ICAV (UCITS compliant)

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

Given current market events we have now populated Fund Centre with Fund exposures to assets with “country of risk*” as either Russia, Ukraine, or Belarus, or exposures to Russian Rouble currency. Please see the exposures below for further information.

*Sourced from Bloomberg

Fund facts

Fund size
$1,732.4m
Base currency
USD
Launch date
24 Mar 2017
Domicile
Ireland
Share class launch

Statistics

Modified duration
4.96 years
Gross redemption yield (unhedged)
6.96%

As at 30 Jun 2022

Fund aim

The Fund aims to track the performance of the Emerging Markets government bond market as represented by the JPMorgan GBI-EM Global Diversified Local Currency Index (the "Index").

Benchmark

JPMorgan GBI-EM Global Diversified Local Currency Index

  • What does it invest in? Invests primarily in bonds that make up the index, issued by governments of developing countries, denominated in their local currency. These bonds will be a mixture of sub-investment grade (higher risk), investment grade (lower risk) and non-rated bonds. The Fund may also use derivatives.
  • How does it invest? Passively managed, aiming to replicate the performance of the index.

Russia exposure

23 Feb 2022
7.31%
30 Jun 2022
0.00%

As at 30 Jun 2022

These numbers give indicative Fund exposures to assets with “country of risk” sourced from Bloomberg as either Russia, Ukraine, or Belarus, or exposures to Russian Rouble currency. The figures are based on early price estimated data so may differ from the fully verified month end NAV exposure. Where the holding is “indirect” (for example held in a sub-fund), best efforts have been made to ensure that exposure to the sub-fund(s) is on a consistent basis. As at dates have been chosen to reflect exposure both before and after the significant recent falls in values of impacted assets.

Exposures are presented to two decimal places, exposures may be rounded to 0 if less than 0.05%.

These exposures do not give an indication of the relative exposures versus the benchmark. With regard to index-based strategies, LGIM has a duty to track the relevant index to ensure clients receive exposure as set out in the relevant investment objective. Following the imposition of sanctions and assets being removed from indices the market was effectively frozen for foreign investors and all equity positions have been marked to zero in line with LGIM’s fair value pricing policy. Regardless of being priced at zero LGIM funds still own these securities and any value realised in the future will be for the sole benefit of the relevant fund. LGIM will seek to divest from such securities at such a time that market conditions allow consistent with our fiduciary duties and applicable sanctions.

Fund updates

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Jun 2022

    CumulativeFundBenchmark
    1 month-2.24-2.09
    6 months-6.41-7.03
    Year to date-6.41-7.03
    3 years-9.96-8.94
    5 years--
    Since launch-1.290.57
    AnnualisedFundBenchmark
    1 year-8.22-8.44
    3 years-3.43-3.07
    5 years--
    Since launch-0.320.14

    As at 30 Jun 2022

    CumulativeFundBenchmark
    Quarterly-2.09-2.75
    Year to date-6.41-7.03
    3 years-9.96-8.94
    5 years--
    Since launch-1.290.57
    AnnualisedFundBenchmark
    1 year-8.22-8.44
    3 years-3.43-3.07
    5 years--
    Since launch-0.320.14
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 June 2018 2019 2020 2021 2022
    Fund-10.84-2.280.39-8.22
    Benchmark-11.74-1.470.93-8.44

    Calendar year performance (%)

    2017 2018 2019 2020 2021
    Fund--14.64-6.33-2.52
    Benchmark--15.56-5.79-1.82

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-8.22-3.43--0.32
    Benchmark-8.44-3.07-0.14

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-8.22-3.43--0.32
    Benchmark-8.44-3.07-0.14

    Performance for the C CHF (Unhedged) Acc unit class in CHF, launched on 15 March 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.

    Performance for the C EUR (Unhedged) Acc unit class in EUR, launched on 26 January 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.

    Performance for the C USD Acc unit class in USD, launched on 15 March 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.

    Performance for the C USD Inc unit class in USD, launched on 15 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 I EUR (Unhedged) Acc unit class in EUR, launched on 11 June 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.

    Performance for the I EUR (Unhedged) Inc unit class in EUR, 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 K EUR (Unhedged) Acc unit class in EUR, launched on 07 March 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.

    Performance for the K GBP (Unhedged) 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 P EUR (Unhedged) Acc unit class in EUR, 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 Z CHF (Unhedged) Acc unit class in CHF, launched on 27 February 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 24 March 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 Z EUR (Unhedged) Inc unit class in EUR, launched on 21 March 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.

    Performance for the Z JPY (Unhedged) Acc unit class in JPY, launched on 21 August 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 . 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 30 Jun 2022. 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.

