Unit Trust (UCITS compliant)

Legal & General High Income Trust

Great minds don’t actually think alike

If we all thought the same our High Income Trust would be like any other fund. But it’s not. By drawing on our extensive research capabilities, and defying convention by utilizing the diverse expertise of his team, Fund Manager Martin Reeves analyses trends in economies and valuations. Using this unconventional approach, they uncover uncharted fixed income opportunities across the globe. Identifying opportunities in emerging markets that others would simply never spot. It just goes to show, thinking a little differently can go a long way.

Reasons to invest

  • A global high yield fund with a unique, macro-thematic approach which aims to provide an attractive level of income
  • A rigorous investment process supported by focused credit research and a keen awareness of behavioural finance
  • An experienced, dedicated team with a strong record of value creation

Unlocking the potential of global high yield markets

Martin Reeves, Head of Global High Yield
Sophia Hunt, Fixed Income Product Specialist

Performance snapshot (%)

1 year 3 years 5 years
Return 2.85 13.38 21.82

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

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

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

Source: Lipper. Net of fees and tax X 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
£1,366.2m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Annualised yield
5.8%
Modified duration
3.69 years

As at 30 Sep 2019

Fund aim

The objective of the Fund is to provide income and growth above those of the Bank of America Merrill Lynch composite (the “Benchmark”). The Fund aims to outperform the Benchmark by 1% per annum in order to achieve a high income. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

The composite is made up of 95% Merrill Lynch Global High Yield BB-B Rated 2% Constrained Ex-Financial (GBP Hedged) Index and 5% Merrill Lynch British Pound LIBID Overnight Index

Sector

IA £ High Yield

  • What does it invest in? Invests in sub-investment grade (or high yield) bonds issued by companies around the world.
  • How does it invest? Actively managed, with the ability to invest at least 70% in bonds with a sub-investment grade (higher risk) credit rating. May also invest in bonds with an investment grade (lower risk) credit rating, and securities with bond-like features.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.41%
Bid / Offer spread
1.08%

Codes

ISIN
GB00B0CNHJ41
SEDOL
B0CNHJ4
Bloomberg
NATHIIA
MEX
LGITA

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

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Sep 2019

    Cumulative Fund Benchmark
    1 month 0.50 0.29
    6 months 2.70 3.00
    Year to date 8.73 9.18
    3 years 13.38 13.18
    5 years 21.82 23.75
    Since launch - -
    Annualised Fund Benchmark
    1 year 2.85 5.58
    3 years 4.27 4.21
    5 years 4.02 4.35
    Since launch - -

    As at 30 Sep 2019

    Cumulative Fund Benchmark
    Quarterly 0.57 0.80
    Year to date 8.73 9.18
    3 years 13.38 13.18
    5 years 21.82 23.75
    Since launch - -
    Annualised Fund Benchmark
    1 year 2.85 5.58
    3 years 4.27 4.21
    5 years 4.02 4.35
    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 -3.98 11.90 9.43 0.74 2.85
    Benchmark -2.61 12.26 6.77 0.41 5.58

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund 1.45 -2.58 15.55 9.18 -6.16
    Benchmark 3.02 -1.92 13.93 5.97 -3.22

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 2.85 4.27 4.02 -
    Benchmark 5.58 4.21 4.35 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 2.85 4.27 4.02 -
    Benchmark 5.58 4.21 4.35 -

    Performance for the A Acc unit class in GBP, launched on 26 August 2005. 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 A Inc unit class in GBP, launched on 26 August 2005. 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 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 F 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 G 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 G 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 I Acc unit class in GBP, launched on 26 August 2005. 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 26 August 2005. 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 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 01 November 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 R Inc unit class in GBP, launched on 01 November 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 X Acc unit class in GBP, launched on 27 March 2008. 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 X Inc unit class in GBP, launched on 27 March 2008. 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 14 August 2006. 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.

    Currency (%)

    USD 85.3
    EUR 11.8
    GBP 3.0

    This is the currency breakdown before allowing for any hedging the fund may use. We aim to hedge the portfolio 100% back to the base currency.

    Years to maturity (%)

    0 to 5 67.5
    5 to 10 25.5
    10 to 15 3.7
    15 to 20 0.8
    20 to 25 0.9
    25 to 30 1.2
    30 + 0.4

    Based on final maturity, however many high yield bonds have a callable feature and so could be redeemed at an earlier date.

    Credit rating (%)

    BBB 1.0
    BB 37.2
    B 50.6
    CCC 5.9
    NR 0.3
    Cash 4.9
    Other 0.1
    Ratings based on the ICE BofAML rating methodology.

    Sector (%)

    Energy / E&P 14.8
    Homebuilders / materials 11.4
    Telecommunications 8.8
    Healthcare 8.2
    Retailers 5.8
    Metals / Mining 5.5
    Gaming 4.7
    Cash 4.3
    Food / Drink 4.2
    Other 32.3

    Region (%)

    US 56.0
    BRIC 15.0
    UK 11.9
    Europe 8.3
    Asia 1.6
    Other 7.3
    Top 10 issuers 15.5
    Rest of portfolio 84.5
    No. of issuers 269

    Top 10 issuers (%)

    Petroleo Brasileiro SA 2.4
    Sprint Communications Inc 1.8
    Teva Pharm Finance Llc 1.7
    Evergrande Real Estate Group Ltd 1.7
    Scientific Games Corp 1.5
    CSC Holdings Inc 1.4
    Commscope Holding Co Inc 1.3
    Virgin Media Secured Finance Plc 1.3
    Tenet Healthcare Corporation 1.2
    Neptune Energy Group Ltd 1.2

    Fund Manager

    Martin Reeves is Head of Global High Yield. Prior to joining LGIM in 2011, Martin ran Credit Research at AllianceBernstein where he had worked since 1998. Prior to Alliance Bernstein Martin was Head of US High Yield Research at UBK Asset Management and a Chartered Accountant with Ernst & Young. Martin holds an MA in Economics from Cambridge University, St Catharine's College.

    Martin Reeves

    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
    141.60p
    Offer price
    143.70p
    Absolute change
    -0.001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    46.43p
    Offer price
    47.15p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    135.80p
    Offer price
    137.90p
    Absolute change
    -0.0009
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    46.83p
    Offer price
    47.56p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    130.20p
    Offer price
    132.10p
    Absolute change
    -0.0009
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    46.41p
    Offer price
    47.13p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    50.98p
    Offer price
    51.77p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    49.29p
    Offer price
    50.06p
    Absolute change
    -0.0003
    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 ICE Data Indices, LLC (“ICE Data”), is used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend Legal & General Investment Management, or any of its products or services.