Unit Trust (UCITS compliant)

Legal & General European Trust

Fund facts

Fund size
£133.1m
Base currency
GBP
Launch date
9 Sep 1985
Domicile
UK
Share class launch

Statistics

Historical yield
0.2%

As at 31 May 2019

Fund aim

The objective of this fund is to provide growth. The fund will typically invest between 90% and 100% in company shares. The fund will invest in a broad range of company shares from all economic sectors. The company shares that the fund invests in will be exclusively from Europe (excluding the UK). These shares will be issued by leading industrial and commercial companies as well as newly emerging companies.

Benchmark

FTSE World Europe ex UK Index

Sector

IA Europe ex UK

  • Focuses on investing in shares listed throughout Europe, excluding the UK, with the aim of providing long-term capital growth
  • Europe is a diverse range of countries, economies and currencies with a wealth of investment opportunities
  • We aim to focus on identifying companies where returns are sustainably high or where improvements are anticipated

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

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. While macro data continues to suggest slowing global growth, much of the current perceived risk in financial markets appears driven by few financial indicators, as the unfolding economic conflict led to a return of recession fears.

In Europe, elections were in focus, though there were no surprise outcomes. The second estimate of Eurozone quarterly GDP growth was confirmed at 0.4%, with consumption and investment making positive contributions. However, sentiment indicators and PMI readings were more mixed.

There were few hiding places as the majority of countries saw negative returns during the month. Cyclical industries were hit especially hard, notably resources and industrials. Conventional defensives saw relative outperformance, which extended to other safe haven assets. At the country level, there was a wide divergence in performance, as illustrated between the resolute Swiss market and Italian equities, which suffered most. From a style perspective, value stocks underperformed, while low beta and quality stood out.

For the L&G European Trust, the fund delivered a negative return of -6.2%. Stock selection and sector allocation were both detrimental to performance. By sector, selection in tech hardware, basic materials and consumer goods was the biggest disappointment. The portfolio’s underweight allocation in healthcare and utilities was also unhelpful. At the country level, selection and positioning in Switzerland detracted most value.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 May 2019

    Cumulative Fund IA Sector
    1 month -6.23 -2.66
    6 months 2.65 3.70
    Year to date 7.21 9.64
    3 years 20.48 31.58
    5 years 24.56 37.25
    Since launch - -
    Annualised Fund IA Sector
    1 year -15.08 -3.57
    3 years 6.41 9.58
    5 years 4.49 6.53
    Since launch - -

    As at 31 Mar 2019

    Cumulative Fund IA Sector
    Quarterly 7.19 7.34
    Year to date 7.19 7.34
    3 years 20.59 29.02
    5 years 26.18 35.53
    Since launch - -
    Annualised Fund IA Sector
    1 year -11.01 -1.63
    3 years 6.44 8.86
    5 years 4.76 6.27
    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 2015 2016 2017 2018 2019
    Fund 7.34 -2.52 22.98 10.18 -11.01
    IA Sector 6.93 -1.76 24.05 5.77 -1.63

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund 0.96 7.95 17.97 17.23 -18.92
    IA Sector -0.81 9.29 16.85 17.36 -12.36

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund -15.08 6.41 4.49 -
    IA Sector -3.57 9.58 6.53 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund -11.01 6.44 4.76 -
    IA Sector -1.63 8.86 6.27 -

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

    Sector (%)

    Consumer Goods 25.4
    Technology 18.0
    Industrials 14.2
    Consumer Services 9.9
    Financials 8.6
    Health Care 8.5
    Basic Materials 8.2
    Oil & Gas 5.7
    Unclassified 1.6

    Market capitalisation (%)

    Large 72.0
    Mid 9.4
    Small 9.2
    Micro 4.8
    Cash and Equivalents 4.7

    Cash positions are held as collateral on futures

    Top 10 holdings 39.1
    Rest of portfolio 60.9
    No. of holdings 35

    Top 10 holdings (%)

    Adyen 4.6
    Varta AG NPV (Germany) 4.3
    Campari 4.3
    Ferrari 4.2
    Teleperformance 4.0
    SAP 3.8
    UBS Group 3.6
    Schibsted 3.5
    Novo Nordisk 3.5
    Ubisoft Entertainment 3.4

    Country (%)

    Germany 24.4
    France 14.2
    Italy 14.0
    Netherlands 13.7
    Switzerland 8.4
    Spain 6.6
    Norway 4.9
    Denmark 3.5
    Austria 2.9
    Other 7.4

    Top 5 stock over/underweights (%)

    Fund Relative
    Adyen 4.6 4.4
    Varta AG NPV (Germany) 4.3 4.3
    Campari 4.3 4.2
    Ferrari 4.2 3.9
    Teleperformance 4.0 3.9
    LVMH 0.0 -1.5
    Total 0.0 -2.1
    Roche Hldgs (Genus) 0.0 -3.0
    Novartis 0.0 -3.0
    Nestle 0.0 -4.9

    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.

    Gavin Launder

    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
    478.70p
    Offer price
    479.60p
    Absolute change
    0.0445
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    417.20p
    Offer price
    418.00p
    Absolute change
    0.0388
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    467.00p
    Offer price
    467.90p
    Absolute change
    0.0433
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    415.30p
    Offer price
    416.10p
    Absolute change
    0.0387
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    450.30p
    Offer price
    451.20p
    Absolute change
    0.0416
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    408.90p
    Offer price
    409.70p
    Absolute change
    0.0378
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    46.16p
    Offer price
    46.25p
    Absolute change
    0.0043
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    45.77p
    Offer price
    45.86p
    Absolute change
    0.0043
    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
    n/a
    Bid price
    n/a
    Offer price
    n/a
    Absolute change
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    L GBP Acc
    Bid price
    50.01p
    Offer price
    50.11p
    Absolute change
    0.0047
    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