 3.9 3.1
    Telstra Corp 3.3 3.1
    Petrochina 3.0 2.9
    Commonwealth Bank of Australia 0.0 -1.7
    AIA Group Ltd 0.0 -2.0
    Samsung Electronics 0.0 -3.3
    Alibaba Group Holding 0.0 -4.1
    Tencent Holdings 0.0 -4.1

    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
    895.20p
    Offer price
    900.20p
    Absolute change
    -0.0372
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    538.50p
    Offer price
    541.50p
    Absolute change
    -0.0227
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    871.10p
    Offer price
    875.90p
    Absolute change
    -0.0363
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    523.50p
    Offer price
    526.40p
    Absolute change
    -0.0221
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    837.70p
    Offer price
    842.40p
    Absolute change
    -0.0351
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    503.20p
    Offer price
    506.00p
    Absolute change
    -0.0213
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    85.47p
    Offer price
    85.95p
    Absolute change
    -0.0036
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    71.78p
    Offer price
    72.18p
    Absolute change
    -0.003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    49.61p
    Offer price
    49.88p
    Absolute change
    -0.0021
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    n/a
    Bid price
    n/a
    Offer price
    n/a
    Absolute change
    n/a
    Currency
    n/a
    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.

    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

    Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). ©LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.