Unit Trust (UK UCITS compliant)

Legal & General UK Select Equity Fund

Fund facts

Fund size
£378.4m
Base currency
GBP
Launch date
2 Jan 1996
Domicile
UK
Share class launch

Statistics

Historical yield
0.5%

As at 31 Aug 2021

Fund aim

The objective of this 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 3% per annum before charges, 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 shares of UK companies. The proportion of the fund invested in a company can vary between -10% and +5% of the weighting of that company in the Index.
  • How does it invest? Actively managed, with holdings in between 30 and 60 companies on average over a typical market cycle of 3-5 years, which means the fund may be concentrated at times.

Further details

Costs

Price basis
Single swing
Initial charge
0.00%
Ongoing charges figure
0.78%
Dilution adjustment
0.85%- round trip

Codes

ISIN
GB00B8F72V68
SEDOL
B8F72V6
Bloomberg
LGUSEIA LN
MEX
LGQESK

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

Monthly commentary

As at

It was not as plain sailing as other Summer months, but we ended August with a seventh straight monthly advance for global indices which recorded fresh highs. Improving bottom-up corporate news flow and ample liquidity did its best to offset a growing wall of worry spanning the Delta variant and supply chain woes to peak earnings and slowing macro momentum. M&A enthusiasm continued amongst UK midcaps while the IPO pipeline looks set to pick up again as we enter the Autumn months.

Turning to performance, leadership of equity markets is broadly inconsistent by style. ‘Normalisation’ optimism means bouts of outperformance for cyclical and more economically sensitive industries. In the UK, we saw Industrials, Technology, Real Estate Utilities and Healthcare sectors perform well in the period while Resources, Energy and Consumer focussed industries lagged.

We were pleased to see L&G UK Select Equity outperform its benchmark by 70bps during a strong month. Sector allocation made a positive contribution, led by our underweight to Resources and overweight in Real Estate. For selection the gains in Industrials were offset by weakness in our off-benchmark Technology names. At the stock level, we saw Ceres Power, RWS Holdings, Trustpilot, Network Intl, Tritax, Ocado Group and Marshalls all outperform. Turning to negatives, the largest detractors were Alphawave and Darktrace. On trading activity we introduced a new position in Weir Group and sold Rio Tinto as we switched our mining exposure to the more favourable positioning of the mining equipment sub-sector.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2021

    CumulativeFundBenchmark
    1 month3.402.67
    6 months15.8013.31
    Year to date19.5714.62
    3 years20.9111.23
    5 years42.4933.03
    Since launch--
    AnnualisedFundBenchmark
    1 year32.7126.89
    3 years6.533.61
    5 years7.345.87
    Since launch--

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly6.775.59
    Year to date11.3611.05
    3 years9.856.14
    5 years44.6736.59
    Since launch--
    AnnualisedFundBenchmark
    1 year30.2821.40
    3 years3.182.00
    5 years7.666.43
    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
    Fund23.976.23-7.32-9.0330.28
    Benchmark18.088.980.52-13.0321.40

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund17.619.40-14.8724.74-3.11
    Benchmark16.7213.06-9.5119.11-9.85

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund32.716.537.34-
    Benchmark26.893.615.87-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund30.283.187.66-
    Benchmark21.402.006.43-

    Performance for the A Acc unit class in GBP, launched on 02 January 1996. 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 I Acc unit class in GBP, launched on 31 October 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 Inc unit class in GBP, launched on 31 October 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 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 R 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.

    Portfolio

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

    Sector (%)

    Industrials23.1
    Technology13.5
    Consumer Staples11.6
    Financials10.0
    Consumer Discretionary9.3
    Unclassified8.8
    Health Care8.2
    Real Estate5.6
    Basic Materials4.8
    Other5.1

    Market capitalisation (%)

    Large46.0
    Mid50.0
    Small-
    Micro-
    Cash and Equivalents4.0
    Top 10 holdings31.8
    Rest of portfolio68.2
    No. of holdings40

    Top 10 holdings (%)

    AstraZeneca5.6
    Aveva Group3.1
    Experian3.1
    Ashtead Group3.0
    Darktrace Plc2.9
    Helios Towers2.8
    Tritax Big Box REIT2.8
    St. James's Place2.8
    Rentokil Initial2.8
    3I Group2.8

    Country (%)

    United Kingdom98.7
    Ireland1.3

    Fund Manager

    Gavin joined LGIM in 2007 and has been the Fund Manager for the UK Select Equity Fund since June 2018. 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

    Please note that effective 7 June 2018 the fund changed its investment manager from Schroders Investment Management Limited to Legal and General Investment Management Limited. The fund manager also changed from Alex Breese to 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
    Price
    440.80p
    Change (%)
    -1.63
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Price
    355.50p
    Change (%)
    -1.63
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Price
    410.60p
    Change (%)
    -1.63
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    A GBP Acc
    Price
    413.30p
    Change (%)
    -1.64
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Price
    59.67p
    Change (%)
    -1.63
    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.

    The return from this fund is dependent on relatively few individual investments. This means that a fall in the value of an individual investment can have a major impact on the overall performance of the fund.

    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.

    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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. 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.