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 year 3 years 5 years
Return -2.29 21.08 59.89
Quartile rank - - -

Source: Lipper. Net of fees and tax C Acc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax C Inc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax E Acc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax E Inc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax F Acc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax F Inc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax I Acc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax I Inc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax L Acc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax R Acc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax R Inc unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax unit class, data as at 30 Sep 2019. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax unit class, data as at 30 Sep 2019. 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.

Fund facts

Fund size
£212.1m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Historical yield
0.6%

As at 30 Sep 2019

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

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
0.82%

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

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.

In politics, the US presidential impeachment inquiry and the UK Supreme Court verdict against UK Prime Minister Boris Johnson has added to the medley of macro challenges. Meanwhile, the back and forth in the trade tariff news flow shows no sign of abating. Central banks announced more monetary easing in response to inflation and economic worries.

UK equities outperformed as the potential ‘no deal’ Brexit risks fade. Crowded positioning and stretched valuations inevitably made growth names vulnerable to a broadening of the macro slowdown. This helped fuel a rotation into cyclical value and domestically-focused stocks. In terms of sectors, the best performers were Financials, Telecoms and Energy. The laggards came from Consumer Goods and Healthcare.

Fund performance was broadly in line with the index return, which we consider a positive given the obvious drag from style rotation. Sector allocation detracted value, driven largely by the underweight in Banks and Oils. However, stock selection was a positive contributor, led by JD Sports, Boohoo and TUI Group. Online food takeaway business Just Eat was the only notable detractor.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Sep 2019

    Cumulative Fund IA Sector
    1 month 2.75 2.70
    6 months 7.95 4.92
    Year to date 20.49 14.35
    3 years 21.08 20.29
    5 years 59.89 36.99
    Since launch - -
    Annualised Fund IA Sector
    1 year -2.29 0.03
    3 years 6.58 6.35
    5 years 9.84 6.49
    Since launch - -

    As at 30 Sep 2019

    Cumulative Fund IA Sector
    Quarterly 2.75 1.08
    Year to date 20.49 14.35
    3 years 21.08 20.29
    5 years 59.89 36.99
    Since launch - -
    Annualised Fund IA Sector
    1 year -2.29 0.03
    3 years 6.58 6.35
    5 years 9.84 6.49
    Since launch - -
    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 8.07 22.20 12.25 10.39 -2.29
    IA Sector 1.70 11.98 13.84 5.63 0.03

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund -1.12 15.20 15.21 13.22 -14.51
    IA Sector 0.58 4.57 11.19 14.03 -11.12

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund -2.29 6.58 9.84 -
    IA Sector 0.03 6.35 6.49 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund -2.29 6.58 9.84 -
    IA Sector 0.03 6.35 6.49 -

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

    Market capitalisation (%)

    Large 43.7
    Mid 55.2
    Small 0.0
    Micro 0.0
    Cash and Equivalents 1.1
    Top 10 holdings 41.4
    Rest of portfolio 58.6
    No. of holdings 26

    Top 10 holdings (%)

    Cineworld Group 4.3
    RWS Holdings 4.2
    Abcam 4.2
    Rentokil Initial 4.2
    Sophos Group 4.2
    VIVO Energy 4.1
    Melrose Industries Plc 4.1
    Ocado Group 4.1
    JD Sports Fashion 4.1
    Fever-Tree Drinks 4.1

    Country (%)

    United Kingdom 97.1
    Germany 2.9

    Top sector over/underweights (%)

    Fund Relative
    Consumer Services 40.6 28.6
    Industrials 19.4 7.8
    Technology 8.2 7.1
    Unclassified 4.2 4.2
    Utilities 0.0 -2.7
    Telecommunications 0.0 -2.8
    Basic Materials 0.0 -7.4
    Oil & Gas 0.0 -13.2
    Financials 7.9 -17.9

    Top 5 stock over/underweights (%)

    Fund Relative
    RWS Holdings 4.2 4.2
    Abcam 4.2 4.2
    Cineworld Group 4.3 4.2
    VIVO Energy 4.1 4.1
    Sophos Group 4.2 4.1
    GlaxoSmithKline 0.0 -3.7
    AstraZeneca 0.0 -4.1
    BP 0.0 -4.5
    HSBC Holdings 0.0 -5.5
    Royal Dutch Shell 0.0 -8.3

    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.

    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
    127.00p
    Offer price
    127.90p
    Absolute change
    -0.0168
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    95.52p
    Offer price
    96.22p
    Absolute change
    -0.0127
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    119.70p
    Offer price
    120.40p
    Absolute change
    -0.0159
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    96.30p
    Offer price
    97.01p
    Absolute change
    -0.0126
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    114.70p
    Offer price
    115.40p
    Absolute change
    -0.0152
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    95.32p
    Offer price
    96.02p
    Absolute change
    -0.0124
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    55.18p
    Offer price
    55.58p
    Absolute change
    -0.0073
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    53.85p
    Offer price
    54.24p
    Absolute change
    -0.0071
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    50.09p
    Offer price
    50.45p
    Absolute change
    -0.0066
    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
    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: LGI[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.