ICAV (UCITS compliant)

L&G ESG Emerging Markets Government Bond (Local Currency) Index Fund

ISIN

Important Due to exceptional market conditions, spreads are currently volatile and may be subject to frequent change.

Fund facts

Fund size
$935.7m
Base currency
USD
Launch date
31 Jan 2019
Domicile
Ireland
Share class launch

7 Jun 2019

11 Jun 2020

21 Mar 2019

13 Dec 2019

21 Mar 2019

31 Oct 2019

31 Jan 2019

27 Mar 2020

12 Apr 2019

4 Mar 2019

10 Apr 2019

2 Jul 2019

Statistics

Modified duration
5.38 years
Gross redemption yield (unhedged)
4.16%

As at 31 Aug 2020

Fund aim

The investment objective of the Fund is to provide investors with a return in line with the Emerging Markets government bond market, as represented by the JPMorgan ESG GBI-EM Global Diversified Local Currency Index (the “Index”).

Benchmark

JPMorgan ESG GBI-EM Global Diversified Local Currency Index

What does it invest in? Invests primarily in bonds issued in the relevant national currency by governments of developing countries as determined by the index. These bonds will be a mixture of sub-investment grade (higher risk), investment grade (lower risk) and non-rated bonds. The index includes only bonds that meet the index provider’s socially responsible investing (“SRI”) requirements and environmental, social and governance (“ESG”) rating criteria. The Fund may also use derivatives.
How does it invest? Passively managed, aiming to replicate the performance of the index.

Performance

Source: Lipper

Performance (%)

Change

Performance summary (%)

To month-end
To quarter-end

As at 31 Aug 2020

Cumulative	Fund
1 month	-1.82
6 months	-3.34
Year to date	-3.93
3 years	-
5 years	-
Since launch	0.78

Annualised	Fund
1 year	-7.11
3 years	-
5 years	-
Since launch	0.54

As at 30 Jun 2020

Cumulative	Fund
Quarterly	9.81
Year to date	0.39
3 years	-
5 years	-
Since launch	5.31

Annualised	Fund
1 year	-0.54
3 years	-
5 years	-
Since launch	4.13

Rolling 12-month performance

Calendar year performance

Monthly performance

Annualised performance

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

12 months to 30 June	2016	2017	2018	2019	2020
Fund	-	-	-	-	-0.54

Calendar year performance (%)

	2015	2016	2017	2018	2019
Fund	-	-	-	-	-

Monthly performance (%)

To month-end
To quarter-end

Annualised performance (%)

	1 year	3 years	5 years	Since launch
Fund	-7.11	-	-	0.54

Annualised performance (%)

	1 year	3 years	5 years	Since launch
Fund	-0.54	-	-	4.13

Performance for the C EUR (Unhedged) Acc unit class in EUR, launched on 07 June 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 C GBP (Unhedged) Acc unit class in GBP, launched on 11 June 2020. 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 EUR (Unhedged) Acc unit class in EUR, launched on 21 March 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 I EUR (Unhedged) Inc unit class in EUR, launched on 13 December 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 I GBP (Unhedged) Acc unit class in GBP, launched on 21 March 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 I USD Acc unit class in USD, launched on 31 October 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 K EUR (Unhedged) Acc unit class in EUR, launched on 31 January 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 K EUR (Unhedged) Inc unit class in EUR, launched on 27 March 2020. 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 K GBP (Unhedged) Acc unit class in GBP, launched on 12 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 Z EUR (Unhedged) Acc unit class in EUR, launched on 04 March 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 Z GBP (Unhedged) Acc unit class in GBP, launched on 10 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 Z USD Acc unit class in USD, launched on 02 July 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.

Portfolio

As at 31 Aug 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding. In order to minimise transaction costs, the Fund will not always own all the assets that constitute the index and on occasion it will own assets that are not in the index.

PLN	10.0
MXN	9.3
IDR	9.1
MYR	9.0
THB	8.3
BRL	8.2
CZK	8.0
ZAR	7.2
COP	5.3
Other	25.7

Years to maturity (%)

	0 to 5	40.8
	5 to 10	36.6
	10 to 15	13.3
	15 to 20	5.6
	20 to 25	1.9
	25 to 30	1.6
	Not Classified	0.2

AA	7.7
AA-	0.3
A+	3.4
A	25.4
A-	0.4
BBB	45.5
BBB-	0.2
BB	17.1

	Top 10 holdings	13.1
	Rest of portfolio	87.0

Top 10 holdings (%)

Poland 2.5% 25-Jul-2026	1.6
Poland 2.25% 25 Apr 2022	1.5
South Africa Gov Bond 10.5% 21-Dec-2026	1.4
Brazil 0% 01 Jul 2023	1.3
Poland 2.5% 25-Jan-2023	1.3
Czech Republic Gov Bond 0.45% 2023	1.3
Brazil 10.0% 01 Jan 2025	1.2
Poland 2.75% 2028	1.2
Colombia 6.25% 26-Nov-2025	1.2
Colombia 7% 04-May-2022	1.2

Country (%)

	Poland	10.0
	Mexico	9.3
	Indonesia	9.1
	Malaysia	9.0
	Thailand	8.3
	Brazil	8.2
	Czech Republic	8.0
	South Africa	7.2
	Colombia	5.3
	Other	25.7

Management Team

The Index Fund Management team comprises 25 fund managers, supported by two analysts. Management oversight is provided by the Global Head of Index Funds. The team has average industry experience of 15 years, of which seven years has been at LGIM, and is focused on achieving the equally important objectives of close tracking and maximising returns.

LGIMIndex Fund Management Team

Literature

Fact sheets

2020Change date

Marketing documents

Product profile

Legal documents

Country Supplement - UK

Incorporation Document

Report and accounts

2020Change year

Annual Report and Accounts

Annual Report and Accounts

Annual Report and Accounts

Annual Report and Accounts

Interim Report and Accounts

Interim Report and Accounts

Interim Report and Accounts

Interim Report and Accounts

Trading information

Non-Trading Days

Prices