Unit Trust (NURS non-complex)

Legal & General UK Property Feeder Fund

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
£3,141.4m
Base currency
GBP
Launch date
23 May 2014
Domicile
UK
Share class launch

Statistics

Historical yield
2.5%

As at 30 Sep 2019

The fund size shown is of the Master Fund.

Fund aim

The objective of this Fund is to provide a combination of income and capital growth by investing solely in the Legal & General UK Property Fund (the ‘Master Fund’). It may also hold cash where necessary to enable the making of payments to unit holders or creditors.

Benchmark

Sector

IA UK Direct Property

  • What does it invest in? Through investing in the Legal & General UK Property Fund, has exposure to UK office, retail, industrial and residential property, and may also have exposure to other UK property related investments, such as shares in property companies and real estate investment trusts as well as to cash.
  • How does it invest? Actively managed, aiming to solely invest in the Legal & General UK Property Fund but may also hold cash to maintain the liquidity of the fund.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.75%
Bid / Offer spread
5.54%

Codes

ISIN
GB00BK35F408
SEDOL
BK35F40
Bloomberg
LGPRFIA LN
MEX
LGAAHQ

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 IA Sector
    1 month 0.51 -0.01
    6 months 1.26 -0.40
    Year to date 2.52 0.08
    3 years 20.67 14.01
    5 years 36.70 24.88
    Since launch 77.36 -
    Annualised Fund IA Sector
    1 year 2.51 -0.28
    3 years 6.46 4.47
    5 years 6.45 4.54
    Since launch 4.30 -

    As at 30 Sep 2019

    Cumulative Fund IA Sector
    Quarterly 0.84 -0.55
    Year to date 2.52 0.08
    3 years 20.67 14.01
    5 years 36.70 24.88
    Since launch 77.36 -
    Annualised Fund IA Sector
    1 year 2.51 -0.28
    3 years 6.46 4.47
    5 years 6.45 4.54
    Since launch 4.30 -
    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 11.62 1.49 8.84 8.15 2.51
    IA Sector 9.90 -0.33 7.84 6.01 -0.28

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund 13.47 10.60 1.93 8.82 4.65
    IA Sector 10.57 9.10 0.36 7.53 3.25

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 2.51 6.46 6.45 4.30
    IA Sector -0.28 4.47 4.54 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 2.51 6.46 6.45 4.30
    IA Sector -0.28 4.47 4.54 -

    Performance for the C Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the C Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the F Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the F Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the I Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the I Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the L Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the R Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the R Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    During the period following the EU referendum (June to September 2016) the manager applied fair value adjustments to the property values in the fund. The fair value adjustments marked down the value of the properties to reflect what the manager believed to be fair value of the properties until the valuation agent regained confidence in the property valuations.

    Portfolio

    As at 30 Sep 2019. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Asset (%)

    Direct Property Asset Value 68.4
    Cash 25.8
    Real Estate Investment Trusts 3.7
    Reserved Cash (Developments) 2.0

    Sector (%)

    Industrial 35.8
    Office - Regional 23.1
    Out of Town Retail 14.0
    Retail High Street 5.9
    Office - London 4.3
    Leisure 3.3
    Other 13.7

    Region (%)

    South East 22.2
    West Midlands 19.8
    Sub London 11.0
    South West 9.7
    Yorkshire and Humberside 6.1
    Scotland 5.9
    North East 5.8
    North West 5.6
    Central London 5.4
    Other 8.5

    Property characteristics

    No. of assets 100
    No. of physical properties 99
    Void rate ex. development 3.1%
    Average lease length 7.2 years
    Average lot size £22.0m
    Net initial yield 4.7%
    We embed ESG in all that we do and achieve excellent GRESB ratings.

    Top 10 holdings (£M)

    Lichfield - Fradley Park 150-200
    Dunstable - Woodside Industrial Estate 100-125
    Gateshead - Follingsby Park 90-100
    Birmingham - One Colmore Square 90-100
    Leeds - Birstall Shopping Park, Birstall 80-90
    London - Priestley Way,Staples Corner 70-80
    Exeter - Into Exeter 70-80
    Hammersmith - The Aircraft Factory 60-70
    Cambridge - 214, 216, 240, 220 And 230 Cambridge Science Park 60-70
    Hampton By Hilton Stansted 50-60

    Fund Managers

    Michael Barrie is co-fund manager for the UK Property Fund and is also a Director of Legal & General Property Division. He joined Legal & General Property in 2005 from F&C Property Asset Management. Michael is a member of the Royal Institution of Chartered Surveyors and has a postgraduate diploma in property investment from Reading University.

    Matt Jarvis joined Legal & General Property as an Asset Manager in November 2004 and is Co-Fund Manager of the UK Property Fund, having previously been a Commercial Valuer with Jones Lang LaSalle. Matt holds a degree in Land Management from Reading University and is a Member of the Royal Institution of Chartered Surveyors (MRICS).

    Michael Barrie

    Matt Jarvis

    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
    89.11p
    Offer price
    94.12p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    56.73p
    Offer price
    59.91p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    83.76p
    Offer price
    88.47p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    56.24p
    Offer price
    59.40p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    78.13p
    Offer price
    82.52p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    53.90p
    Offer price
    56.92p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    92.97p
    Offer price
    98.20p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    58.97p
    Offer price
    62.28p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    50.40p
    Offer price
    53.23p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    56.89p
    Offer price
    60.08p
    Absolute change
    -0.0001
    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