Unit Trust (UK UCITS compliant)

Legal & General UK Special Situations Trust

Fund facts

Fund size
£166.8m
Base currency
GBP
Launch date
10 Nov 2008
Domicile
UK
Share class launch

Statistics

Historical yield
0.9%

As at 31 Aug 2021

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 5% 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 80% in shares of UK companies which are considered to be undervalued by the market, where the Manager believes there to be a catalyst (a feature or market event) which should increase the value of the company.
  • 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
0.79%
Dilution adjustment
0.68%- round trip

Codes

ISIN
GB00B3DMY345
SEDOL
B3DMY34
Bloomberg
LGUKSIA
MEX
LGUSIC

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

The UK equity market delivered a positive return in August, further continuing its upward trajectory year-to-date. Positive earnings delivery, guidance upgrades and analyst revisions have been a key feature of the latest corporate reporting season, supporting the strong market performance. That said, commentary from management teams point to continued headwinds from supply disruption, rising freight and distribution costs, and increasing labour shortages. This continues to be a key part of our engagement with companies. Aside from earnings, M&A activity is continuing, with high profile movement in food and industrial sectors highlighting once again the relative valuation merits of UK assets. On Covid-19, final restrictions in the UK economy were lifted in August, although this was accompanied by more cautious rhetoric from government officials as cases of the delta variant rise. Despite this, the high vaccination rate appears to be keeping hospitalisations stable.

The L&G UK Special Situations Trust outperformed its benchmark in August. Sector allocation was positive due to our overweight in Industrials underweight in Basic Materials. Stock selection also made a positive contribution, driven by our names in Consumer Discretionary and Energy. At the individual stock level, top positive contributions came from our holdings in Cairn Energy, Future and Biffa. The largest negative contributions to relative returns came from Darktrace and Coca-Cola HBC.

In terms of portfolio activity, we sold our position in UDG Healthcare following the acquisition by TDR Capital. We also exited our position in Coats Group following its strong share price recovery.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2021

    CumulativeFundBenchmark
    1 month4.432.67
    6 months16.0613.31
    Year to date19.1614.62
    3 years-0.8711.23
    5 years11.4133.03
    Since launch150.00-
    AnnualisedFundBenchmark
    1 year40.4726.89
    3 years-0.293.61
    5 years2.185.87
    Since launch7.41-

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly6.165.59
    Year to date13.3511.05
    3 years-8.336.14
    5 years19.6236.59
    Since launch137.80-
    AnnualisedFundBenchmark
    1 year31.8221.40
    3 years-2.852.00
    5 years3.656.43
    Since launch7.09-
    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
    Fund22.546.49-10.18-22.5831.82
    Benchmark18.088.980.52-13.0321.40

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund12.1617.15-17.6414.59-14.37
    Benchmark16.7213.06-9.5119.11-9.85

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund40.47-0.292.187.41
    Benchmark26.893.615.87-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund31.82-2.853.657.09
    Benchmark21.402.006.43-

    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 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 10 November 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 I Inc unit class in GBP, launched on 10 November 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 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 10 November 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 R Acc unit class in GBP, launched on 10 November 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 R Inc unit class in GBP, launched on 10 November 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.

    Portfolio

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

    Market capitalisation (%)

    Large72.2
    Mid22.2
    Small1.8
    Micro0.5
    Cash and Equivalents3.3
    Top 10 holdings35.0
    Rest of portfolio65.0
    No. of holdings51

    Top 10 holdings (%)

    Ashtead Group4.4
    St. James's Place4.4
    BP 3.8
    Smith (DS)3.8
    Future3.4
    Biffa3.2
    Barclays3.1
    GlaxoSmithKline3.0
    Tesco3.0
    Intermediate Capital Group3.0

    Country (%)

    United Kingdom100.0

    Top sector over/underweights (%)

    FundRelative
    Industrials22.79.3
    Consumer Discretionary18.05.7
    Unclassified1.91.9
    Utilities4.81.8
    Technology2.90.9
    Financials20.8-1.6
    Telecommunications0.0-2.2
    Health Care4.5-5.3
    Consumer Staples9.5-5.4
    Basic Materials3.9-5.4

    Top 5 stock over/underweights (%)

    FundRelative
    St. James's Place4.44.0
    Smith (DS)3.83.6
    Ashtead Group4.43.3
    Future3.43.2
    Biffa3.23.2
    HSBC Holdings0.0-3.2
    Diageo0.0-3.3
    Unilever0.0-4.3
    Royal Dutch Shell0.0-4.6
    AstraZeneca0.0-5.4

    Fund Manager

    Robert joined LGIM in 2018 as a Fund Manager for the UK Special Situations Trust. Prior to this Robert worked at Mirabaud Asset Management where he was an Assistant Fund Manager (2013 to 2018) on the UK Equities Core product. Before that he worked at PWC in their Transaction Services division. In total he has over 10 years experience working within financial services. He read Philosophy, Politics and Economics at Pembroke College, Oxford and is a member of the Institute of Chartered Accountants in England and Wales.

    RobertWhite

    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
    123.10p
    Change (%)
    -0.97
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Price
    100.50p
    Change (%)
    -0.99
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Price
    117.00p
    Change (%)
    -0.93
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Price
    101.30p
    Change (%)
    -0.88
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Price
    110.80p
    Change (%)
    -0.98
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Price
    99.97p
    Change (%)
    -1.02
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Price
    48.98p
    Change (%)
    -0.95
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Price
    44.96p
    Change (%)
    -0.97
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Price
    51.98p
    Change (%)
    -0.95
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Price
    100.40p
    Change (%)
    -0.89
    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.

    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.