Unit Trust (UCITS compliant)

Legal & General European 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.

A full copy of the Legal & General Investment Management Assessment of Value report can be found on our value assessment page which outlines further information on each of the funds assessed, and any steps we are taking following the assessment.

Fund facts

Fund size
£129.6m
Base currency
GBP
Launch date
9 Sep 1985
Domicile
UK
Share class launch

Statistics

Historical yield
0.6%

As at 30 Apr 2020

Fund aim

The objective of the Fund is to provide growth above that of the FTSE World Europe ex UK TR Net Index, the “Benchmark Index”. The Fund aims to outperform the Benchmark Index by 4% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

FTSE World Europe ex UK TR Net Index +4%

Sector

IA Europe ex UK

  • What does it invest in? Invests at least 90% in shares of European companies, excluding the UK.
  • How does it invest? Actively managed, with holdings in between 10 and 50 companies on average over a typical market cycle of 3-5 years, which means the fund may be concentrated at times.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.81%
Bid / Offer spread
0.22%

Codes

ISIN
GB00B7J5FY33
SEDOL
B7J5FY3
Bloomberg
LGEUTIA LN
MEX
LGEUTR

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

European equity markets performed well through April as they recovered from March lows. Investors appeared willing to look through the sharp downturn in economic data, as risk sentiment improved with increasing evidence that the curve of the infection rates for the coronavirus virus are progressively peaking. This is encouraging news though there remains a high degree of uncertainty as lockdowns begin to be relaxed globally. Broadly, there was a continuation of good returns for defensives, momentum and quality growth styles. However, with hopes of an end to the crisis, we saw some improvement in cyclicals, value and financials towards the end of the month.

Earnings season is now in full swing. Q1 results arguably carry perhaps the lowest relevance, given the economic damage is largely accelerating. Much of the focus continues to be on balance sheets, financial outlook and dividends. Meanwhile, accommodative central bank policies and some form of lockdown easing is being viewed as a positive for a rebound in economic momentum in H2.

The L&G European Trust continued its strong YTD performance, with an absolute return of 9.4% in April. Stock selection within industrials, materials and both consumer sectors were the leading positive drivers. Sector allocation was broadly neutral. At the company level, structural growth names Shop Apotheke, Alfen, Umicore and Infineon were leading outperformers. There was also good contributions from Nacon, Adyen and SOITEC. For activity, we introduced game producer Embracer Group and wind turbine manufacturer Vestas Wind Systems. Positions in Airbus and Epiroc were sold.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Apr 2020

    CumulativeFundIA Sector
    1 month9.407.35
    6 months1.28-9.52
    Year to date-5.70-12.91
    3 years2.17-0.61
    5 years26.1824.77
    Since launch--
    AnnualisedFundIA Sector
    1 year-0.50-7.09
    3 years0.72-0.20
    5 years4.764.52
    Since launch--

    As at 31 Mar 2020

    CumulativeFundIA Sector
    Quarterly-13.80-18.85
    Year to date-13.80-18.85
    3 years-4.87-5.52
    5 years14.0415.13
    Since launch--
    AnnualisedFundIA Sector
    1 year-2.98-9.14
    3 years-1.65-1.87
    5 years2.662.86
    Since launch--
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 31 March 2016 2017 2018 2019 2020
    Fund-2.5222.9810.18-11.01-2.99
    IA Sector-1.7624.055.77-1.63-9.19

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund7.9517.9717.23-18.9220.64
    IA Sector9.2916.8517.36-12.3620.14

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-0.500.724.76-
    IA Sector-7.09-0.204.52-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-2.98-1.652.66-
    IA Sector-9.14-1.872.86-

    Performance for the C Acc unit class in GBP, launched on 28 February 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 Inc unit class in GBP, launched on 28 February 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 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 09 September 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 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 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.

    Portfolio

    As at 30 Apr 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Sector (%)

    Consumer Goods27.7
    Unclassified19.5
    Technology16.3
    Health Care10.9
    Consumer Services8.1
    Industrials7.2
    Oil & Gas5.6
    Basic Materials3.2
    Telecommunications1.6

    Market capitalisation (%)

    Large64.2
    Mid22.7
    Small8.7
    Micro1.6
    Cash and Equivalents2.8
    Top 10 holdings34.1
    Rest of portfolio65.9
    No. of holdings36

    Top 10 holdings (%)

    Adyen3.7
    Moncler3.6
    Delivery Hero AG3.5
    Teleperformance3.4
    Teamviewer AG3.4
    ASML3.4
    Ferrari3.3
    Essilorluxottica3.3
    SAP3.2
    Varta3.2

    Country (%)

    Germany24.1
    France22.1
    Netherlands19.3
    Italy9.9
    Denmark5.5
    Sweden4.3
    Belgium3.2
    Switzerland2.9
    Finland2.8
    Other5.9

    Top 5 stock over/underweights (%)

    FundRelative
    Moncler3.63.5
    Teamviewer AG3.43.4
    Adyen3.73.3
    Delivery Hero AG3.53.3
    Teleperformance3.43.2
    LVMH0.0-1.7
    Sanofi0.0-1.8
    Novartis0.0-3.2
    Roche Hldgs (Genus)0.0-4.2
    Nestle0.0-5.3

    Fund Manager

    Gavin joined LGIM in 2007 and is a Fund Manager for the European ex UK portfolios. He has managed the European Growth Trust since January 2010. Previously, he was a Global Equities Analyst at BlueBay Asset Management. Gavin spent the majority of his buy-side career as a Portfolio Manager with UBS O’Connor. Prior, he was a top-rated, sell-side analyst covering the Autos, Capital Goods and Conglomerates sectors at investment banks including SG Warburg and Goldman Sachs. Gavin holds a degree in Philosophy and Economics from University College, London.

    GavinLaunder

    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
    532.00p
    Offer price
    533.60p
    Absolute change
    0.1449
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    461.00p
    Offer price
    462.30p
    Absolute change
    0.1255
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    517.90p
    Offer price
    519.40p
    Absolute change
    0.1409
    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
    R GBP Acc
    Bid price
    497.40p
    Offer price
    498.80p
    Absolute change
    0.1351
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    451.60p
    Offer price
    452.90p
    Absolute change
    0.1227
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    51.40p
    Offer price
    51.55p
    Absolute change
    0.014
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    50.57p
    Offer price
    50.71p
    Absolute change
    0.0138
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    55.93p
    Offer price
    56.10p
    Absolute change
    0.0153
    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
    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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. 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.