    Currency (%)

    CNY10.3
    MYR10.2
    IDR10.2
    THB10.2
    MXN10.1
    ZAR9.5
    BRL9.3
    PLN6.8
    CZK4.7
    Other18.7

    Years to maturity (%)

    0 - 5 Years50.0
    5 - 10 Years30.0
    10 - 15 Years9.4
    15 - 20 Years5.1
    20 - 25 Years2.1
    25 - 30 Years3.4

    Credit rating (%)

    AA4.7
    A+0.1
    A29.2
    A-0.1
    BBB43.9
    BB19.3
    B2.6
    Top 10 holdings14.4
    Rest of portfolio85.6
    No. of issuers in fund21
    No. of issuers in index20

    Top 10 holdings (%)

    Brazil Letras do Tes 0% 01 Jan 242.6
    Brazil Letras do Tes 0% 01 Jul 231.9
    South Africa Govt Bd 10.5% 21 Dec 261.8
    Mexican Bonos 5.75% 05 Mar 261.3
    South Africa Govt Bd 8% 31 Jan 301.3
    South Africa Govt Bd 8.75% 28 Feb 481.2
    Brazil Notas do Tes F 10% 01 Jan 271.2
    Mexican Bonos 8% 05 Sep 241.1
    Brazil Notas do Tes F 10% 01 Jan 251.1
    Mexican Bonos 7.75% 29 May 311.1

    Country (%)

    China10.3
    Malaysia10.2
    Indonesia10.2
    Thailand10.2
    Mexico10.1
    South Africa9.5
    Brazil9.3
    Poland6.8
    Czech Republic4.7
    Other18.7

    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

    2022Change date
    Fact sheet
    Choose share class

    Trading information

    Prices

    This share class is not currently pricing.
    This share class is not currently pricing.
    Name
    I EUR Acc
    Mid price
    102.59c
    Change (%)
    0.608022
    Currency
    EUR
    Price time
    22:30 Irish time
    Name
    I EUR Inc
    Mid price
    83.20c
    Change (%)
    0.616761
    Currency
    EUR
    Price time
    22:30 Irish time
    Name
    C EUR Acc
    Mid price
    99.30c
    Change (%)
    0.607903
    Currency
    EUR
    Price time
    22:30 Irish time
    Name
    C USD Acc
    Mid price
    82.08c
    Change (%)
    0.158633
    Currency
    USD
    Price time
    22:30 Irish time
    Name
    C USD Inc
    Mid price
    75.48c
    Change (%)
    0.145947
    Currency
    USD
    Price time
    22:30 Irish time
    Name
    C CHF Acc
    Mid price
    8.32
    Change (%)
    0.785045
    Currency
    CHF
    Price time
    22:30 Irish time
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    K EUR Acc
    Mid price
    99.79c
    Change (%)
    0.615043
    Currency
    EUR
    Price time
    22:30 Irish time
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    Z EUR Acc
    Mid price
    97.33c
    Change (%)
    0.609882
    Currency
    EUR
    Price time
    22:30 Irish time
    Name
    Z EUR Inc
    Mid price
    81.08c
    Change (%)
    0.608016
    Currency
    EUR
    Price time
    22:30 Irish time
    Name
    Z CHF Acc
    Mid price
    8.42
    Change (%)
    0.785337
    Currency
    CHF
    Price time
    22:30 Irish time
    Name
    Z JPY Acc
    Mid price
    ¥108.19
    Change (%)
    1.819739
    Currency
    JPY
    Price time
    22:30 Irish time

    Further details

    Costs

    Price basis
    Single - dilution levy
    Initial charge
    0.00%
    Ongoing charges figure
    0.32%
    Dilution levy
    0.408%- round trip
    Entry Anti-Dilution Levy
    0.20%
    Exit Anti-Dilution Levy
    0.20%

    Codes

    ISIN
    IE00BD6FXD30
    SEDOL
    BD6FXD3
    Bloomberg
    LGEGLIE ID
    MEX
    -

    Dealing information

    Valuation frequency
    Daily, 22:30 Irish time
    Dealing frequency
    Each Irish and UK Business Day
    Settlement period
    T+2
    Administrator/Custodian
    Northern Trust

    Country registration

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

    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
    10 Rue du Château d'Eau
    L-3364 Leudelange
    Grand-Duché de Luxembourg
    Facsimile: +352 28 294 454
    Telephone: +352 28 294 123
    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.

    This fund invests in countries where investment markets are considered to be less developed. This means that investments are generally riskier than those in developed markets because they: may not be as well regulated; may be more difficult to buy and sell; may have less reliable arrangements for the safekeeping of investments; or may be more exposed to political and taxation uncertainties. The value of the fund can go up or down more often and by larger amounts than funds that invest in developed countries, especially in the short term.

    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.

    We may take some or all of the ongoing charges from the fund's capital rather than the fund's income. This increases the amount of income, but it reduces the growth potential and may lead to a fall in the value of the fund.

    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

    Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2022, J.P. Morgan Chase & Co. All rights reserved.