Unit Trust (UK 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

Performance snapshot (%)

1 year3 years5 years
Return9.7216.4728.93

Source: Lipper. Net of fees and tax A Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax A Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax F Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax F Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax G Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax G Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax I Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax I Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax L Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax L Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax L Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax L Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax R Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax R Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax X Acc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax X Inc unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Source: Lipper. Net of fees and tax unit class, data as at 31 Aug 2021. Past performance is no guide to future performance.

Key Risk Warning

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.

Fund facts

Fund size
£1,353.5m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Annualised yield
5.7%
Modified duration
3.80 years

As at 31 Aug 2021

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 Index”). The Fund aims to outperform the Benchmark Index 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

Bank of America Merrill Lynch Composite

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
Single swing
Initial charge
0.00%
Ongoing charges figure
0.41%
Dilution adjustment
0.69%- round trip

Codes

ISIN
GB00B0CNHJ41
SEDOL
B0CNHJ4
Bloomberg
NATHIIA
MEX
LGITA

Dealing information

Valuation frequencyDaily, 12pm (UK time)
Dealing frequencyDaily
Settlement periodT+4

Country registration

This share class is registered for sale in the following countries:

Fund updates

Performance

Source: Lipper

LIBOR is changing: read more on how future reforms of interbank offered rates may affect your investments with us.

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2021

    CumulativeFundBenchmark
    1 month0.440.65
    6 months1.992.68
    Year to date3.312.81
    3 years16.4716.84
    5 years28.9324.99
    Since launch--
    AnnualisedFundBenchmark
    1 year9.727.10
    3 years5.215.32
    5 years5.214.56
    Since launch--

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly2.322.09
    Year to date3.312.24
    3 years18.2917.80
    5 years35.7529.57
    Since launch--
    AnnualisedFundBenchmark
    1 year15.7911.36
    3 years5.755.61
    5 years6.305.31
    Since launch--
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 June 2017 2018 2019 2020 2021
    Fund12.801.744.01-1.7915.79
    Benchmark9.710.256.72-0.8811.36

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund15.559.18-6.1612.136.13
    Benchmark13.935.97-3.2211.594.79

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund9.725.215.21-
    Benchmark7.105.324.56-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund15.795.756.30-
    Benchmark11.365.615.31-

    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 31 Aug 2021. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    USD81.0
    EUR16.0
    GBP3.0

    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 - 5 Years65.8
    5 - 10 Years28.5
    10 - 15 Years2.5
    15 - 20 Years0.5
    20 - 25 Years0.8
    25 - 30 Years1.2
    30 +0.6
    Other0.2

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

    Credit rating (%)

    BBB0.1
    BB38.5
    B52.0
    CCC2.0
    NR0.9
    Cash1.5
    Split rated5.1
    Ratings based on the ICE BofAML rating methodology.

    Sector (%)

    Energy / E&P19.0
    Homebuilders / materials8.3
    Media8.0
    Healthcare7.6
    Telecommunications5.0
    Technology4.9
    Services4.9
    Leisure / Lodging4.4
    Retailers4.0
    Other34.1

    Region (%)

    North America65.6
    Western Europe14.2
    Asia / Pacific - EM7.2
    Latin America6.8
    MEA1.7
    Cash1.5
    Russia / CIS1.3
    Asia / Pacific - DM1.2
    Eastern Europe0.6
    Top 10 issuers12.5
    Rest of portfolio87.5
    No. of issuers408

    Top 10 issuers (%)

    Petroleos Mexicanos2.9
    Teva Pharm Finance Llc1.4
    Petroleo Brasileiro SA1.1
    Carnival Corp1.1
    Kaisa Group Holdings Ltd1.1
    CSC Holdings Inc1.1
    La Financiere Atalian S.A.1.0
    Transdigm Inc1.0
    Vici Properties Inc0.9
    Gannett Co0.9

    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.

    MartinReeves

    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

    This share class is not currently pricing.
    Name
    I GBP Acc
    Price
    158.70p
    Change (%)
    -0.06
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Price
    46.90p
    Change (%)
    -0.09
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Price
    151.60p
    Change (%)
    -0.07
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Price
    47.30p
    Change (%)
    -0.11
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Price
    143.90p
    Change (%)
    -0.07
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Price
    46.87p
    Change (%)
    -0.11
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Price
    57.56p
    Change (%)
    -0.09
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Price
    49.80p
    Change (%)
    -0.1
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    n/a
    Price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    GBP
    Price
    2444.91p
    Change (%)
    -
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    GBP
    Price
    2470.63p
    Change (%)
    -
    Currency
    GBP
    Price time
    12:00 UK time

    A single swing price is displayed from 1st December 2020. Prior to this date, Bid and Offer prices are displayed for those funds that were previously dual priced.

    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.

    This fund holds bonds that are traded through agents, brokers or investment banks matching buyers and sellers. This makes the bonds less easy to buy and sell than investments traded on an exchange. In exceptional circumstances the fund may not be able to sell bonds and may defer withdrawals, or suspend dealing. The Directors can only delay paying out if it is in the interests of all investors and with the permission of the fund depositary.

    The fund invests directly or indirectly in bonds which are issued by companies or governments. If these companies or governments experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. If this happens, the value of the fund may fall.

    The fund could lose money if any institution providing services such as acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund.

    Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains.

    The fund may have underlying investments that are valued in currencies that are different from sterling (British pounds). Exchange rate fluctuations will impact the value of your investment. Currency hedging techniques may be applied to reduce this impact but may not entirely eliminate it.

    Investment returns on bonds are sensitive to trends in interest rate movements. Such changes will affect the value of your investment.

    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 Legal & General Investment Management Limited as promoter and distributor for this fund in the UK.

    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 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 (Holdings) Limited or its affiliates, or any of their products or services.