Unit Trust (UCITS compliant)

Legal & General Growth Trust

It’s a stock eat stock world

It’s survival of the fittest. A Growth Trust with a high conviction portfolio of just 25 stocks governed by a strict rule of thumb: one in, one out. Through extensive bottom-up fundamental analysis and the application of GARP style investing. Gavin Launder and his team analyse the growth potential of each of their 25 stocks to make sure they’re worthy of survival. If a stronger stock comes along, we wave goodbye to the weak performers. It’s cut-throat, but it’s effective and our track record proves it.

Reasons to invest

  • A high-conviction, growth fund consisting of 25, broadly equally weighted positions
  • Extensive bottom-up analysis assesses the long-term growth potential of each position
  • A ‘one in, one out’ approach to stock selection, focuses on only the highest conviction ideas and promotes a strong sell-discipline

The tech disruption has only just begun

Gavin Launder, Senior Fund Manager

Performance snapshot (%)

1 year3 years5 years
Return-12.19-1.7630.87
Quartile rank221

Source: Lipper. Net of fees and tax C Acc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax C Inc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax E Acc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax E Inc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax F Acc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax F Inc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax I Acc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax I Inc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax L Acc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax R Acc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax R Inc unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax unit class, data as at 30 Apr 2020. Past performance is no guide to future performance.

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
£195.3m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Historical yield
1.1%

As at 30 Apr 2020

Fund aim

The objective of the Fund is to provide growth above that of the FTSE All Share 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 All Share TR Net Index +4%

Sector

IA UK All Companies

  • What does it invest in? Invests at least 90% in the shares of UK companies that the manager believes have strong growth prospects.
  • How does it invest? Actively managed, with holdings in 25 companies on average over a typical market cycle of 3-5 years, which means the fund will be concentrated.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.78%
Bid / Offer spread
0.76%

Codes

ISIN
GB00B28PVN01
SEDOL
B28PVN0
Bloomberg
LGGROIA
MEX
LGGTAI

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

Equity markets performed well through April as they recovered from March lows. 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.

For UK equity markets, we saw a broad continuation of good returns for defensives, structural winners and momentum. At the size level, Mid-caps found favour at the expense of Large caps. Corporate earnings season has been no worse than feared, though has less relevance given economic damage is likely to accelerate through Q2. Elsewhere, the oil price volatility has been extraordinary, with fears of a global glut driven by slumping demand and capacity constraints.

The L&G Growth Trust rebounded very strongly in April as it delivered a positive return of 22.9%. This was mostly driven by stock selection in both consumer sectors, though there were also sizeable gains within support services and our chemicals exposure. On positioning, the zero exposure to energy and utilities added value. The only notable negative was the underweight in healthcare, as the sector continues to perform well. At the stock level, leading outperformers were ASOS, Boohoo, Fever-tree, Ocado Group, Just Eat Takeaway, Rentokil and Ashtead. In respect of trading activity, we introduced a new position in Croda, which has a degree of resilience from its product portfolio and providers exposure to several consumer growth themes. On the flipside, we exited Weir Group.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Apr 2020

    CumulativeFundIA Sector
    1 month22.9010.28
    6 months-11.49-14.77
    Year to date-18.17-20.62
    3 years-1.76-7.18
    5 years30.876.48
    Since launch--
    AnnualisedFundIA Sector
    1 year-12.15-14.66
    3 years-0.59-2.45
    5 years5.521.26
    Since launch--

    As at 31 Mar 2020

    CumulativeFundIA Sector
    Quarterly-33.41-28.02
    Year to date-33.41-28.02
    3 years-18.04-14.56
    5 years7.08-1.57
    Since launch--
    AnnualisedFundIA Sector
    1 year-20.50-19.11
    3 years-6.41-5.10
    5 years1.38-0.31
    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
    Fund4.5724.942.340.79-20.55
    IA Sector-2.4818.132.742.79-19.15

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund15.2015.2113.22-14.5133.17
    IA Sector4.5711.1914.03-11.1222.42

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-12.15-0.595.52-
    IA Sector-14.66-2.451.26-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-20.50-6.411.38-
    IA Sector-19.11-5.10-0.31-

    Performance for the C Acc unit class in GBP, launched on 12 December 2017. 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 12 December 2017. 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 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 E 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 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 13 November 2007. 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 13 November 2007. 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.

    Performance for the unit class in GBP, launched on 31 July 2007. 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 Apr 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Market capitalisation (%)

    Large47.7
    Mid49.1
    Small0.0
    Micro0.0
    Cash and Equivalents3.2
    Top 10 holdings42.5
    Rest of portfolio57.5
    No. of holdings25

    Top 10 holdings (%)

    Ashtead Group4.4
    ASOS4.4
    VIVO Energy4.3
    Boohoo Group Plc4.3
    St. James's Place4.2
    B&M European Value Retail4.2
    Just Eat Takeaway.Com4.2
    Aveva Group4.2
    3I Group4.2
    Rentokil Initial4.1

    Country (%)

    United Kingdom100.0

    Top sector over/underweights (%)

    FundRelative
    Consumer Services35.323.9
    Industrials16.44.7
    Unclassified4.04.0
    Technology4.23.1
    Telecommunications3.91.6
    Utilities0.0-3.5
    Consumer Goods11.9-4.3
    Health Care3.9-7.9
    Financials16.4-8.9
    Oil & Gas0.0-9.2

    Top 5 stock over/underweights (%)

    FundRelative
    ASOS4.44.4
    Boohoo Group Plc4.34.3
    VIVO Energy4.34.3
    B&M European Value Retail4.24.1
    Aveva Group4.24.1
    British American Tobacco0.0-3.8
    GlaxoSmithKline0.0-4.4
    HSBC Holdings0.0-4.5
    Royal Dutch Shell0.0-5.6
    AstraZeneca0.0-5.9

    Fund Manager

    Gavin joined LGIM in 2007 and has been the Fund Manager for the UK Growth Trust since September 2014. 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 to this, he was a top-rated, sell-side analyst covering the Autos, Capital Goods and Conglomerates sectors at investment banks including SG Warburg (now part of UBS) 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
    119.10p
    Offer price
    120.00p
    Absolute change
    0.0603
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    89.31p
    Offer price
    90.07p
    Absolute change
    0.0452
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    112.10p
    Offer price
    112.90p
    Absolute change
    0.0567
    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
    107.10p
    Offer price
    107.90p
    Absolute change
    0.0541
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    89.04p
    Offer price
    89.80p
    Absolute change
    0.045
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    51.82p
    Offer price
    52.26p
    Absolute change
    0.0262
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    50.35p
    Offer price
    50.78p
    Absolute change
    0.0255
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    47.15p
    Offer price
    47.54p
    Absolute change
    0.0239
    Currency
    GBP
    Price time
    12:00 UK time
    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
    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.